Creating Customer Relationships and Value through Marketing

Vocabulary flashcards covering the core concepts of marketing management, customer value, and market dynamics from Chapter 1.

Marketing

The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Exchange

The trade of things of value between a buyer and a seller so that each is better off after the trade.

Market

People with both the desire and the ability to buy a specific offering.

Target Market

One or more specific groups of potential consumers toward which an organization directs its marketing program.

Marketing Mix

The controllable factors—product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem.

Environmental Forces

The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces.

Customer Value

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Relationship Marketing

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

Marketing Program

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Market Segments

The relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action.

Marketing Concept

The idea that an organization should (1) strive to satisfy the needs of consumers and (2) while also trying to achieve the organization’s goals.

Market Orientation

When an organization focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value.

Customer Relationship Management (CRM)

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase.

Customer Experience

The internal response that customers have to all aspects of an organization and its offering.

Societal Marketing Concept

The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being.

Product

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.

Ultimate Consumers

The people who use the products and services purchased for a household; also called consumers, buyers, or customers.

Organizational Buyers

Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.

Utility

The benefits or customer value received by users of the product.

Points of Difference

The characteristics that specify why a product is superior to competitors' offerings.

Needs

Necessities such as food, water, or shelter.

Wants

Preferences shaped by culture and individual personality.

$$3,000$$

The number of ideas required to generate a single commercial success.

$$40\%$$

The failure rate of new products.

Marketing

The activity, set of institutions, process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.

Exchange

Trade of things between a buyer and seller so each is better off for the trade

Four factors for marketing to occur

1) Two or more parties (individuals or organizations) with unmet needs

2) A desire and ability on thier part to have their needs satisifed

3) A way for the parties to communicate

4) A way for the parties to communicate

Marketing focuses:

on discovering and satisfying customers needs

Need

Occurs when a person is deprived of basic neccecities such as food, water and shelter

Want

A need thats shaped by a persons knowledge, culture, and personality

Market

People with both the desire and ability to buy a specific offering

The four ps of marketing

product: a good, service or idea to satisfy customer needs

Price: what is exchanged for a product

Promotion: A means of communication between a buyer and a seller

Place: Means of getting product closer to consumer

Environmental forces

Social, economic, technological, competitive, regulatory forces

Marketing program

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

Marketing concept:

Idea that an organization should

Strive to satisfy customer needs,

while try to avhieve organizations goals