Marketing Test Review Sheet

Marketing Test Review Sheet - Marketing Test Review Sheet...

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Marketing Test Review Sheet Definitions Chapter 1 Marketing- managing profitable customer relations, the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return 5 customer and marketplace concepts- 1- needs and wants, 2- marketing offers (products, services, experiences), 3- value and satisfaction, 4- exchanges and relationships, 5- markets market offerings- some combination of products, services, info offered to a market to satisfy a need or want marketing myopia- mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products brand experiences- creates value and a lifetime customer market- set of actual and potential buyers of a product marketing management- art and science of choosing target markets and building profitable relationships with them o production concepts- holds that customers will favor products that are available and highly affordable therefore they should focus on production and distribution efficiency o product concept- consumers that favor that offer the most quality, performance and innovative features strategy focuses on making continuous product improvements o selling concept- consumers will not buy enough of the company’s product unless it is a large scale selling/promotion effort o marketing concept- this holds that achieving organizational goals depends on knowing needs and wants of target markets and then delivering desired satisfaction better than competitors o societal marketing concept- balance between consumer’s wants, company’s requirements, consumer’s long run interests, and society’s long run interests
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market segmentation- dividing the market into segments based on age, sex, race, etc target marketing- choosing a specific segment value proposition- the set of benefits or values that company promises to deliver to consumers to satisfy their needs 4 Ps- product, price, place, promotion customer relationship management- the overall process of building and maintaing profitable consumer relationships by delivering superior value and satisfaction customer perceived value- customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers customer satisfaction- the extent to which a product’s perceived performance matches a buyer’s expectations consumer generated marketing- marketing is created by consumers themselves partner relationship management- working with partners in other company departments and outside company to jointly bring greater value to customers customer lifetime value- the value of the entire stream of purchases that the customer would make over a lifetime of patronage share of a customer- portion of a customer’s purchasing that a company gets in its product categories customer equity-
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This note was uploaded on 02/02/2010 for the course MGRL 194 taught by Professor Kirkpatrick during the Spring '08 term at Vanderbilt.

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Marketing Test Review Sheet - Marketing Test Review Sheet...

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