MKTG 3010 TEST 1 STUDY GUIDE
Marketing - the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
Demands - human wants that are backed by buying power
marketing myopia - when sellers are so taken with their products that they focus only on
existing wants and lose sight of underlying customer needs
market - the set of all actual and potential buyers of a product or service
value proposition - set of benefits or values it promises to deliver to consumers to satisfy
their needs; helps companies differentiate themselves from one another. (always a
phrase)
The Production Concept (1 of 5 marketing strategies) - consumers will favor products
that are available and highly afforable. Management should focus on improving
production and distribution efficiency (make it cheaper)
The Product Concept (1 of 5 marketing strategies) - consumers will favor products that
offer the most quality, performance, and features. Management should devote energy to
making continuous product improvements (make it better.)
The Selling Concept (1 of 5 marketing strategies) - consumers wont buy enough of the
firm's products unless it undertakes a large-scale selling and promotion effort. like
insurance or blood donation. (make 'em buy it.)
The Marketing Concept (1 of 5 marketing strategies) - you must know the needs and
wants of your customers and deliver desired satisfaction better than competitors to
reach your selling goals. (customer is key)
The Societal Marketing Concept (1 of 5 marketing strategies) - marketing strategy
should deliver value to customers in a way that maintains or improves customer's and
society's well-being
customer relationship management - build and maintain customer relationships by
delivering superior customer value and satisfaction
customer-perceived value - the customer's evaluation of the difference between all the
benefits and all the costs of a product relative to another
customer lifetime value - the value of the entire stream of purchases a customer makes
throughout a lifetime of patronage
Marketing - the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
Demands - human wants that are backed by buying power
marketing myopia - when sellers are so taken with their products that they focus only on
existing wants and lose sight of underlying customer needs
market - the set of all actual and potential buyers of a product or service
value proposition - set of benefits or values it promises to deliver to consumers to satisfy
their needs; helps companies differentiate themselves from one another. (always a
phrase)
The Production Concept (1 of 5 marketing strategies) - consumers will favor products
that are available and highly afforable. Management should focus on improving
production and distribution efficiency (make it cheaper)
The Product Concept (1 of 5 marketing strategies) - consumers will favor products that
offer the most quality, performance, and features. Management should devote energy to
making continuous product improvements (make it better.)
The Selling Concept (1 of 5 marketing strategies) - consumers wont buy enough of the
firm's products unless it undertakes a large-scale selling and promotion effort. like
insurance or blood donation. (make 'em buy it.)
The Marketing Concept (1 of 5 marketing strategies) - you must know the needs and
wants of your customers and deliver desired satisfaction better than competitors to
reach your selling goals. (customer is key)
The Societal Marketing Concept (1 of 5 marketing strategies) - marketing strategy
should deliver value to customers in a way that maintains or improves customer's and
society's well-being
customer relationship management - build and maintain customer relationships by
delivering superior customer value and satisfaction
customer-perceived value - the customer's evaluation of the difference between all the
benefits and all the costs of a product relative to another
customer lifetime value - the value of the entire stream of purchases a customer makes
throughout a lifetime of patronage
