Marketing 300 (UTK) Exam 1
Engaging customers and managing profitable relationships ️marketing
Marketing looks for -------, or what we can do for each other. Marketing also seek to create ----- for
customers, so they can receive it in return.
(Look for profitable relationships!) ️exchan...
Marketing looks for -------, or what we can do for each other. Marketing also seek to create ----- for
customers, so they can receive it in return.
(Look for profitable relationships!) ✔️exchange, value
Marketers engage customers by creating, delivering, and communicating ----- ------. ✔️customer value
Steps in the Marketing Process:
1. Understand the ------ + what the customer wants
2. Design a ------------ strategy
3. Construct an ------- ----- ------ that delivers superior customer value
4. Engage --------, build profitable relationships, and create customer delight
5. Capture ------ from customers to create profit and customer equity ✔️1. market place
2. customer-value driven
3. integrated marketing program
4. customers
5. value
The 4 Ps of Marketing ✔️Price, Product, Place, Promotion
states of felt deprivation
physical: food, warmth, safety
social: belonging and affection
individual: knowledge and self expression ✔️needs
,form taken by human needs when shaped by culture and human personality ✔️wants
human wants that are backed by buying power ✔️demands
Needs, wants, and demands help marketers discover ----- ----, which can vary across cultures and groups.
✔️customer value
Marketing Management Orientations/Philosophies:
1. ------ -------: consumers want products that are available and highly affordable; focuses on high-speed
efficiency and distribution ✔️production concept
Marketing Management Orientations/Philosophies:
2. ------- ------: customers will favor products with the best quality, performance, and features; focuses on
new product development/research ✔️product concept
Marketing Management Orientations/Philosophies:
3. ------- -------: customers won't buy enough of a firm's products unless they undertake a large scale
selling and promotion effort; focus on advertising + promotion + large sales force ✔️selling concept
Marketing Management Orientations/Philosophies:
4. ------- -------: achieving org. goals depends on the needs/wants of target markets, and delivering the
desired market and brand better than the competitors do
(split into 4 groups: product, price, place, promotion) ✔️marketing concept
Marketing Management Orientations/Philosophies:
5. ----- ------ ------: company marketing decisions should consider consumer's wants, company
requirements, consumers' long-run interest, and society's long-run interest
paying more attention to the specific products than to the benefits and experiences produced by those
products (lose sight of customer needs) ✔️marketing myopia
, Old Definition of this = "selling + telling"
New Definition = satisfying customer needs + customer engagement ✔️marketing
a set of marketing tools that work together to engage customers, satisfy needs, and build relationships
(4 Ps are this!) ✔️marketing mix
fulfill customer needs and wants; combo of products + services, info, and experiences ✔️market
offerings
A set of actual and potential buyers of a product/service ✔️market
dividing market into segments of customers ✔️market segmentation
set of benefits or values it promises to deliver to satisfy customer needs ✔️value proposition
customer's evaluation of the difference between all the benefits and costs of a market offering relative
to those of competing offers ✔️customer-perceived value
depends on perceived performance relative to a buyer's expectations ✔️customer satisfaction
consumers play a bigger role in shaping their own brand experiences ✔️consumer-generated
marketing
a channel stretching from raw materials, to components, to final products that are carried to final
buyers ✔️supply chain
companies strengthen their connections with partners along the supply chain ✔️supply chain
management
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