Marketing Management Overview

Needs = State of felt deprivation Wants = Specific satisfiers of deeper human needs Demands = Wants backed by buying power Market Offering = Anything that can satisfy a need or want

Physical needs = Food and clothing Social needs = Belonging and affection Individual needs = Knowledge and self-expression Cultural factors = Shaping individual's wants

Walmart = Save money. Live better McDonald's = I'm lovin' it Apple = Innovative technology for lifestyle Nike = Just Do It

<p>Creating value = Building customer relationships Satisfying needs = Fulfilling customer's demands Long-term satisfaction = Encouraging repeat purchases Capturing value = Maximizing customer lifetime value</p> Signup and view all the answers

<p>Goods = Physical products like smartphones Services = Intangible offerings like consulting Experiences = Theme park visits Organisations = Non-profit entities providing value</p> Signup and view all the answers

<p>Marketing cannot create needs = It can satisfy them Long-term customer satisfaction = More valuable than short-term deception Repurchase intention = Driven by value perception Customer relationships = Built on understanding needs</p> Signup and view all the answers

<p>Physical needs = Safety Social needs = Status Individual needs = Self-expression Cultural needs = Entertainment preferences</p> Signup and view all the answers

<p>Understanding marketplace = Assessing customer needs and wants Creating value = Innovating product offerings Building relationships = Engaging with customers long-term Capturing value = Enhancing profitability</p> Signup and view all the answers

<p>Nokia = Inability to adapt to digital technology Kodak = Invested heavily in film cameras Sony = Pro-active approach to technology Canon = Emphasis on evolving market demands</p> Signup and view all the answers

<p>Loyalty schemes = Attract customers for repurchasing Customer satisfaction = Measures how content customers are with a product Expectations = Impact customers' perceived quality Markets = Actual and potential buyers of a product/service</p> Signup and view all the answers

<p>Monetary transaction = Buying a product with money Barter transaction = Exchanging goods or services between companies Political exchange = Voting for something in return for benefits Customer exchange = Receiving a good/service in return for payment</p> Signup and view all the answers

<p>Improving products = Increasing customer satisfaction Setting expectations = Influencing perceived value Building relationships = Ensuring long-term profitability Offering variety = Meeting diverse customer needs</p> Signup and view all the answers

<p>Expensive price = Perceived good quality High expectations = Greater challenge to satisfy customers Diverse choices = Opportunity to match customer needs Strong relationships = Repeat customer purchases</p> Signup and view all the answers

<p>Enhanced customer loyalty = Increased repurchases Value-laden relationships = Stronger stakeholder engagement Improved customer feedback = Better product development Long-term profitability = Sustained business success</p> Signup and view all the answers

<p>Supplying food = Main product offering Family-friendly environment = Experience provided to customers Seating services = Facility offered to patrons Cooking services = Preparation of food products</p> Signup and view all the answers

<p>Marketing management = Building profitable relationships with customers Target market = Identifying the specific group to serve Consumer preference = Focusing on low-cost and widely available products Product quality = Maximizing profits through superior product features</p> Signup and view all the answers

<p>Banks = Promise of repeat sales in the future Newlyweds = Potential customers for baby products Wholesalers = Agents in the distribution process Retailers = Final step in reaching customers</p> Signup and view all the answers

<p>Production orientation = Achieving high efficiency in production Product orientation = Improving quality and performance over time Customer orientation = Delivering superior customer value Market orientation = Responding to customer needs and desires</p> Signup and view all the answers

<p>Creating value = Differentiating the product in the market Delivering value = Ensuring easy access to the product Communicating value = Educating customers about product benefits Attracting customers = Strategies for gaining new clients</p> Signup and view all the answers

<p>Superior quality products = Favors high performance and innovative features Low-cost products = Favors products that are widely available Consumer preferences = Influence product development decisions Production efficiency = Key to mass production importance</p> Signup and view all the answers

<p>Value Creation = Providing tangible benefits to customers Targeting = Identifying market segments to focus on Quality Orientation = Improving products as market demand evolves Cost Leadership = Offering the best price to consumers</p> Signup and view all the answers

<p>Young families = Potential buyers of children’s products Budget-conscious consumers = Preference for low-cost options Technology enthusiasts = Interest in innovative features Elderly market = Need for adapted products and services</p> Signup and view all the answers

<p>Which customers to serve = Determining the target market How to serve them = Designing value proposition Integrated marketing program = Delivering superior value Marketing plan = Blending the marketing mix to achieve objectives</p> Signup and view all the answers

<p>Value Proposition = Set of values/benefits promised to customers Market segments = Groups of customers with similar needs Marketing mix = Combination of elements used to market products Consumer = Individual buying product for final use</p> Signup and view all the answers

<p>Consumer focus = Emphasizes understanding consumer needs Organization focus = Prioritizes company capabilities and efficiencies Societal focus = Concerns how marketing impacts society as a whole Profit focus = Aims for maximization of organizational profits</p> Signup and view all the answers

<p>Understanding consumer differences = Recognizes diverse wants and needs Creating integrated marketing programs = Ensures cohesive value delivery Targeting specific customers = Focus efforts on selected market segments Developing marketing plans = Lays out actionable objectives for marketing</p> Signup and view all the answers

<p>Selling concept = Focuses on the product rather than the consumer's needs Marketing concept = Emphasizes the importance of consumer satisfaction Societal marketing = Integrates societal welfare into marketing strategies Target marketing = Improves efficiency by concentrating on specific groups</p> Signup and view all the answers

<p>Value Proposition development = Creating unique benefits to attract customers Integrated marketing program = Delivering superior value across multiple channels Market segmentation = Categorizing consumers based on shared characteristics Kamarketing planning = Strategizing on how to implement marketing actions</p> Signup and view all the answers

<p>Target marketing = Focus on customer satisfaction and loyalty Integrated marketing = Creates consistent messaging across platforms Value Proposition = Differentiates a brand from competitors Marketing plan = Guides actions to achieve marketing objectives</p> Signup and view all the answers

<p>Customer Lifetime Value = The value of the entire stream of purchases that a customer would make over a lifetime Customer Relationship Management (CRM) = A strategy to manage a company's interactions with current and potential customers Customer Equity = The total combined customer lifetime values of all the company's actual and potential customers Cross-Selling = Selling a different product or service to an existing customer</p> Signup and view all the answers

<p>Loyalty = Resulting from exceeding customer expectations Satisfaction = Measuring what people expect and what they get Delight = Creating an emotional relationship with a brand Word-of-Mouth Advertising = Spreading information about a brand through satisfied customers</p> Signup and view all the answers

<p>Up-Selling = Influencing a customer to purchase more expensive items Cross-Selling = Encouraging customers to buy additional products Product Variety = Offering a range of products to customers Customer Loyalty = Achieved through creating satisfied and delighted customers</p> Signup and view all the answers

<p>Increased Customer Equity = Total combined customer lifetime values increase Higher Customer Retention = Loyal customers continue to make purchases Enhanced Brand Value = Stronger emotional connections with customers Improved Sales Performance = More sales from existing loyal customers</p> Signup and view all the answers

<p>Customer Dissatisfaction = Potential loss of future purchases Competitor Attraction = Customers looking elsewhere when dissatisfied Negative Word-of-Mouth = Dissatisfied customers sharing their experiences Lost Sales Opportunities = Not capitalizing on potential lifetime value</p> Signup and view all the answers

<p>Customer Delight = Creating satisfaction that leads to loyalty Sales through Loyalty = Repeat purchases increasing revenue Brand Advocacy = Customers promoting a brand to others Service Expectations = Customers’ anticipated level of service</p> Signup and view all the answers

<p>Transactional Loyalty = Based on price and convenience Emotional Loyalty = Built from positive feelings towards a brand Behavioral Loyalty = Reflected in repeated purchases over time Attitudinal Loyalty = Rooted in customer belief in the brand's value</p> Signup and view all the answers

<p>Increased Market Share = Gaining a larger portion of customer purchases Enhanced Customer Experience = Creating memorable interactions with the brand Sustainable Profits = Long-term financial benefits from customer loyalty Value Creation = Delivering worth to customers leading to satisfaction</p> Signup and view all the answers

<p>Star Rating = An indicator of overall service quality Noise Level = The ambient sound that affects customer comfort Uniforms = Clothing worn by staff to represent the brand Layout = The arrangement of space for optimal customer experience</p> Signup and view all the answers

<p>Customer Delight = Exceeding customer expectations Contact Points = Exchanges where information is shared between customer and business Loyalty Programs = Incentives designed to enhance customer retention Customer Value = The balance of what a customer receives against what they pay</p> Signup and view all the answers

<p>Frequency Marketing = Rewards for repeat customers Consumer Generated Marketing = Involvement of customers in advertising creation Social Media Engagement = Interactive communication with customers online Customer Segmentation = Targeting specific groups with tailored strategies</p> Signup and view all the answers

<p>Building Profitable Relationships = Long-term customer loyalty and profitability Customer Satisfaction = Retention of valuable customers Information Management = Gathering data to tailor services Company Attitudes = Influencing customer perceptions through staff behavior</p> Signup and view all the answers

<p>Intangibility = Services cannot be physically touched or owned Inconsistency = Variability in service quality timing Perishability = Services cannot be stored for later use Involvement = Customer participation in service delivery processes</p> Signup and view all the answers

<p>Competitions = Boosts customer interaction and brand loyalty Pop-up Windows = Captures attention for promotions online Newsletters = Keeps customers informed about updates Banners = Visual cues to drive customer awareness and traffic</p> Signup and view all the answers

<p>CRM = Enhancing interactions with customers Loyalty Schemes = Encouraging repeat purchases Customer Touch Points = Interactions that influence consumer behavior Value Proposition = The promise of value to be delivered to customers</p> Signup and view all the answers

<p>Employee Discretion = Varied customer service experiences based on staff decisions Policies = Guidelines ensuring consistency in service delivery Procedures = Specific steps for handling customer requests Service Delivery Model = Framework for outlining service provision processes</p> Signup and view all the answers