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Marketing Chapter 1:Creating and Capturing Customer Value
12 cards·by 8680lewielj
What is Marketing?
• Marketing is managing profitable customer relationships.
What is the aim of marketing?
• The aim of marketing is to create value for customers in order to capture value from customers
in return.
How many steps are in the marketing process?
5
What are Needs?
states of deprivation. This includes physical needs, social needs and individual needs.
What are demands?
human wants that are backed by buying power. If the American has money to buy the big mac, than
this becomes a demand
What are wants?
are the form human needs take as they are shaped by culture and individual personality.
What is a market?
A market is a set of all actual and potential buyers of a product or service.
What is partner relationship management?
working closely with others inside and outside the company to jointly bring more value to
customers.
Why is partner relationship management important?
Success at delivering customer value rests on how well their entire supply chain performs
against competitors supply chain.
What is customer generated marketing?
Brand exchanges created by customers themselves-both invited and uninvited
What is exchange?
the act of obtaining a desired object from someone by offering something in return.
When does marketing occur?
when people decide to satisfy their needs and wants through exchange relationships.