Marketing Management Overview

The process of building relationships with customers by creating value for them and in return capturing value from them.

A felt deprivation, common to all humans. Marketing cannot create needs but can satisfy them.

The form that human needs take as they are shaped by culture and individual personality. They are desires for specific satisfiers of the deeper human needs.

Wants backed by the ability to buy them. People demand products that offer the most value and satisfaction.

Anything that can be offered to satisfy a need or a want. It can be a good, a service, an experience, an organization, or information.

Tangible and physical products that satisfy needs and wants.

Intangible activities or benefits offered for sale that satisfy needs and wants.

The overall impression and feelings a customer perceives after encountering a product or service.

Focusing on the physical aspects of a product instead of the benefits and experiences it provides.

The difference between all the benefits a customer receives from a product and the costs they pay, compared to other options.

The degree to which a customer is satisfied with a product or service.

The act of exchanging something of value, typically money or goods, for a desired object.

A long-term strategy focused on building strong relationships with customers to ensure continued loyalty and profitability.

The group of all actual and potential buyers of a product or service who share a need or want that can be satisfied through an exchange.

A company's inability to adapt to changing market conditions, often due to focusing on existing products and technologies rather than adapting to new ones.

Setting high expectations for customers, potentially making it harder to achieve satisfaction.

The art and science of choosing target customers and building profitable relationships with them. It involves creating, delivering and communicating superior customer value.

Dividing a market into segments of customers with similar needs and wants.

The belief that consumers prioritize affordability and widespread availability when making purchasing decisions. Businesses focus on high production efficiency and convenient distribution.

The belief that consumers favor high-quality, high-performance products with innovative features. Businesses concentrate on product development and improvement.

Focusing on creating and delivering value to meet the needs of specific customers. This involves identifying, attracting, engaging, and retaining customers.

The process of designing a comprehensive plan that outlines how a company will achieve its marketing objectives. It involves selecting target markets, choosing marketing strategies, and developing a budget.

A business strategy that focuses on understanding and meeting the needs and wants of target customers, delivering desired satisfactions more effectively and efficiently than competitors, while also considering the well-being of society.

The process of identifying and choosing the specific market segments that a company will target with its marketing efforts.

A clear and concise statement outlining the unique value and benefits a company promises to deliver to its customers, differentiating itself from competitors and answering the question "Why should I choose your brand?"

An integrated plan that outlines the specific marketing activities a company will take to deliver superior value to its target customers.

A detailed plan outlining how a company will blend its marketing mix (product, price, place, promotion) to achieve its objectives.

A business philosophy that focuses on creating and delivering value to customers through a deep understanding of their needs and wants, aiming to build long-term relationships.

A business philosophy that emphasizes selling and promoting products to generate sales, often without a strong focus on understanding customer needs.

The difference in perspective between the marketing concept and the selling concept. The marketing concept takes an outside-in perspective, focusing on customer needs, while the selling concept takes an inside-out perspective, starting with the product and then trying to convince customers to buy it.

Involves building and managing profitable relationships with customers by providing superior value and satisfaction.

Points at which customers and businesses interact, exchange information, buy products or services, and handle transactions. Examples include packaging, offers, staff attitudes, newsletters.

The overall feeling and impression a customer gets after experiencing a product or service.

Customers will prefer buying from sellers that offer the highest value and satisfaction.

The total value of all transactions a customer makes with a company over their lifetime.

Refers to the portion of a customer's purchases that a company captures in its product categories.

Programs designed to reward loyal customers, often involving points or discounts.

Consumers who are encouraged to create content for a brand, such as advertisements. This helps build trust and authenticity.

The combined lifetime value of all a company's current and potential customers.

Selling a different product or service to an existing customer.

The process of delivering a service involves the policies, procedures, and employee/customer discretion used in service delivery.

Influencing a customer to purchase more expensive items, upgrades, or other add-ons.

The difference between marketing goods and services lies in the tangibility of the product. Services are intangible, while goods possess a physical form.

The ability to create a positive emotional connection between a customer and a brand.

The process of using customer data to build relationships and maximize customer lifetime value.

The belief that companies should focus on creating customer value to drive long-term profitability.