Marketing: Creating Customer Value and Engagement

These flashcards cover key vocabulary terms and definitions related to marketing concepts discussed in the lecture.

Marketing

The process of engaging customers and managing profitable customer relationships.

Customer Value-Driven Marketing Strategy

A marketing strategy focused on creating value for customers to engage them and build profitable relationships.

Customer Relationship Management (CRM)

Strategies to engage customers and manage relationships to deliver superior customer value.

Marketplace Concepts

Five core concepts that include needs, wants, demands, market offerings, customer value and satisfaction.

Marketing Myopia

A focus on specific products rather than the benefits and experiences they provide.

Customer Lifetime Value (CLV)

The total value of a customer's purchases over their lifetime of patronage.

4 Ps of Marketing

The marketing mix tools: Product, Price, Place, Promotion.

Exchange

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

Target Market

The specific group of consumers a company aims to serve.

Value Proposition

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