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Marketing Final Exam Review (COMM 131, Brower)

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COMM 131
Jacob Brower

Marketing Comm 131 Final Exam ReviewChapter 1Marketing Creating and Capturing Customer Value Marketingthe process by which companies create value for customers and build strong customer relationships in order to capture value from customers in returnMarketing is managing profitable customer relationships 5 core customermarketplace concepts 1 Needs wants and demands 2 Market offerings products services experiences 3 Valuesatisfaction 4 Exchangesrelationships 5 Markets Needsstates of felt deprivation Wantsthe form human needs take as shaped by culture and individual personality Demandshuman wants that are backed by buying power Marketing process steps 14 are creating value for customers and building customer relationships Understand Construct and Build Capture value design athe integrated profitable from customer marketplace marketing relationships customers todriven and customer program that and create create profitsmarketing needs and delivers customer and customer strategywants superior value delight equityValuecustomer benefitsperceived costs Marketset of actual and potential buyers of a productservice Market Offeringsome combination of products services information or experiences etc offered to a market to satisfy a need or want Marketing managementthe art and science of choosing target markets and building profitable relationships with them there is customer management and demand management Production conceptthe idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency Product conceptthe idea that consumers will favour products that offer the most quality performance and features and that the organization should therefore devote its energy to making continuous product improvements Selling conceptthe idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort Marketing conceptthe marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than the competitors do Societal marketing conceptthe idea that a companys marketing decisions should consider consumers wants the companys requirements consumers long run interests and societys long run interests Customer relationship managementthe overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Customer perceived valuethe customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers Customer satisfactionthe extent to which a products perceived performance matches a buyers expectations Customer managed relationshipsmarketing relationships in which customers empowered by todays new digital technologies interact with companies and each other to shape their relationships with brand Consumer generated marketingbrand exchanges created by consumers themselves both invited and uninvited by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers Partner relationship managementworking closely with partners in other departments and organizations to jointly bring greater value to customers Customer lifetime valuethe value of the entire stream of purchases that the customer would make over a lifetime of patronage Share of customerthe portion of the customers purchasing that a company gets in its product categories Customer equitythe total combined customer lifetime values of all the companys customersMeasure of future value of companys customer base Chapter 2Company and Marketing Strategy Partnering to build customer relationships Strategic planningthe process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunitiesSteps in Strategic PlanningPlanning Defining setting designingmarketing the company theand othercompany objectives business functionalmission and goals portfolio strategiesBusiness unit product Corporate Level Corporate Level and market levelMission Statementa statement of the organizations purposewhat it wants to accomplish in the larger environmentAre often productoriented ie We run theme parks but to be effective should be marketoriented ie We create fantasiesa place where dreams come true and America still works the way its supposed to Business portfoliothe collection of businesses and products that make up the company Portfolio analysisthe process by which management evaluates the products and businesses that make up the company look at SBUs strategic business unitsa company division a product line or sometimes a single product or brand and assess their attractiveness and how much support each one needs Growthshare matrix this is the Boston Consulting Group approach in which a company plans its portfolio by evaluating a companys SBUs in terms of market growth rate and relative market share Starshigh growth high share businesses or productsOften need heavy investments to finance their rapid growth and will eventually slow and become cash cows Cash cowslow growth high share businesses or productsThese established and successful SBUs need less investment to hold their market share and produce a lot of cash that the company uses to pay its bills and support other SBUs Question markslow share business units in high growth markets They require a lot of cash to hold their share let alone increase itManagement has to think hard about which question marks it should try to build into stars and which should be phased out Dogslow growth low share businesses and products May generate enough cash to maintain themselves but have low potential
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