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MSU / Engineering / MKT 3013 / What is the five-step process for creating and capturing customer valu

What is the five-step process for creating and capturing customer valu

What is the five-step process for creating and capturing customer valu

Description

School: Mississippi State University
Department: Engineering
Course: Principles of Marketing
Professor: Melissa moore
Term: Spring 2017
Tags:
Cost: 50
Name: MKT EXAM STUDY GUIDE
Description: Updated Study Guide.
Uploaded: 09/19/2017
100 Pages 13 Views 4 Unlocks
Reviews


engaging customers and managing profitable customer relationships 1 marketing


What is the five-step process for creating and capturing customer value?



twofold goal of marketing is 2

to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction

what is marketing? 3 satisfying customers needs

a set of marketing tools that work together to engage customers, satisfy customer needs, and build

4

customer relationships

marketing mix

a social and managerial process by which individuals and organizations obtain what they need and

5

want through creating and exchanging value with others  

marketing

the process by which companies engage customers, build strong customer relationships, and create

6


What are the five core customer and marketplace concepts?



customer value in order to capture value from customers in return

marketing

Five step process for creating and capturing customer value 7

understand the marketplace and customer needs/wants

design a customer value driven mkt strategy

construct an integrated marketing program that delivers superior value

engage customers, build profitable relationships, and create customer delight

capture value from customers to create profits and customer equity

five core customer and marketplace concepts 8

needs, wants, and demands

market offerings

value and satisfaction

exchanges and relationships

markets


What marketers must be careful to set?



If you want to learn more check out The chronometer was designed by who?

states of felt deprivation 9 needs

the form human needs take as they are shaped by culture and individual personality 10 wants

wants backed by buying power 11 demands

some combination of products, services, information or experiences offered to a market to satisfy a

12

need or want

market offerings

market offers are not limited to _________; they also include _______ 13

physical products

services

activities are benefits offered for sale that are essentially intangible and do not result in the

14

ownership of anything

services

the mistake of paying more attention to the specific products a company offers than to the benefits

15

and experiences produced by these products

marketing myopia

satisfied customers ________ and tell others about their good experiences; dissatisfied customers

16

often switch to _______ and disparage the product to others

buy again

competitors

marketers must be careful to set the 17 right level of expectations

the act of obtaining a desired object from someone by offering something in return 18 exchange  

the set of all actual and potential buyers of a product or service 19 markets

the art and science of choosing target markets and building profitable relationships with them 20 marketing management If you want to learn more check out What are the three types of visual perception?

to design a winning marketing strategy, the marketing manager must answer two important

21

questions:

what customers will we serve

how can we serve these customers best

dividing the market into segments of customers is called 22 market segmentation

selecting which segments the company will go after is called 23 target marketing  

marketing managers know that they cannot 24 serve all customers in every way

the set of benefits or values it promises to deliver to consumers to satisfy their needs 25 value proposition

five concepts organizations design and carry out their marketing strategies: 26

production

product

selling

marketing

societal marketing

the idea that consumers will favor products that are available and highly affordable; therefore, the

27

organization should focus on improving production and distribution efficiency

production concept

the idea that consumers will favor products that offer the most quality, performance, and features;

28 Don't forget about the age old question of What is the difference between macro and micro economics?

therefore, the organization should devote its energy to making continuous product improvements product concept Don't forget about the age old question of What is robotic palletizing?
If you want to learn more check out What happened to karen quinlan?

the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a

29

large-scale selling and promotion effort

selling concept

a philosophy in which achieving organizational goals depends on knowing the needs and wants of

30

target markets and delivering the desired satisfactions better than competitors do marketing concept

the selling concept takes an _______ perspective 31 inside out

the marketing concept takes an ____________ perspective 32 outside in

the idea that a company’s marketing decisions should consider consumers’ wants, the company’s

33

requirements, consumers’ long run interests, and society’s long run interests

societal marketing concept

socially and environmentally responsible marketing that meets the present needs of consumers and

34

businesses while also preserving or enhancing the ability of future generations to meet their needs sustainable marketing

recognizes that societal needs, not just economic needs, define markets 35 shared value

the marketing program consists of the firm’s 36 marketing mix

the set of marketing tools the firm uses to implement its marketing strategy 37 marketing mix

Societal marketing Concept triangle 38 Don't forget about the age old question of How are there so many different life forms

 Society (human welfare)

Consumers(want satisfaction) company (profits)

4 P’s of marketing 39

product  

place

price

promotion

a need satisfying market offering 40 product

how much a company will charge for the offering 41

price

how the offering will be made available to target customers 42 place

engage in target merits 43 promotion

the overall process of building and maintaining profitable customer relationships by delivering

44

superior customer value and satisfaction

customer relationship management

the ket to building lasting relationships is to 45 create customer value and satisfaction

satisfied customers are more likely to be _________ 46 loyal customers

the customer’s evaluation of the difference between all the benefits and all the costs of a market

47

offering relative to those of competing offers

customer perceived value

the extent to which a product’s perceived performance matches a buyer’s expectations 48 customer satisfaction

reward customers who buy frequently or in large amounts 49 frequency marketing programs

50

making the brands a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

customer engagement marketing

old marketing involved marketing 51 brands to customers

new marketing involves 52 customer engagement marketing  

customers connect with companies and with each other to help forge their own brand experiences 53 customer managed relationships

greater consumer empowerment means that companies can no longer rely on marketing by 54 intrusion

creating marketing offerings and messages that engage consumers rather than interrupt them 55 attraction

brand exchanges created by consumers themselves both invited and uninvited by which consumers

56

are playing an increasing role in shaping their own brand experiences and those of other consumers

consumer generated marketing  

working closely with partners in other company departments and outside the company to jointly

57

bring greater value to customers

partner relationship management  

the value of the entire stream of purchases a customer makes over a lifetime of patronage 58 customer lifetime value

the portion of the customer’s purchasing that a company gets in its product categories 59 share of customers

the total combined customer lifetime values of all of the company’s current and potential customers 60 customer equity

the more loyal the firm’s profitable customers, the 61 higher its customer equity

customer relationship groups diagram: 62

High butterflies true friends

Low strangers barnacles

 short term long term

show low potential profitability and little projected loyalty 63 strangers

potentially profitable but not loyal 64 butterflies

both profitable and loyal 65 true friends

come back regularly and tell others about their good experiences 66 true believers

highly loyal but not very profitable 67 barnacles

the most problematic customers are 68 barnacles because they create drag

the goal in building relationships with customers is to: 69 build the right relationships with the right customers

using digital marketing tools such as web sites, social media, mobile apps and ads, video, email,

70

and blogs to engage consumers anywhere, at any time via their digital devices digital and social media marketing

marketers can engage consumers in the moment by linking brands to important trending topics, real

71

world events, causes, personal occasions, or other important happening in consumers’ lives real time marketing  

to understand the customer needs and wants you must: 72

research customers and the marketplace  

manage marketing information and customer data

to design customer value driven marketing strategy you must: 73

select customers to serve

create a value proposition  

to construct an integrated marketing Programm that delivers superior value you must use: 74 4 P’s of marketing

to capture value from customers you must; 75

create satisfied loyal customers

capture customer lifetime value

increase share of market and share of customer

Question… 76

Answer…

MKT_EXAM 1

Sep 20, 2017

174 flashcards made with the Flashcard Hero app (Mac/iPhone/iPad).

Q: 1

engaging customers and managing profitable customer relationships

Q: 2

twofold goal of marketing is

Q: 3

what is marketing?

Q: 4

a set of marketing tools that work together to engage customers, satisfy customer needs, and build customer relationships

A: 2

to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction

A: 1

marketing

A: 4

marketing mix

A: 3

satisfying customers needs

Q: 5

a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others

Q: 6

the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return

Q: 7

Five step process for creating and capturing customer value

Q: 8

five core customer and marketplace concepts

A: 6

marketing

A: 5

marketing

A: 8

needs, wants, and demands

market offerings

value and satisfaction

exchanges and relationships

markets

A: 7

understand the marketplace and customer needs/wants design a customer value driven mkt strategy

construct an integrated marketing program that delivers superior value

engage customers, build profitable relationships, and create customer delight

capture value from customers to create profits and customer equity

Q: 9

states of felt deprivation

Q: 10

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

Q: 11

wants backed by buying power

Q: 12

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

A: 10

wants

A: 9

needs

A: 12

market offerings

A: 11

demands

Q: 13

market offers are not limited to _________; they also include _______

Q: 14

activities are benefits offered for sale that are essentially intangible and do not result in the ownership of anything

Q: 15

the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

Q: 16

satisfied customers ________ and tell others about their good experiences; dissatisfied customers often switch to _______ and disparage the product to others

A: 14

services

A: 13

physical products

services

A: 16

buy again

competitors

A: 15

marketing myopia

Q: 17

marketers must be careful to set the

Q: 18

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

Q: 19

the set of all actual and potential buyers of a product or service

Q: 20

the art and science of choosing target markets and building profitable relationships with them

A: 18

exchange

A: 17

right level of expectations

A: 20

marketing management

A: 19

markets

Q: 21

to design a winning marketing strategy, the marketing manager must answer two important questions:

Q: 22

dividing the market into segments of customers is called

Q: 23

selecting which segments the company will go after is called

Q: 24

marketing managers know that they cannot

A: 22

market segmentation

A: 21

what customers will we serve

how can we serve these customers best

A: 24

serve all customers in every way

A: 23

target marketing

Q: 25

the set of benefits or values it promises to deliver to consumers to satisfy their needs

Q: 26

five concepts organizations design and carry out their marketing strategies:

Q: 27

the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

Q: 28

the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

A: 26

production

product

selling

marketing

societal marketing

A: 25

value proposition

A: 28

product concept

A: 27

production concept

Q: 29

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

Q: 30

a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Q: 31

the selling concept takes an _______ perspective

Q: 32

the marketing concept takes an ____________ perspective

A: 30

marketing concept

A: 29

selling concept

A: 32

outside in

A: 31

inside out

Q: 33

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

Q: 34

socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs

Q: 35

recognizes that societal needs, not just economic needs, define markets

Q: 36

the marketing program consists of the firm’s

A: 34

sustainable marketing

A: 33

societal marketing concept

A: 36

marketing mix

A: 35

shared value

Q: 37

the set of marketing tools the firm uses to implement its marketing strategy

Q: 38

Societal marketing Concept triangle

Q: 39

4 P’s of marketing

Q: 40

a need satisfying market offering

A: 38

 Society (human welfare)

Consumers(want satisfaction) company (profits)

A: 37

marketing mix

A: 40

product

A: 39

product  

place

price

promotion

Q: 41

how much a company will charge for the offering

Q: 42

how the offering will be made available to target customers

Q: 43

engage in target merits

Q: 44

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

A: 42

place

A: 41

price

A: 44

customer relationship management

A: 43

promotion

Q: 45

the ket to building lasting relationships is to

Q: 46

satisfied customers are more likely to be _________

Q: 47

the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers

Q: 48

the extent to which a product’s perceived performance matches a buyer’s expectations

A: 46

loyal customers

A: 45

create customer value and satisfaction

A: 48

customer satisfaction

A: 47

customer perceived value

Q: 49

reward customers who buy frequently or in large amounts

Q: 50

making the brands a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

Q: 51

old marketing involved marketing

Q: 52

new marketing involves

A: 50

customer engagement marketing

A: 49

frequency marketing programs

A: 52

customer engagement marketing

A: 51

brands to customers

Q: 53

customers connect with companies and with each other to help forge their own brand experiences

Q: 54

greater consumer empowerment means that companies can no longer rely on marketing by

Q: 55

creating marketing offerings and messages that engage consumers rather than interrupt them

Q: 56

brand 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

A: 54

intrusion

A: 53

customer managed relationships

A: 56

consumer generated marketing

A: 55

attraction

Q: 57

working closely with partners in other company

departments and outside the company to jointly bring greater value to customers

Q: 58

the value of the entire stream of purchases a customer makes over a lifetime of patronage

Q: 59

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

Q: 60

the total combined customer lifetime values of all of the company’s current and potential customers

A: 58

customer lifetime value

A: 57

partner relationship management

A: 60

customer equity

A: 59

share of customers

Q: 61

the more loyal the firm’s profitable customers, the

Q: 62

customer relationship groups diagram:

Q: 63

show low potential profitability and little projected loyalty

Q: 64

potentially profitable but not loyal

A: 62

High butterflies true friends Low strangers barnacles

 short term long term

A: 61

higher its customer equity

A: 64

butterflies

A: 63

strangers

Q: 65

both profitable and loyal

Q: 66

come back regularly and tell others about their good experiences

Q: 67

highly loyal but not very profitable

Q: 68

the most problematic customers are

A: 66

true believers

A: 65

true friends

A: 68

barnacles because they create drag

A: 67

barnacles

Q: 69

the goal in building relationships with customers is to:

Q: 70

using digital marketing tools such as web sites, social media, mobile apps and ads, video, email, and blogs to engage consumers anywhere, at any time via their digital devices

Q: 71

marketers can engage consumers in the moment by linking brands to important trending topics, real world events, causes, personal occasions, or other important happening in consumers’ lives

Q: 72

to understand the customer needs and wants you must:

A: 70

digital and social media marketing

A: 69

build the right relationships with the right customers

A: 72

research customers and the marketplace  

manage marketing information and customer data

A: 71

real time marketing

Q: 73

to design customer value driven marketing strategy you must:

Q: 74

to construct an integrated marketing Programm that delivers superior value you must use:

Q: 75

to capture value from customers you must;

Q: 76

the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities

A: 74

4 P’s of marketing

A: 73

select customers to serve

create a value proposition

A: 76

strategic planning

A: 75

create satisfied loyal customers

capture customer lifetime value

increase share of market and share of customer

Q: 77

a statement of the organization’s purpose— what it wants to accomplish in the larger environment

Q: 78

mission statements should be _________ and defined in terms of satisfying basic customer needs

Q: 79

Steps in the strategic planning process

Q: 80

the collection of businesses and products that make up the company

A: 78

market oriented

A: 77

mission statement

A: 80

business portfolio

A: 79

defining the company mission

setting company objectives and goals

designing the business portfolio

planning marketing and other functional strategies

Q: 81

business portfolio planning involves two steps:

Q: 82

the process by which management evaluates the products and businesses that make up the company

Q: 83

the key businesses that make up the company

Q: 84

a portfolio-planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share

A: 82

portfolio analysis

A: 81

company must analyze its current business portfolio and determine which businesses should receive more, less, or no investment

shape the future portfolio by developing strategies for growth

A: 84

growth-share matrix

A: 83

strategic business units (SBUs)

Q: 85

describe the growth share matrix: (BCG approach also)

Q: 86

high growth, high share businesses or products; often need heavy investment to finance their rapid growth; eventually their growth will slow down, and they will turn into cash cows

Q: 87

low growth, high share businesses or products; these established and successful SBUs need less investment to hold their market share; they produce a lot of the cash that the company uses to pay its bills and support other SBUs that need investment

Q: 88

low share business units in high growth markets; require a lot of cash to hold their share, let alone increase it; management has to think hard about which question marks it should try to build into stars and which should be phased out

A: 86

stars

A: 85

high star question mark

low cash cow dog

 high low

vertical: market growth rate

horizontal: relative market share

A: 88

question marks

A: 87

cash cows

Q: 89

low growth, low share businesses and products; they may generate enough cash to maintain themselves but do not promise to be large sources of cash

Q: 90

a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

Q: 91

company growth by increasing sales of current products to current market segments without changing the product

Q: 92

company growth by identifying and developing new market segments for current company products

A: 90

product/market expansion grid

A: 89

dogs

A: 92

market development

A: 91

market penetration

Q: 93

describe the product market expansion grid

Q: 94

company growth by offering modified or new products to current market segments

Q: 95

company growth through starting up or acquiring

businesses outside the company’s current products and markets

Q: 96

the series of internal departments that carry out value creating activities to design, produce, market, deliver, and support a firms products

A: 94

product development

A: 93

 existing products new products existing markets market penetration product dev. new markets market development diversification

A: 96

value chain

A: 95

diveresification

Q: 97

a network composed of the company, suppliers, distributors, and ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value

Q: 98

draw the Managing Marketing Strategies and the Marketing Mix diagram

Q: 99

the marketing logic by which the company hopes to create customer value and achieve profitable customer

relationships

Q: 100

customer value driven marketing strategy involves 4 things:

A: 98

center: customer value and relationships

—> segmentation, targeting, differentiation, positioning —>place, product, price, promotion

—>marketing control, marketing analysis, marketing planning, marketing implementation

—>suppliers, marketing intermediaries, competitors, publics

A: 97

value delivery network

A: 100

market segmentation

market targeting

differentiation

positioning

A: 99

marketing strategy

Q: 101

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

Q: 102

a group of consumers who respond in a similar way to a given set of marketing efforts

Q: 103

the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

Q: 104

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

A: 102

market segment

A: 101

market segmentation

A: 104

positioning

A: 103

market targeting

Q: 105

actually differentiating the market offering to create superior customer value

Q: 106

the set of tactical marketing tools, product, price, place, and promotion- that the firm blends to produce the response it wants i the target market

Q: 107

what is in the marketing mix?

Q: 108

means the goods and services combination the company offers to the target market

A: 106

marketing mix

A: 105

differentiation

A: 108

product

A: 107

product, place, price, and promotion

Q: 109

the amount of money customers must pay to obtain the product

Q: 110

includes company activities that make the product available to target consumers

Q: 111

refers to activities that communicate the merits of the product and persuade target customers to buy it

Q: 112

an overall evaluation of the company’s strengths (S), weaknesses (W), Opportunities (O), and threats (T)

A: 110

place

A: 109

price

A: 112

swot analysis

A: 111

promotion

Q: 113

5 marketing management functions:

Q: 114

internal capabilities that may help a company reach its objectives

Q: 115

internal limitations that may interfere with a company’s ability to achieve its objectives

Q: 116

external factors that the company may be able to exploit to its advantage

A: 114

internal strengths positive

A: 113

analysis  

planning

implementation

organization

control

A: 116

opportunities positive external

A: 115

internal weaknesses negative

Q: 117

current and emerging external factors that may challenge the company’s performance

Q: 118

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

Q: 119

to head up such large marketing organizations, many companies have now created a ____________; this person heads up the company’s entire marketing operation and represents marketing on the company’s top management team

Q: 120

the most common form of marketing organization is the

A: 118

marketing implementation

A: 117

external threats negative

A: 120

functional organization

A: 119

chief marketing officer (CMO) position

Q: 121

a company that sells across the country or internationally often uses a

Q: 122

companies with many very different products or brands often create a

Q: 123

for companies that sell one product line to many different types of markets and customers who have different needs and preferences, a ____________ might be best

Q: 124

measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

A: 122

product management organization

A: 121

geographic organization

A: 124

marketing control

A: 123

market or customer management organization

Q: 125

the net return form a marketing investment divided by the costs of the marketing investment

Q: 126

meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance

Q: 127

the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers

Q: 128

the actors close to the company that affect its ability to engage and serve its customers; the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

A: 126

marketing dashboards

A: 125

marketing return on investment

A: 128

microenvironment

A: 127

marketing environment

Q: 129

the larger societal forces that affect the microenvironment demographic, economic, natural, technological, political, and cultural forces

Q: 130

what is the center of the microenvironment

Q: 131

actors in the microenvironment:

Q: 132

firms that help the company to promote, sell, and distribute its products to final buyers

A: 130

marketing

A: 129

macroenvironment

A: 132

marketing intermediaries

A: 131

company

suppliers

marketing intermediaries

competitors

publics

customers

Q: 133

any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives

Q: 134

seven types of publics:

Q: 135

the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Q: 136

what is at the center of the macroenvironment

A: 134

financial publics

media publics

government publics

citizen action publics

local publics

general publics

internal publics

A: 133

public

A: 136

company

A: 135

demography

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