MARK 3336 Ch 1-2

marketing myopia

the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

share of customer

the portion of the customer's purchasing that a company gets in its product categories

market segmentation

-refers to dividing the markets into segments of customers -Ex: divide by generations, geography

target marketing

-refers to which segments to go after -Ex: target boomers so campaign and advertise towards boomers

customer needs

-states of felt deprivation -include basic physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression.

customer equity

-the total combined customer lifetime values of all of the company's customers -the more loyal the firm's profitable customer, the higher its customer equity

customer-engagement marketing

Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.

In addition to selling​ food, drink, and a variety of items that feature its popular​ logo, Eskimo​ Joe's offers its customers a valuable​ experience, known as its​ ______________.

Market offering

The owners of Eskimo​ Joe's understand the​ customers' needs and wants by sensing and responding to those​ needs, indicating that Eskimo​ Joe's assumes which​ philosophy?

Marketing concept

Kevin Kern described​ Konica/Minolta's use of​ commercials, newspapers, social​ media, and other media to control the marketing message. Which marketing concept was he referring​ to?

Marketing mix

Under the previous​ CEO, Konica/Minolta's management determined it was time to invest in​ __________ by offering new products to the technology market.

product development

Several individuals and​ groups, including the President of The United​ States, were outraged that Burger King defected to Canada. People such as these are included in which of the following aspects of Burger​ King's marketing​ environment?

publics

exchange

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

marketing management

the art and science of choosing target markets and building profitable relationships with them

customer satisfaction

the extent to which a product's perceived performance matches a buyer's expectations

product concept

the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

market

the set of all actual and potential buyers of a product or service

value proposition

the set of benefits or values it promises to deliver to consumers to satisfy their needs

digital and social media marketing

using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs that engage consumers anywhere, anytime via their digital devices

customer demands

wants backed by buying power

partner relationship management

working closely with partners in other company departments and outside the company to jointly bring greater value to customers

market offerings

-some combination of products, services, information, or experiences offered to a market to satisfy a need or want -includes physical products and services

production concept

-consumers will favor products that are available and highly affordable -the focus is on improving production and distribution efficiency

customer vs. consumer

-customer is someone who may buy the good or service, but is not always the consumer of the good or service -consumer is someone who uses and disposes of a good or service

selling concept

-customers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort -your product is not very different from competitors

customer wants

-form that needs take as they are shaped by culture and individual personality -can't afford it yet

Customer Value and Satisfaction

-marketers need to balance expectation levels with customers value and satisfaction -strive to exceed the set expectation level to achieve "delight level"

Marketing Process

1. Understand the marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity

customer brand advocacy

Actions by which satisfied customers initiate favorable interactions with others about a brand

Eskimo​ Joe's is an important part of the​ community, including​ customers' lives and customer​ involvement, which indicates Eskimo​ Joe's is involved in​ _________________.

Customer engagement marketing

Eskimo​ Joe's food, logo​ products, and overall experience keeps customers loyal and coming back time and time again. Such customer loyalty increases​ __________________.

Customer lifetime value

Eskimo​ Joe's offers​ food, spirits, and logo merchandise to​ customers, who in​ turn, offer Eskimo​ Joe's money. What is this relationship known​ as?

Exchange

Prior to changing its product offerings and realigning its business​ units, managers at​ Konica/Minolta most likely first performed which of the following to determine those units that were profitable and those that should be phased out or​ realigned?

Perform a portfolio analysis

societal marketing

The company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.

customer relationship management

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

customer lifetime value

The value of the entire stream of purchases a customer makes over a life time of patronage

internet of things

a global environment where everything and everyone is digitally connected to everything and everyone else

marketing

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

consumer-generated marketing

brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

marketing concept

know the needs and wants of the target markets and deliver the desired satisfactions better than competitors

Konica/Minolta focuses one of its business units on medical and healthcare groups. These groups make up one of​ Konica/Minolta's __________.

market segment

​Konica/Minolta hopes to create customer value through its​ mission, strategic goals and​ objectives, marketing​ mix, and other marketing tools. This collective effort is known as​ Konica/Minolta's __________.

marketing strategy