Chapter 01 Marketing: Creating Customer Value and Engagement

This set of vocabulary flashcards covers key concepts, definitions, and frameworks from the marketing lecture.

Marketing

Engaging customers and managing profitable customer relationships.

Customer Value-Driven Marketing Strategy

A strategy that focuses on understanding consumers and delivering value to targeted customers.

Market Segmentation

Dividing the market into segments of customers.

Customer Relationship Management (CRM)

Delivering superior customer value to build and maintain profitable customer relationships.

Customer Lifetime Value

The total value a customer contributes to a company over the lifetime of their relationship.

Exchanges and Relationships

The act of obtaining a desired object by offering something in return, essential for maintaining marketing relationships.

Customer Equity

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

Marketing Management Orientations

Guiding frameworks such as production, product, selling, marketing, and societal marketing concepts.

Value Proposition

The set of benefits or values a company promises to deliver to its customers to satisfy their needs.

Marketing Myopia

Paying more attention to specific products than to the benefits and experiences produced.