Marketing: Creating Customer Value & Engagement

Vocabulary flashcards covering fundamental marketing concepts, strategy, management orientations, CRM, customer equity, and modern landscape trends from MKTG 3210.

Marketing

The set of strategies and activities by which companies acquire and engage customers, build strong customer relationships, and create superior customer value to capture value from customers in return.

Needs

States of felt deprivation, including physical needs (food, clothing, warmth, safety), social needs (belonging, affection), and individual needs (knowledge, self-expression).

Wants

The form human needs take as they are shaped by culture and individual personality.

Demands

Human wants that are backed by buying power.

Market Offerings

Some combination of products, services, information, or experiences offered to a market to satisfy a need, want, and/or demand.

Marketing Myopia

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Exchange

The act of obtaining a desired object from someone by offering something in return.

Market

The set of actual and potential buyers of a product or service.

Marketing Management

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

Value Proposition

The set of benefits or values a brand promises to deliver to customers to satisfy their needs, differentiating and positioning itself in the marketplace.

The Selling Concept

An inside-out view that focuses on existing products and heavy selling, starting from the factory, aiming to sell what the company makes rather than making what the customer wants.

The Marketing Concept

An outside-in view that focuses on satisfying customer needs as a path to profits through customer satisfaction, starting from the market.

Societal Marketing Concept

The concept that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.

Marketing Mix (Four Ps)

The set of tactical marketing tools—Product, Price, Promotion, and Place—that the firm blends to produce the response it wants in the target market.

Integrated Marketing Program

A comprehensive plan that communicates and delivers intended value to target customers.

Customer Relationship Management (CRM)

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Customer-Perceived Value

The difference between total customer perceived benefits and customer cost.

Customer Satisfaction

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

Customer-Engagement Marketing

Marketing that fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community to make the brand a meaningful part of consumers' lives.

Consumer-Generated Marketing

Brand exchanges created by consumers themselves, where consumers play an increasing role in shaping their own brand experiences and those of other consumers.

Partner Relationship Management

Working closely with partners in other departments and outside the company to jointly bring greater value to customers.

Customer Lifetime Value

The value of the entire stream of purchases that the customer would make over a lifetime of patronage.

Share of Customer

The portion of the customer's purchasing that a company gets in its product categories.

Customer Equity

The total combined customer lifetime values of all of the company's customers.

Strangers

A customer relationship group characterized by low potential profitability and little projected loyalty.

Butterflies

A customer relationship group that is potentially profitable but not loyal.

True Friends

A customer relationship group that is both highly profitable and highly loyal.

Barnacles

A customer relationship group that is highly loyal but not very profitable.

Internet of Things (IoT)

A global environment where everything is connected to everything else via technology.

Digital and Social Media Marketing

Using digital marketing tools such as websites, social media, mobile ads and apps, online videos, email, and blogs that engage consumers anywhere, at any time, via their digital devices.

Artificial Intelligence (AI in Marketing)

Machines that think and learn in a way that looks and feels human but with greater analytical capacity, used by brands to gain deep customer insights and personalize marketing offers.