MKT 101 chp 1
________ _________ involves deciding which market segments a company will go after
target marketing
_______ ________ are both profitable and loyal
true friends
_________ are the form human needs take as they are shaped by culture and individual personality
wants
in a customer-value driven marketing strategy there are two questions managers must answer. what are they?
whats our value proposition? whats our target market?
_________ are highly loyal but not very profitable
barnacles
brand exchange created by consumers themselves-both invites and uninvited-by which consumers are playing an increased role in shaping their own brand experiences and those of other consumers
consumer-generated marketing
The ultimate aim of customer relationship management is to produce high _________ ________
customer equity
the total combined customer lifetime values of all of the company's customers is called ________ ________
customer equity
what is customer satisfaction based on?
customer expectations
understanding needs, wants, and demands help companies to design market offering and build value-laden customer relationships through which they can capture __________ _________ value and greater share of customer.
customer lifetime
_________ ________ _________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
customer relationship management
__________ _________ depends on the product's perceived performance relative to a buyer's expectations
customer satisfaction
The key to building lasting customer relationships is to create superior ___________ _______ and satisfaction
customer value
_______-______ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements
customer-driven
making the brand a meaningful part of consumers' conversations and lives is called
customer-engagement marketing
the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
customer-perceived value
Human wants that are backed by buying power is called _______
demands
what is the second step in the marketing process?
design a customer value-driven marketing strategy
a global environment where everything and everyone is digitally connected to everything and everyone else
internet of things
A _______ is the set of actual and potential buyers of a product or service.
market
__________ ___________ is the art and science of choosing target markets and building profitable relationships with them
market management
Dividing a market into several sections of customers is known as ________ __________
market segmentation
the __________ _________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction
marketing concept
Product, Price, Place, and Promotion are part of the __________ _____
marketing mix
is a lack of insight into what a business is doing for its customers
marketing myopia
after you understand the marketplace and customer needs and wants. you then can begin to create a ________ __________
marketing strategy
what customers will we serve and how can we serve these customers best is part of ________ ________
marketing strategy
_______ are states of felt deprivation
needs
the most basic concept underlying marketing is that of human _______
needs
outstanding companies go to great lengths to understand their customers' _______, _______, and ________
needs, wants, demands
what are the customer and marketplace concepts?
needs, wants, demands; market offerings; value and satisfaction; exchanges and relationship's; and markets
working closely with partners in other company departments and outside the company to jointly bring greater value to customers is called ________ ____________ _____________
partner relationship management
the _________ ________ holds that consumers will favor products that offer the most in quality, performance, and innovative features.
product concept
the __________, product, selling, marketing, and social marketing concepts are ways companies carry out their marketing strategies
production
the __________ _________ holds that consumers will favor products that are available and highly affordable.
production concept
needs, wants, demands; market offerings; value and _____________; exchanges and relationship's; and markets
satisfaction
customer brand advocacy refers to
satisfied customers initiate favorable interactions with others about a brand
the ________ ________ holds that consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion effort.
selling concept
the portion of customer's purchasing that a company gets in its product categories
share of customer
The __________ __________ concept holds that a company should make good marketing decisions by considering consumers' wants, the company's requirements, and society's long-term interests
societal marketing
what are the three considerations underlying the societal marketing concept?
society's interests, consumers wants, and companies profits
Broad definition of marketing
Creating customer value, building customer relationships, and engaging customers
__________ show low potential profitability and little projected loyalty
strangers
what is the first step in the marketing process?
Understand the marketplace and customer needs and wants
what is the last step in the marketing process?
Capture value from customers to create profits and customer equity
what is the third step in the marketing process?
Construct an integrated marketing program that delivers superior value
what is the fourth step in the marketing process?
Engage customers, build profitable relationships, and create customer delight
________ is where you sell your product and the distribution channels you use to get it to your customer.
Place
_______ is the cost of a product or service
Price
The _______ is the good or service being marketed to the target audience
Product
What are the four P's of marketing?
Product, Price, Place, Promotion
___________ is how you advertise your product or service
Promotion
companies collect ____ ______ and make sense of it using marketing analytics.
big data
_________ are potentially profitable but not loyal
butterflies
Marketing is the process by which
companies create value for customers and build strong customer relationships in order to capture value from customers in return
societies interest, consumer wants, and __________ ______ are all part of the societal marketing concept
companies profits
market offerings combine products, services, and _________, to satisfy a need or a want
experiences
satisfied customers initiate ________ ________ with others about a brand is called customer brand advocacy
favorable interactions
How many customer and marketplace concepts are there ?
five
How many steps are in the marketing process?
five