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