Marketing chap 1

Marketing

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

customer needs.

Fundamental states of deprivation, which can include physical, social, and individual needs.

customer wants

Needs shaped by culture and individual personality.

customer demands

Wants that are backed by purchasing power.

a market offering

Products, services, information, or experiences that satisfy customer needs.

marketing myopia

Focusing too much on the product itself rather than the customer’s actual needs.

customer value.

The perceived benefits a customer receives relative to the costs incurred.

an exchange

The act of giving something of value, such as money or loyalty, in return for a product or service.

a market

All actual and potential buyers of a product.

target marketing

The process of dividing the market into segments and choosing a specific group of customers to serve.

the Product Concept

Innovation and product improvements to provide the best quality, performance, and features.

the Selling Concept

A strategy where companies must engage in aggressive selling and promotion to convince customers to buy.

the Marketing Concept

A strategy that emphasizes understanding and satisfying customer needs better than competitors.

the Societal Marketing Concept.

idea that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

a market

Its where buyers and sellers exchange products and services.

What are the five steps of the marketing process?

• Understanding the marketplace and customer needs

• Designing a customer-driven marketing strategy

• Preparing an integrated marketing plan

• Building customer relationships

• Capturing value from customers

a market offering

A combination of products, services, information, or experiences offered to satisfy a need or want.

What is customer-perceived value?

The difference between all benefits and all costs of a marketing offer compared to competitors.

What are exchanges and relationships in marketing

The act of obtaining something (product/service) by offering something in return (money, loyalty).

a value proposition

The unique value a company promises to deliver to customers.

What are the 5 marketing concepts?

Production concept , product concept, selling concept, marketing concept, societal marketing concept

What are the 4Ps of marketing?

Product , place , promotion, price