Marketing 1 online FHNW / Chapter 1
Kapitel 1
Kapitel 1
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Lernkarten
Goals of Marketing
Attract new customers by promising superior value
Keep and grow current customers by delivering satisfaction
Define Marketing
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
What is the old view of Marketing?
Making a sale - telling and selling
What is the new view of Marketing?
Satisfying customer needs
Define: customer needs
States of felt deprivation
Define: customer wants
The form human needs take as they are shaped by culture and individual personality
Define: customer demands
Human wants that are backed up by buying power
Different types of needs
Physical needs (food, clothing, safety)
Social needs
Individual needs (Leraning, self-expression)
Define: Market offerings
Some combination of products, services, information or experiences offered to a market to satisfy a need or want
Define: Marketing Myopia
The mistake of paying more attention on the product than to the benefits and experiences produced by these products
(ex. Apple products. You don't yust buy the product, you also buy a part of lifestyle. As a company you should always know that)
Name the Major environmental forces
Suppliers, competitors, Marketing intermediaries, final customers
Questions to answer when designing a Customer-Driven Marketing Strategy
What customers will we serve? (target market)
How can we serve these customers best?
Define: Marketing Management
The art and science of choosing target market and building profitable relationships with them
Define: Market segmentation
Dividing the market into segments of customers
Define: Target Marketing
Selecting one or more segments to cultivate
Define: Value Proposition
The set of benefits or values a company promises to deliver to consumers to satisfy their needs
Name the five alternate Marketing concepts
Production concept
Product concept
Selling concept
Marketing concept
Societal Marketing concept
Explain the Production Concept
Consumers will favor products that are available and highly affordable
The company should focus on improving production and distribution efficiency
Explain the Product concept
Consumers will favor products that offer the most quality, performance and features
Company should devote its energy to making continuous product improvements
Explain the Selling concept
Consumers will not buy enough of the firms products unless the firm undertakes a large scale selling and promotion effort
Explain the Marketing concept
Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
Explain the Societal Marketing concept
A companys marketing decisions should consider consumers wants, the companys desires, consumers long-run interests and societys long-run interests
Define: CRM / Customer Relationship Management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Define: Customer Perceived Value
The customers evaluation of the difference between all of the benefits and all of the costs of a marketing offer relative to those of competing offers
Define: Customer satisfaction
The extent to which the products perceived performance matches a buyery expectations
Define: Customer-Managed Relationships
Relationships in which customers interact with companies and with each other to shape their relationships with brands
(guestbooks, social media)
Define: Consumer-Generated Marketing
Brand gets promoted by the consumer
Take pictures with the product, film yourself with the product and so on
Define: Partner Relationship Management
Working closely with inside and outside partners
inside: cross-functional teams
outside: supply chain and channel partner
What is the customer lifetime value?
The entire stream of purchases that the customer would make over a lifetime of patronage
Define: Share of customer
The portion of the customers purchasing that a company gets in its product categories
Define: Customer Equity
The total combined customer lifetime values of all the companys current and potential customers
Customer Relationship Groups:
Butterflies
Profitable - but just for a short time
Don't spend to much attention on them
Customer Relationship Groups
True friends
invest - build a strong realtionship
they should become true believers who come back regularly
Customer Relationship Groups
Strangers
Don't invest anything
Customer Relationship Groups
Barnacles
Raise fees, sell more or fire them!
Not profitable.
Ex: small bank clients
