Marketing Midterm: Chapter 1 Study Guide


1.Define marketing and the marketing process. 2.Identify the five core marketplace concepts. 3.Identify the elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide strategy. 4.Discuss customer relationship management and be familiar with CRM related terms (customer equity, share of customer, customer lifetime value). 5.Describe the major trends and forces that are changing the marketing landscape.  

18 cards   |   Total Attempts: 182
  

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Cards In This Set

Front Back
What is Marketing?
Marketing is managing profitable customer relationships.
Goals
1.Attract new customers by promising superior value.  2.Keep and grow current customers by delivering satisfaction.
Model of the Marketing Process.
Answer 3
What are the Five CORE Marketplace concepts?
•Needs, Wants and Demands •Marketing Offer •Value and Satisfaction •Exchanges, Transactions and Relationships •Market: the set of all actual and potential buyers of a product or service
How do you find out how much you will profit?
Answer 5
(Sale Price X Projected Units Sold) - Fixed Costs - (Variable Costs X Projected Units Sold) = Profit
What is Contribution Margin?
Unit Revenue - Variable Costs
Why are Customer Expectations Important?
They the influence Satisfaction and Loyalty of the Customer.
How do you make sure your customers are consistently Satisfied?
Set their expectations slightly below what you can realistically/systematically deliver.
How do Needs, Wants and Demands relate to each other?
Physical, Social and Individual needs are necessary to survive and develop normally.
Wants are needs shaped by culture and individual personality.
Wants + Buying Power = Demand
What are the Markets Offerings?
Products, Services, and Brand Experiences.
Define Marketing Myopia?
When sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.
Focus on "wants" and lose sight of the needs.
How to manage your Market/s.
Target and then come to understand a specific market/s.  Then build a profitable relationship with them on both sides by delivering superior value.
Demarketing is?
Demarketing is a tactic to reduce demand for a product.  e.g. Edison.
What are the five key Marketing Management Philosophies?
–Production Concept –Product Concept –Selling Concept –Marketing Concept –Societal Marketing Concept
What is Customer Relationship Management and what is it's purpose?
It deals with statistics and information on customers in order to acquire, grow and keep them most efficiently.