Class#3 Creating Customer Value & Engagement

Vocabulary flashcards covering key concepts from the lecture notes on creating customer value and engagement.

Law of the Category

If you can’t be first in a category, set up a new category you can be first in.

Marketing

A process by which companies create value for customers and build strong customer relationships to capture value from customers in return.

Marketing Process

The process of creating and capturing customer value in the marketplace.

Target Market

The group of customers a company aims to serve.

Value Proposition

The set of benefits a brand promises to deliver to satisfy customers’ needs.

Marketing Management

The art and science of choosing target markets and building profitable relationships with them.

Societal Marketing

The company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.

Customer Perceived Value

The difference between total customer perceived benefits and customer cost.

Customer Satisfaction

The extent to which perceived performance matches a buyer’s expectations.

Customer Equity

The total combined lifetime values of all current and potential customers (the future value of the company’s customer base).

Customer Relationship Management (CRM)

A strategy to manage a company’s interactions with current and potential customers to maximize lifetime value.

Internet of Things (IoT)

The age where everything is connected to everything else; devices communicate over networks.

Digital Marketing

Marketing using digital tools—websites, social media, mobile apps, online videos, email, blogs—to engage consumers anywhere, at any time.

Social Media Marketing

Using social media platforms to extend customer engagement and generate conversation about a brand.

Big Data and AI

Using large data sets and artificial intelligence to gain deep customer insights, personalize offers, and improve engagements and service.

Not-for-Profit Marketing

Marketing that helps organizations attract membership, funds, and support (burthering non-profit goals).

Rapid Globalization

Managers view industry, competitors, and opportunities from both local and global perspectives.

Sustainable Marketing

Marketing that integrates corporate ethics and social responsibility, considering long-run societal interests.