Marketing & Customer Relationship Management - Key Vocabulary

Vocabulary flashcards covering fundamental marketing concepts, customer relationship strategies, CSR, and modern promotional approaches.

Marketing

Activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Communicating (in Marketing)

Conveying a company’s message to its target audience to inform, persuade, and build relationships.

Delivering (in Marketing)

Getting a product or service to the customer in a way that maximizes value.

Creating Value

Providing products or services whose benefits exceed their costs, leading to customer satisfaction and loyalty.

Goals of Marketing

Maximize consumption, consumer satisfaction, choice of goods/services, and quality of life.

Needs

Basic human requirements such as food, shelter, and safety.

Wants

Desires shaped by culture and individual personality.

Demands

Wants backed by purchasing power.

Maslow’s Hierarchy of Needs

A five-level model of human motivation: physiological, safety, love/belonging, esteem, self-actualization.

Self-Actualization

Desire to become the most one can be; top level of Maslow’s hierarchy.

Esteem Needs

Respect, status, recognition, and self-esteem in Maslow’s hierarchy.

Love and Belonging

Friendship, family, and connection needs in Maslow’s hierarchy.

Safety Needs

Personal security, employment, resources, and health needs in Maslow’s hierarchy.

Physiological Needs

Basic survival needs such as air, water, food, and shelter.

Value Proposition

A promise of value to be delivered that differentiates a product and positions it in the market.

4Ps of Marketing

Product, Price, Place, Promotion—the elements of an integrated marketing program.

Customer-Driven Marketing Strategy

Selecting target customers via segmentation and targeting, then positioning to capture lifetime value.

Production Concept

Traditional focus on high production efficiency, low cost, and mass distribution.

Marketing Concept

Traditional view that a firm should satisfy customer needs better than competitors.

Sales Concept

Traditional focus on aggressive selling and promotion to push products.

Relationship Concept

Traditional approach emphasizing long-term customer relationships and repeat business.

Societal Marketing Concept

Meeting customer needs while ensuring society’s well-being.

Digital Marketing

Using online platforms to promote and sell products or services.

Online Marketing

Delivering promotional messages over the internet to customers.

Outdoor Promotion

Physical advertising in public places to attract attention (e.g., billboards).

Mobile Marketing

Reaching customers via smartphones, tablets, and other mobile devices.

Sachet Marketing

Selling products in small, affordable packages to reach lower-income or trial markets.

Corporate Social Responsibility (CSR)

A company’s commitment to manage social, environmental, and economic effects responsibly.

Carroll’s CSR Pyramid

Four layers of corporate responsibility: economic, legal, ethical, and philanthropic.

Economic Responsibility

Foundation of Carroll’s pyramid: be profitable.

Legal Responsibility

Obey the law—society’s codification of right and wrong.

Ethical Responsibility

Obligation to do what is right, just, and fair; avoid harm.

Philanthropic Responsibility

Be a good corporate citizen and improve quality of life.

Relationship Marketing

Strategy focused on keeping and improving relationships with existing customers.

Customer Value

Perceived benefit relative to the price paid by the customer.

Customer Satisfaction

Extent to which a product or service meets or exceeds customer expectations.

Customer Retention

Efforts aimed at keeping customers loyal to the brand or company.

Core Service Provision

Quality and value of the primary product or service offered.

Switching Barrier

Cost or difficulty a customer faces when changing to a competitor.

Relationship Bonds

Financial, social, customization, or structural ties that foster customer loyalty.

Financial Bond

Loyalty built through monetary rewards or incentives.

Social Bond

Loyalty formed through strong personal relationships with the company.

Customization Bond

Loyalty encouraged by tailoring offerings to individual needs.

Structural Bond

Combination of financial, social, and customization bonds to deliver integrated value.

Customer Relationship Management (CRM)

Process of building and maintaining profitable customer relationships by delivering superior value and satisfaction.

Customer Loyalty Program

Marketing approach that rewards repeat customers with points, discounts, or exclusive perks.

Customer Profitability-Focused Marketing Pyramid

Classification of customers as platinum, gold, iron, or lead based on spending and profitability.

Marketing by Attraction

Letting potential buyers see your value so they choose to purchase voluntarily.

Consumer-Generated Marketing

Brand-related content created by customers, such as reviews or social media posts.