MKTG 2201 Study Guide - Midterm Guide: Psychographic, Marketing Mix, Marketing Intelligence

• School: Northeastern University
• Department: Marketing
• Course: MKTG 2201
• Professor: Alexander DePaoli

Document Summary

Marketing is engaging customers and managing profitable customer relationships. Identify and attract new customers by offering superior value. Maintain and grow existing customers by delivering satisfaction and fostering loyalty. Create value for and capture value from customers. It is often more profitable to maintain a relationship than it is to build new ones. The marketing concept: the managerial philosophy that a company should deliver on desired customer satisfaction in order to create loyalty, which will in turn create profit. The value of a product to a customer is the difference between all the benefits and all the costs of that product relative to competing offers. Customers will always form expectations about the value and performance of products. Low expectations may fail to attract buyers. Customer lifetime value (clv) is the value of the entire stream of purchases a customer makes over a lifetime of patronage.