KSU Marketing 400 Exam 1 - Lehman

A process by which companies create value for customers and build strong customer relationships to captures value from customers in return

1) Understand the marketplace and customer needs and wants 2) Design a customer-driven marketing strategy 3) Construct a marketing program that delivers superior value 4) Build profitable relationships and create customer delight 5) Capture value from customers to create profits & customer quality

States of deprivation-required (physical, social, individual)

the form that needs take as they are shaped by culture and individual personality

Needs and wants backed by buying power

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

the act of obtaining a desired object from someone by offering something in return

The estimated value of the entire stream of purchases that the customer would make over a lifetime of patronage

The portion of the customer’s purchasing that a company gets in its product categories

Building the right relationships with the right customers requires different relationship management strategies (add together lifetime value)

The idea that consumers will favor products that are available and affordable-focus is on improving production and distribution efficiency

The idea the consumers will favor products that offer the most quality, performance and features-focus is on product innovation and continuous improvements

The idea the consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort

Depends on knowing needs and wants of the customers in your target markets and delivering the desired satisfactions better than the competitors

the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests