Exam+Review+1+updated-1.docx - Exam 1 Review(Updated Chapter 1 Marketing Creating and Capturing Customer Value Marketing Seeks to discover customer

Exam+Review+1+updated-1.docx - Exam 1 Review(Updated...

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Exam 1 Review (Updated) Chapter 1: Marketing: Creating and Capturing Customer Value Marketing Seeks to discover customer needs and satisfy customer needs. The process by which companies create value for customers and build strong customer relationships in or to capture value from customers Five step process for Marketing 1. Understand the market place 2. Design a customer driven marketing strategy 3. Construct marketing program that delivers Value 4. Build profitable relationships and create customer delight. 5. Captutre value from customers Needs, wants, and demands Need – states of felt deprivation Wants – the form human needs take as they are shaped by culture and personality Demands human wants that are backed by buying power Market offerings – combo of products, services, information, or experiences offered to a market to satisfy need or want. Marketing Myopia – Sellers making the mistake of paying more attention to the specific products they offer than to the benefits and experiences , Only focus on wants and lose sight of needs Customer value Key to building listing customer relationships Satisfied customers are more likely to be loyal A customer buys from a firm that offers the highest-perceived value. Customers evaluation of the difference between all the benefits all the costs of a marketing offer relative to competing offers Customer lifetime value (CLV) The Value of the entire stream of purchases a customer makes over a lifetime patronage. Customer equity – is the total combined customer lifetime values of all of they company’s current and potential customers. Customer relationship management (CRM) Exchange - create and maintain desirable relationships with target audiences. Relationship marketing - Interacting with customers and involving them with media. The companies and customers help each other shape their relationship with brands. Societal marketing concept The idea that a company’s marketing decisions should consider consumers wants, company’s requirements, consumer’s long term interests, and societies long term interest. ( CUSTOMERS AND SOCIETYS WELL-BEING) Brief history of marketing (Evolution of Marketing: including 1
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production 20-40s – how to produce more and more for the demand for the product they don’t have time to listen to the customer sales era – convince customers to buy the products marketing concept era customer relationship era Chapter 2: Company and Marketing Strategy: Partnering to Building Customer Relationships Level of organization Market share BCG business portfolio analysis (BCG matrix) See Below in Essay format Situation analysis (SWOT analysis) Marketing strategy : the logic by which the company hopes to create this customer value and achieve profitable relationships.
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  • Spring '15
  • RockyPerkovich

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