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level: Chapter 1: Creating Customer Value and Engagement

Questions and Answers List

level questions: Chapter 1: Creating Customer Value and Engagement

QuestionAnswer
What is Marketing?The process by which companies engage customers, build stronger relationships and create customer value in order to capture value from customers in return.
What is a Market offering?Products, services, information or experiences offered to the market.
What are the 5 Core marketplace concepts?1. Needs, wants and demands. 2. Marketing offering. 3. Value and satisfaction. 4. Exchange and Relationship. 5. Markets.
What are the Goals of Marketing? mention 21. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction.
What are the 2 Forms of Marketing?Traditional and Contemporary.
What is the Traditional Form of Marketing?Make sale, products in nearby shopping centers, and television, magazine and direct mail ads.
What is the Contemporary Form of Marketing?Satisfy customer needs, websites and mobile phone apps, and reaching customers directly personally and interactively.
What are Needs?States of felt deprivation.
What are Wants?The form human needs take as they are shaped by culture and individual personality.
What is Demand?Human wants that are backed by buying power.
What is the Market MytopiaThe seller's mistake of paying more attention to the products rather than to the benefits and experiences produced by these products.
What is a Market?The set of all actual and potential buyers of a product or service.
What is Market Management?The art of science of choosing markets and building profitable relationships with consumers.
What are the 4 P's of the Marketing Mix?Product, price, place, and promotion.
What is Societal Marketing?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.
What is Production Concept?The idea that consumers will favour products that are available and highly affordable.
What is Product Concept?The idea that consumers will favour products that offer the most quality, performance, and features.
What is Selling Concept?The idea that consumers will not buy enough of the firm's products unless the firms undertakes large-scale selling and promotion effort.
What is the Marketing Concept?A philosophy in which achieving organizational goals depends on knowing the needs and wants of the target markets and delivering better satisfaction than competitors.
What should be blended into a comprehensive integrated marketing program?The marketing mix tools
What is Customer Relationship Management?The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
What is Customer-Perceived Value?The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer.
What is Customer Engagement Marketing?Making the brand a meaningful part of consumers lives by fostering customer involvement.
What is Consumer-Generated Marketing?A marketing strategy where companies inviting consumers to create material for an advertising campaign.
What is Partner Relationship ManagementWorking closely with partners in other company departments and outside the company to bring greater value to customers.
What is Customer Lifetime Value?The value of the purchases a customer makes over a lifetime.
What is Customer Equity?The total combined customer lifetime values of all the company's customers.
How does a company increase the Share of Customers? (mention 2)Good customer relationship management and offering greater variety to current customers.
What are the 4 major developments in the Marketing Landscape?+ The digital age. + The growth of not-for-profit marketing. + Rapid globalization. + Sustainable marketing practices.
What are the 5 steps of the Marketing Process?1. Understand the marketplace. 2. Design a customer value-driven marketing strategy. 3. Integrated marketing program. 4. Build profitable relationships. 5. Capture value from customers to create profit.
How do companies adress needs, wants and demands of the customer?By a value proposition like a market offering.