MAR FGCU Exam 1
demand - ✔️✔️human wants that are backed by buying power (given their wants and
resources, people demand products with benefits that add up to the most value and
satisfaction)
markets - ✔️✔️the set of all actual and potential buyers of a product or service (these
buyers share a particular need or want that can be satisfied through exchange
relationships)
The marketing process - ✔️✔️Understand the marketplace and customer needs and
wants →
Design a customer-driven marketing strategy →
construct an integrated marketing program that delivers superior value →
build profitable relationships and create customer delight →
marketing - ✔️✔️the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
Capture value from customers to create profits and customer equity (by creating value
for consumers, the company in return captures value from consumers in the form of
sales, profits, and long-term customer equity)
needs - ✔️✔️states of felt deprivation; include:
- basic physical needs for food, clothing, warmth, and safety
- social needs for belonging and affection
- individual needs for knowledge and self-expression
wants - ✔️✔️the form human needs take as they are shaped by culture and individual
personality (shaped by one's society and are described in terms of objects that will
satisfy those needs)
customer value - ✔️✔️the customer's evaluation of the difference between all the
benefits and all the costs of a marketing offer relative to those competing offers
expectations and satisfaction - ✔️✔️*Satisfaction - the extent to which a product's
perceived performance matches a buyer's expectations
, *Expectations - the perceived-value customers seek from the purchase of a good or
service
*High levels of customer satisfaction lead to greater customer loyalty which in turn
results in better company performance
exchange - ✔️✔️the act of obtaining a desired object from someone by offering
something in return
market segmentation - ✔️✔️dividing the market into segments of customers that have
similar needs, wants, or demands in order to serve them well and profitability
target marketing - ✔️✔️the act of a company selecting which segments it will go after
that will produce profitability
value proposition - ✔️✔️the set of benefits or values a brand promises to deliver to
consumers to satisfy their needs (they differentiate one brand from another; they
answer the customer's question, "Why should I buy your brand rather than a
competitor's?"
customer driven strategies - ✔️✔️...
marketing mix - ✔️✔️the set of tactical marketing tools - product, price, place, and
promotion - that the firm blends to produce the response it wants in the target market
customer loyalty and customer lifetime value - ✔️✔️Customer loyalty - likelihood of
previous customers to continue to buy from a specific organization; studies show a huge
difference in the loyalty of customers who are less satisfied, somewhat satisfied, and
completely satisfied; the aim of customer relationship management is to create not only
customer satisfaction but also customer delight
Customer lifetime value - the value of the entire steam of purchases a customer makes
over a lifetime of patronage
marketing landscape and environment - ✔️✔️Marketing environment - the actors and
forces outside marketing that affect marketing management's ability to build and
maintain successful relationships with target customers
The 5 major developments that are changing the marketplace landscape and
challenging the marketing strategy are:
1.The changing economic environment
2.The digital age
3. Rapid globalization
4. The call for more ethics
5. The call for more social responsibility
demand - ✔️✔️human wants that are backed by buying power (given their wants and
resources, people demand products with benefits that add up to the most value and
satisfaction)
markets - ✔️✔️the set of all actual and potential buyers of a product or service (these
buyers share a particular need or want that can be satisfied through exchange
relationships)
The marketing process - ✔️✔️Understand the marketplace and customer needs and
wants →
Design a customer-driven marketing strategy →
construct an integrated marketing program that delivers superior value →
build profitable relationships and create customer delight →
marketing - ✔️✔️the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
Capture value from customers to create profits and customer equity (by creating value
for consumers, the company in return captures value from consumers in the form of
sales, profits, and long-term customer equity)
needs - ✔️✔️states of felt deprivation; include:
- basic physical needs for food, clothing, warmth, and safety
- social needs for belonging and affection
- individual needs for knowledge and self-expression
wants - ✔️✔️the form human needs take as they are shaped by culture and individual
personality (shaped by one's society and are described in terms of objects that will
satisfy those needs)
customer value - ✔️✔️the customer's evaluation of the difference between all the
benefits and all the costs of a marketing offer relative to those competing offers
expectations and satisfaction - ✔️✔️*Satisfaction - the extent to which a product's
perceived performance matches a buyer's expectations
, *Expectations - the perceived-value customers seek from the purchase of a good or
service
*High levels of customer satisfaction lead to greater customer loyalty which in turn
results in better company performance
exchange - ✔️✔️the act of obtaining a desired object from someone by offering
something in return
market segmentation - ✔️✔️dividing the market into segments of customers that have
similar needs, wants, or demands in order to serve them well and profitability
target marketing - ✔️✔️the act of a company selecting which segments it will go after
that will produce profitability
value proposition - ✔️✔️the set of benefits or values a brand promises to deliver to
consumers to satisfy their needs (they differentiate one brand from another; they
answer the customer's question, "Why should I buy your brand rather than a
competitor's?"
customer driven strategies - ✔️✔️...
marketing mix - ✔️✔️the set of tactical marketing tools - product, price, place, and
promotion - that the firm blends to produce the response it wants in the target market
customer loyalty and customer lifetime value - ✔️✔️Customer loyalty - likelihood of
previous customers to continue to buy from a specific organization; studies show a huge
difference in the loyalty of customers who are less satisfied, somewhat satisfied, and
completely satisfied; the aim of customer relationship management is to create not only
customer satisfaction but also customer delight
Customer lifetime value - the value of the entire steam of purchases a customer makes
over a lifetime of patronage
marketing landscape and environment - ✔️✔️Marketing environment - the actors and
forces outside marketing that affect marketing management's ability to build and
maintain successful relationships with target customers
The 5 major developments that are changing the marketplace landscape and
challenging the marketing strategy are:
1.The changing economic environment
2.The digital age
3. Rapid globalization
4. The call for more ethics
5. The call for more social responsibility
