+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Marketing
|
A process by which companies create value for customers and build strong customer relationships
|
|
Strategy
|
Long term
|
|
Needs
3 types of needs and examples
|
States of deprivation
physical-food, clothing, warmth, safety
social-belonging and affection
individual-knowledge and self-affection
|
|
Wants
|
The form that needs take as they are shaped by cultural influences and individual personality
|
|
Demands
|
Wants backed by buying power
|
|
Market offerings
|
Combination of products, services, information or experiences offered to a market to satisfy a need or want
|
|
Market myopia
|
Focusing only on existing wants and losing sight of underlying consumer needs (SUVs)
|
|
Expectations of customers and marketers
|
Customers-value and satisfaction
marketers-set the right level of expectations
|
|
Exchange
|
The act of obtaining a desired object from someone by offering something in return
|
|
Goal of marketers?
|
Want to build and maintain strong relationships by consistently delivering superior customer value
|
|
Markets
|
A set of actual and potential buyers
|
|
Marketing system
|
Consists of al the actors (suppliers, company, competitors, intermediaries, end users) in the system affected by the major enviromental forces
|
|
Major environmental forces
|
Demographics
economics
physical
technological
political-legal
socio-cultural
|
|
Marketing management
|
Choosing target markets and building profitable relationships with them...who do we serve? how can we best serve them?
|
|
Market segmentation
|
Refers to dividing the markets into segments of customers
|
