An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
The ability of goods and services to satisfy consumer 'wants'
Satisfies wants by converting inputs into a finished form.
EX: Jamaba Juice pulverizes fuit, juices, and yogurt into yummy smoothies.
Satisfies wants by providing goods and services at a convenient time for customers.
EX: LensCrafters makes eyeglasses within about an hour.
Satisfies want by providing goods and services at a convenient place for customers.
EX: ATMs offer banking services in many large supermarkets.
Satisfies wants by smoothly transferring ownership of goods and services from seller to buyer.
EX: Apple- created a hassle-free purchase process that customers can follow by phone, by computer and in person
Consumers didn't have the overwhelming number of choices; most products were purchased as soon as they were produced and distributed to consumers.
Supply in many categories exceeded demand.
Marketers attempted to provide good and services that met customer needs better than anything else on the market. Marketing Concept happened.
A business philosophy that makes customer satisfaction the central focus of the entire organization.
Focuses on long-term customer relationships.
Customer Relationship Management (CRM)
The ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value.
A customer perception that a product has a better relationship than its competitors between the cost and the benefits.
When customers perceive that a good or service delivers value above and beyond their expectations.
When customers buy a product from the same supplier again and again- sometimes paying even more for it than they would for a competitive product.
A formal document that defines marketing objectives and the specific strategies for achieving those objectives
Dividing potential customers into groups of similar people, or segments.
The group of people who are most likely to buy a particular product.
Consumer Marketers (B2C)
Marketers who direct their efforts toward people who are buying products for personal consumption.
Business Marketers (B2B)
Marketers who direct their efforts toward people are buying products to use either directly or indirectly to produce other products.
Dividing the market into smaller groups based on measurable characteristics about people- such as age, income, ethnicity, and gender.
Dividing the market into smaller groups based on where consumers live. The process can incorporate countries, cities, or population density as key factors.
Dividing the market into smaller groups based on consumer attitudes, interests, values and lifestyles.
Dividing the market based on how people behave toward various products. This category includes both the benefits that consumers seek from products and how consumers use the product.
The blend of marketing strategies for product, price, distribution, and promotion
Range from brand name, to product image, to package design, to customer service, to guarantees, to new product development and more.
Prices must be fair, relative to the benefits of your products. Factors include, competition, regulation, and public opinion.
Goal is to deliver you product to the right people, in the right quantities, at the right time, in the right place.
Key elements include advertising, personal selling, sale promotion, public relations, word-of-mouth, and product placement.
The process of continually collecting information from the external marketing environment.
The percentage of a market controlled by a given marketer.
Description of how people act when the are buying, using, and discarding goods and services for their own personal consumption. Consumer behavior explores the reasons behind people's actions.
Consumer discomfort with a purchase decision, typically for a high priced item.
Business Buyer Behavior
Describes how people act when they are buying products to use either directly or indirectly to produce other products.
The process of gathering, interpreting and applying information to uncover marketing opportunities and challenges and to make better marketing decisions.
Existing data that marketers gather or purchase for a research project.
New data that marketers compile for a specific research project.
Marketing research that does not require the researcher to interact with the research subject.
Marketing research that requires the researcher to interact with the research subject.
The development and promotion of products with ecological beliefs
The creation of products tailored for individual consumers on a mass basis.
Want to see the other 41 Flashcards in Ch 11: Marketing: Building Profitable Customer Connections?JOIN TODAY FOR FREE!