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| a process by which companies create value for customers and build strong customer relationships to capture value from customers in return |
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| are some combination of products, services, information, or experiences offered to a market to satisfy a need or want |
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is focusing only on existing wants and losing sight of underlying consumer needs
focusing too much on the product, not the "experience" (customer service, etc) |
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| is the act of obtaining a desired object from someone by offering something in return |
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| are the set of actual and potential buyers of a product |
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| consists of all of the actors (suppliers, company, competitors, intermediaries, and end users) in the system affected by major environmental forces [Demographic, Economic, Physical] |
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| is the art and science of choosing target markets and building profitable relationships with them. What customers will we serve? How can we best serve these customers? Marketing management is: Customer management and Demand management. |
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| refers to dividing the markets into segments of customers |
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| refers to which segments to go after |
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is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it.
Marketers attempt to reduce the demand for a product when the demand for the product is greater than the manufacturer's ability to produce it. Demarketing strategies involve raising prices, reducing advertising or promotion activities, or eliminating product benefits. |
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| is the set of benefits or values a company promises to deliver to customers to satisfy their needs |
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| Marketing Management Orientations: |
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| Production Concept Product Concept Selling Concept Marketing Concept Societal Concept |
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| is the set of tools (four Ps) the firm uses to implement its marketing strategy; Product, Price, Promotion, Place |
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| Integrated marketing program |
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| is a comprehensive plan that communicates and delivers the intended value to chosen customers |
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| Customer Relationship Management - |
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| the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
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| is the difference between total customer value and total customer cost |
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| is the extent to which a product’s perceived performance matches a buyer’s expectations |
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| Levels and Tools of Customer Relationship: |
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| Basic relationship, Full partnerships, Frequency marketing programs, Club marketing programs |
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| is a channel that stretches from raw materials to components to final products to final buyers; Supply management, Strategic partners, Strategic alliances |
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| is the value of the purchases that the customer would make over a lifetime of patronage |
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| is the total combined customer lifetime values of all of the company’s customers |
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| is the portion of the customer’s purchasing that a company gets in its product categories |
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| affected by Digital age, Rapid globalization, Ethics and social responsibility, Not-for-profit marketing |
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| Production Marketing Concept |
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| idea that consumers will favor products that are available and highly affordable and tat the organization should therefore focus on improving production and distribution efficiency |
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| Product Marketing Concept |
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| consumers will favor products that offer the most in quality, performance, and innovative features - the org should focus on making continuous product improvements |
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| Selling Marketing Concept |
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| consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort |
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achieving organizational goals depends on knowing the needs and wants of target market and delivering the desired satisfaction better than the competition The job is not to find the right customer for you product, but to find the right product for your customer.
opposite-ish of Selling Concept |
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| Societal Marketing Concept |
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a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
e.g. - Fast food affecting nation's health.
Johnson & Johnson; Tylenol 1982 |
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