Chapter 1: Quiz 1: Midterm 1
Marketing 300 with Lim at University of Wisconsin - Madison
About this deck
By: Jamie Heuler
Textbook:
Principles of Marketing (13th Edition)
Created: 2011-09-25
Size: 37 flashcards
Views: 69
Textbook:
Principles of Marketing (13th Edition)Created: 2011-09-25
Size: 37 flashcards
Views: 69
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Marketing
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Needs
States of felt deprivation.
Wants
The form human needs take as shaped by culture and individual personality.
Demands
Human wants that are backed by buying power.
Market Offering
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
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.
Exchange
The act of obtaining a desired object from someone by offering something in return.
Market
The set of all actual and potential buyers of a product or service.
Marketing Management
The art and science of choosing target markets and building profitable relationships with them.
Production Concept
THe idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
Product Concept
The idea that consumers will favor products that offer the most quality performance, and features that the organization should therefore devote its energy to making continuous product improvements.
Selling Concept
THe idea that the consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion effort.
Marketing Concept
THe marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Societal Marketing Concept
The idea that a 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-Perceived Value
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 Satisfaction
The extent to which a product's perceived performance matches a buyer's expectations.
Customer-Generated Marketing
Marketing messages, ads, and other brand exchanges created by consumers themselves-both invited or uninvited.
Partner Relationship Management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Share of Customer
The portion of the customer's purchasing that a company gets in its product categories.
Customer Equity
The total combined customer lifetime values of all the company's customers
Customer Lifetime Value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Internet
A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository.
Market Segmentation
Dividing the market into segments of customers.
Target Marketing
Selecting which segments it will go after.
De-marketing
When marketers seek fewer customers and reduced demand.
Value Proposition
The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
Marketing Mix
the set of marketing tools the firm uses to implement its marketing strategy.
Product
Create a need-satisfying market offering.
Price
How much it will charge for the offering.
Place
How it will make the offering available to target customers.
Promotion
COmmunicate with target customers about the offering and persuade them of its merits.
Customer Relationships
Basic relationships vs. full partnerships, frequency marketing programs, club marketing programs, etc...
Strangers
Low potential profitability and loyalty
Butterflies
Potentially profitable but not loyal (looking for the best deals, but no relationships)
True Friends
Profitable and loyal
Barnacles
Highly loyal but not profitable (small business)
About this deck
By: Jamie Heuler
Textbook: Principles of Marketing (13th Edition)
Created: 2011-09-25
Size: 37 flashcards
Views: 69
Textbook:
Principles of Marketing (13th Edition)Created: 2011-09-25
Size: 37 flashcards
Views: 69
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy
Kathy