AVSC 2710 – Marketing & Customer Service – Flashcards
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Marketing
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Engaging customers and managing profitable customer relationships
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What is the aim of marketing?
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To create value for customers in order to capture value from customers in return
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Marketing today must be understood in the sense of
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Meeting the customers' needs
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Management guru Peter Drecker says that the goal of marketing is to...
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Make selling unnecessary
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States of felt deprivation
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Needs
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The form human needs take as they are shaped by culture and individual personality
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Wants
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Human wants that are backed by buying power
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Demands
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What are the main steps of the marketing process
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1. Understand 2. Design 3. Construct 4. Build 5. Capture
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Some combination of products, services, information or experiences offered to a market to satisfy a need or want
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Market offerings
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The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
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Marketing myopia
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Marketing step #1
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Understand the marketplace and customer needs and wants
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Marketing step #2
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Design a customer value-driven marketing strategy
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Marketing step #3
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Construct an integrated marketing program that delivers superior value
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Marketing step #4
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Build profitable relationships and create customer delight
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Marketing step #5
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Capture value from customers to create profits and customer equity
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The act of obtaining a desired object from someone by offering something in return
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Exchange
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The set of all actual and potential buyers of a product or service
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Market
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The art and science of choosing target markets and building profitable relationships with them
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Marketing management
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The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
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Production concept
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The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
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Product concept
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The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
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Selling concept
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What is the end result of the selling concept?
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Profits through sales volume
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What is the end result of the marketing concept?
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Profits through customer satisfaction
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The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests and society's long-run interests.
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Societal marketing concept
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The societal marketing concept is a triangle balancing what three factors?
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Society, consumers and profits
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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Customer relationship management
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The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
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Customer-perceived value
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The extent to which a product's perceived performance matches a buyer's expectations
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Customer satisfaction
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Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences and community.
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Customer-engagement marketing
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Brand exchanges created by consumers themselves -- both invited and uninvited -- by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers
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Consumer-generated marketing
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Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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Partner relationship management
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The value of the entire stream of purchases a customer makes over a lifetime of patronage
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Customer lifetime value
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The portion of the customer's purchasing that a company gets in its product categories
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Share of customer
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The total combined customer lifetime values of all the company's customers
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Customer equity
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CRG with low profitability and loyalty
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Strangers
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CRG with low profitability but high loyalty
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Barnacles
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CRG with high profitability but low loyalty
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Butterflies
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CRG with high profitability and high loyalty
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True friends
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Understanding customer needs even better than customers themselves do
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Customer-driving marketing
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Marketing 3.0 is
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Values driven
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What is the most important step of the marketing process?
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Building and managing profitable customer relationships
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Customers make decisions based on
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Perceived value
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How much cheaper is it to keep an old customer than to acquire a new one?
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5 times
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Currently, social media spending accounts for what percent of many company's marketing budgets?
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10-20%
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What is NOT a factor of the changing marketing landscape?
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Customer relationships
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Which SWOT aspect includes internal capabilities, resources and positive situational factors
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Strengths
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Which aspect of SWOT includes favorable trends in the external environment?
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Opportunities
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To design a winning marketing strategy, what should marketing managers ask themselves?
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What customers will we serve? How can we serve these customers?
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What is the role of market offerings in meeting consumer needs?
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They are the means through which consumers' needs and wants are fulfilled
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What is the primary function of marketing?
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Dealing with customers
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Which aspect of SWOT includes internal limitations?
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Weaknesses
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What is the purpose of SWOT?
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To assess the situation, evaluate and provide valuable options for all the other marketing activities
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What is the most basic concept underlying marketing?
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Human needs
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What is the name of a group with potential interest/impact in a companies objectives?
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Publics
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Which actor in the microenvironment encourages companies to consider size and industry position compared to others?
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Competitors
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The political and social environment consists of what?
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Laws, Gov. agencies, pressure groups
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Shortages of raw materials are what kind of macroenvironmental factor?
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Natural environment
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Which micro-env actor is often treated as a partner is creating customer value?
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Suppliers
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Which marketing environment includes the actors close to the company that affects its abilities to serve its customers?
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Microenvironment
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What is the most dramatic force now shaping our destiny?
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Technological environment
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Which marketing environment includes larger societal forces?
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Macroenvironment
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What is the role of the cultural environment in marketing?
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Marketers can target their products and services based on customers' cultural views
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What do marketers frequently complain about regarding marketing info?
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Needing better info and making better use of it
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What tool gives marketers the right info at the right time in the right form?
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Marketing info systems
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What are the electronic collections of consumer and marketing information obtained from data sources in the company?
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Internal data
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What is marketing info valuable?
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When it is used to make better decisions and to gain customer insights
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Small businesses can use marketing research techniques in a less formal manner?
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True
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What is the most common research instrument?
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Questionairres
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Internet surveys, online focus groups, web-based experiments and tracking consumers online behavior are examples of...
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Online marketing research
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What decisions are required for designing a research sample?
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Who will be studied, how many people should be included, and how the people should be chosen
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What is the info that has already been collected are just must be found?
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Secondary data
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What are many companies now using to manage detailed info about individual customers and carefully manage customer touch points?
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Customer relationship management
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What is NOT a psychological factor affecting consumer behavior?
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Beliefs, learning, motivation, perception
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What type of business buyer behavior includes straight rebuy, modified rebuy or new task?
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Type of buying situation
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How many stages are in the business buying process?
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8
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What characteristic affecting consumer behavior influences the persons attitudes, self concept, and creates pressures to conform?
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Reference groups
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Trained agents perform business buying. This illustrates what difference between markets and consumer markets?
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Nature of the buying unit
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What type of consumer buying behavior has low consumer involvment and a few differences between brands?
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Habitual
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What is NOT a personal factor that affects consuming behavior?
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Attitudes
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What is true of both business and consumer markets?
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They make purchases to satisfy needs
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What type of consumer buying behavior has high consumer involvement and significant differences between brands?
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Complex buying behavior
