What does marketing enable companies to do for customers and in return?
Create superior customer value and capture value in return.
What is the first stage of the marketing process?
Understanding the marketplace and customer needs.
What follows understanding customer needs in the marketing process?
Designing a value-driven strategy.
What does the marketing process construct after designing its strategy?
An integrated marketing mix.
What are needs?
States of felt deprivation.
How do culture and personality shape wants?
They shape the forms that needs take.
What turns wants into demands?
Buying power.
What are the five core marketplace concepts?
Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets.
What is a market offering?
A combination of products, services, information, or experiences offered to satisfy a need or want.
What is marketing myopia?
Focusing on products rather than the benefits and experiences they provide.
What is a market?
The set of actual and potential buyers of a product or service.
What is marketing management?
The art and science of choosing target markets and building profitable relationships with them.
Which two questions does a customer value-driven marketing strategy answer?
Which customers the company will serve and how it will create and deliver value to them.
What is a value proposition?
The benefits or values a brand promises to deliver to customers to satisfy their needs.
Which five concepts are marketing management orientations?
Production, product, selling, marketing, and societal marketing.
Where does the selling concept begin, and what does it focus on?
The factory and existing products.
Where does the marketing concept begin, and what does it focus on?
The market and customer needs.
What does the marketing mix help a firm implement?
Its marketing strategy.
Which four tools make up the marketing mix?
Product, price, place, and promotion.
What does customer-perceived value compare across competing market offers?
The difference between all benefits and all costs.
What determines customer satisfaction?
How closely perceived product performance matches buyer expectations.
What is customer relationship management?
The process of building and maintaining profitable customer relationships through superior customer value and satisfaction.
What does customer-engagement marketing foster?
Direct and continuous customer involvement in shaping brand conversations, experiences, and community.
What does customer lifetime value measure?
The value of a customer’s entire stream of purchases over a lifetime of patronage.
What does share of customer represent?
The portion of a customer’s product-category purchases that a company receives.
How is customer equity defined?
The combined customer lifetime values of all current and potential customers.
What does digital and social media marketing use to engage consumers through digital devices?
Digital tools such as websites, social media, mobile ads and apps, online videos, email, and blogs.
What five developments are changing the marketing landscape?
The digital age, a changing economic environment, nonprofit marketing growth, rapid globalization, and sustainable marketing.
What is sustainable marketing?
Meeting present consumer and business needs while preserving or enhancing future generations’ ability to meet theirs.
What interests does the societal marketing concept balance?
Company profits, consumer wants, consumers’ long-run interests, and society’s long-run interests.
Which categories make up human needs?
Basic physical, social, and individual needs.
What do basic physical needs include?
Food, clothing, warmth, and safety.
What do social needs include?
Belonging and affection.
What do individual needs include?
Knowledge and self-expression.
What is exchange?
Obtaining a desired object from someone by offering something in return.
What does an integrated marketing program communicate and deliver?
The intended value to target customers.
What happens when perceived performance matches customer expectations?
Customers are satisfied.
What happens when perceived performance exceeds customer expectations?
Customers are highly satisfied or delighted.
What happens when perceived performance falls short of customer expectations?
Customers are dissatisfied.
How should companies set expectations to delight customers?
They should set appropriate expectations and promise only what they can deliver.
How should companies deliver relative to their promises to delight customers?
They should deliver more than they promise.
What is consumer-generated marketing?
Brand exchanges created by consumers themselves.
What does partner relationship management involve?
Working closely with internal and external partners to jointly bring greater value to customers.
Which customer group has high profitability and short-term loyalty?
Butterflies.
Which customer group has high profitability and long-term loyalty?
True friends.
Which customer group has low profitability and short-term loyalty?
Strangers.
Which customer group has low profitability and long-term loyalty?
Barnacles.
What does mobile marketing use to stimulate immediate buying?
Mobile channels.
How does mobile marketing make shopping easier and enrich the brand experience?
By using mobile channels.
What do brands use big data to gain?
Customer insights.
How do brands use big data to tailor marketing offers?
They personalize marketing offers.
What customer outcomes do brands seek to improve with big data?
Customer engagement and service.
How does artificial intelligence make machines appear human?
Machines think and learn in ways that appear human.
What analytical capacity do AI machines have compared with humans?
Greater analytical capacity.
What three things do nonprofits use marketing to attract?
Membership, funds, and support.
How do government agencies use marketing and social campaigns?
To influence public behavior.
Answer 25 questions on Marketing Value and Customer Relationships.
1. Which description best captures what marketing does for a company and its customers?
2. A company has researched customer needs, chosen a value-driven strategy, and combined its marketing tools into an integrated program. What should it do next before capturing customer value as profits and customer equity?
Go over the full study guide for Marketing Value and Customer Relationships.
Read the study guide →Upload your class notes and Revizly writes your flashcards in about a minute.
Flashcard maker