| What is Marketing? | The process by which companies engage customers, build stronger relationships and create customer value in order to capture value from customers in return. |
| What is a Market offering? | Products, services, information or experiences offered to the market. |
| What are the 5 Core marketplace concepts? | 1. Needs, wants and demands.
2. Marketing offering.
3. Value and satisfaction.
4. Exchange and Relationship.
5. Markets. |
| What are the Goals of Marketing? mention 2 | 1. Attract new customers by promising superior value.
2. Keep and grow current customers by delivering satisfaction. |
| What are the 2 Forms of Marketing? | Traditional and Contemporary. |
| What is the Traditional Form of Marketing? | Make sale, products in nearby shopping centers, and television, magazine and direct mail ads. |
| What is the Contemporary Form of Marketing? | Satisfy customer needs, websites and mobile phone apps, and reaching customers directly personally and interactively. |
| What are Needs? | States of felt deprivation. |
| What are Wants? | The form human needs take as they are shaped by culture and individual personality. |
| What is Demand? | Human wants that are backed by buying power. |
| What is the Market Mytopia | The seller's mistake of paying more attention to the products rather than to the benefits and experiences produced by these products. |
| What is a Market? | The set of all actual and potential buyers of a product or service. |
| What is Market Management? | The art of science of choosing markets and building profitable relationships with consumers. |
| What are the 4 P's of the Marketing Mix? | Product, price, place, and promotion. |
| What is Societal Marketing? | The idea that a company's marketing decisions should consider consumers wants, the company's requirements, consumers long-run interests and society's long-run interests. |
| What is Production Concept? | The idea that consumers will favour products that are available and highly affordable. |
| What is Product Concept? | The idea that consumers will favour products that offer the most quality, performance, and features. |
| What is Selling Concept? | The idea that consumers will not buy enough of the firm's products unless the firms undertakes large-scale selling and promotion effort. |
| What is the Marketing Concept? | A philosophy in which achieving organizational goals depends on knowing the needs and wants of the target markets and delivering better satisfaction than competitors. |
| What should be blended into a comprehensive integrated marketing program? | The marketing mix tools |
| What is Customer Relationship Management? | The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. |
| What is Customer-Perceived Value? | The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer. |
| What is Customer Engagement Marketing? | Making the brand a meaningful part of consumers lives by fostering customer involvement. |
| What is Consumer-Generated Marketing? | A marketing strategy where companies inviting consumers to create material for an advertising campaign. |
| What is Partner Relationship Management | Working closely with partners in other company departments and outside the company to bring greater value to customers. |
| What is Customer Lifetime Value? | The value of the purchases a customer makes over a lifetime. |
| What is Customer Equity? | The total combined customer lifetime values of all the company's customers. |
| How does a company increase the Share of Customers? (mention 2) | Good customer relationship management and offering greater variety to current customers. |
| What are the 4 major developments in the Marketing Landscape? | + The digital age.
+ The growth of not-for-profit marketing.
+ Rapid globalization.
+ Sustainable marketing practices. |
| What are the 5 steps of the Marketing Process? | 1. Understand the marketplace.
2. Design a customer value-driven marketing strategy.
3. Integrated marketing program.
4. Build profitable relationships.
5. Capture value from customers to create profit. |
| How do companies adress needs, wants and demands of the customer? | By a value proposition like a market offering. |
