BUAD 301 review sheet 1

BUAD 301 review sheet 1 - Chapter 1 Marketing the process...

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Chapter 1: Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The marketing process: o Understand the marketplace and customer needs and wants o Design a customer-driven marketing strategy o Construct an integrated marketing program that delivers superior value o Build profitable relationships and create customer delight o Capture value from customers to create profits and customer equity 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 an experiences produced by these products. Exchange: the act of obtaining a desired object from someone by offering something in return. Market: the set of 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 o Production concept: holds that consumers will favor products that are available and highly affordable, thus managers should focus on improving production and distribution efficiency. o Product concept: holds that consumers will favor products that offer the most in quality, performance and innovative features, thus managers should focus on making continuous product improvements.
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o Selling concept: holds that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort. o Marketing concept: holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. Societal marketing concept: questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. Customer Relationship Management: the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. o Customer perceived value: the customer’s evaluation of the difference between al the benefits and all the costs of a market offering relative to those of competing offers. o Customer satisfaction: the extent to which a product’s perceived performance matches a buyer’s expectations. Partner Relationship Management: working closely with partners in other company departments and outside the company to jointly bring greater value to customers. Capturing Value From Customers: o Customer lifetime value: the value of the entire stream of purchases that a customer would make over a lifetime of patronage. o
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BUAD 301 review sheet 1 - Chapter 1 Marketing the process...

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