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| Concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long term, interests, and society’s long run interests |
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| the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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| customer centric/ customer orientation |
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placing the customer at the core of all aspects of the enterprise; Creating a positive consumer experience at the point of sale and post-sale.
A customer-centric approach can add value to a company by enabling it to differentiate itself from competitors who do not offer the same experience. |
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serves the firm and its stakeholders at a functional or operational level; o Product
o Price
o Place
o Promotion |
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serves as a core driver of business strategy; an understanding of markets, competitors, and other external forces, coupled with attention to internal capabilities, allows a firm to successfully develop strategies for the future
o Establish mission
o Satisfy customer
o Benefit society
o Produce profit |
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o Satisfy and retain customers
A business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customer |
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| how much the customer likes the product |
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| customers commitment to a company and its products and brands for the long run |
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| Structured process of determining how to provide value to customers, the organization, and key stakeholders |
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Determined by or responsive to market forces
examples:
o Brand awareness: keeping the brand name on peoples’ minds
o Emotional bond: forging a connection with peoples’ hearts
o Product news: creating relevance w/news and innovation
o Activation: encouraging immediate usage or purchase
o Loyalty: developing customer relationships/retention
o Product experience: enabling prospects to try or use a product
o Buzz: building credibility through third party sources—industry, government, Word of Mouth |
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| A systematic collection and evaluation of past and present economical, political, social, and technological data, aimed at (1) identification of internal and external forces that may influence the organization's performance and choice of strategies, and (2) assessment of the organization's current and future strengths, weaknesses, opportunities, and strength |
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Assessment of the difference between a firm's performance and that of its competitors, and detection and examination of the factors that cause the difference.
• Essential tool in creating customer value
• Focuses on the big picture and identifies overall competitor strategy
o Situation analysis
• Internal environment
Strengths: internal characteristics that improve effectiveness
Weaknesses: look at the limits effectiveness, performance
• External environment
Opportunities: positive force, an attractive arena for marketing action for competitive advantage
Threats: barrier, challenge posed by an unfavorable trend or development outside management’s control |
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| whole bundle of benefits a company promises to deliver to the customer, not just the benefits of the product itself; An analysis or statement of the combination of goods and services offered by a company to its customers in exchange for payment. |
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A complex logistics network characterized by high levels of coordination and integration among its members
• Degree of vertical integration
Forward integration
• When a firm moves its operations toward he end user
Backward integration
• When a firm merges operations back up the supply chain away from the consumer |
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Offer products considered very close substitutes for a company’s current products and services
They operate in the same industry |
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| Offer products that may be substituted based on the customers need and choice options |
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| Published data and the data collected in the past or other parties is called secondary data. |
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| Data observed or collected directly from first-hand experience. |
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| Investigation into a problem or situation which provides insights to the researcher. The research is meant to provide details where a small amount of information exists. It may use a variety of methods such as trial studies, interviews, group discussions, experiments, or other tactics for the purpose of gaining informatio |
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| The investigation into an issue or topic that looks at the effect of one thing or variable on another. For example, causal research might be used in a business environment to quantify the effect that a change to its present operations will have on its future production levels to assist in the business planning process. |
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| Research generated outside the framework of a quantitative approach. Collected data is not subjected to formulaic analysis for the purpose of generating projections. |
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| The use of sampling techniques (such as consumer surveys) whose findings may be expressed numerically, and are amenable to mathematical manipulation enabling the researcher to estimate future events or quantities |
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| A statistical study to identify patterns or trends in a situation, but not the causal linkages among its different elements |
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