Ch1 Marketing's Value
The extent to which a firm fulfills a consumer’s needs, desires, and expectations.
What is customer satisfaction?
A firm has a marketing mix that the target market sees as better than a competitor’s mix.
What is a competitive advantage?
Individuals born between 1995 and 2010. They are socially conscious and tech forward.
A market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs.
What is generic market?
A time when a company emphasizes selling because of increased competition.
What is the sales era?
A fairly homogeneous (similar) group of customers to whom a company wishes to appeal.
What is target market?
An organized approach for evaluating the strengths and weaknesses of current or potential competitors’ marketing strategies.
What is competitor analysis?
Combining two or more submarkets into one larger target market as a basis for one strategy.
What is combined target market approach?
The idea that an organization should aim all of its efforts at satisfying its customers—at a profit.
What is the marketing concept?
Total profits a single customer contributes to a firm over the length of the relationship.
What is customer lifetime value (CLV)?
A type of AI that allows software to recognize patterns and make increasingly accurate predictions without actual programming.
What is machine learning?
A visual representation showing how consumers perceive brands or products on key attributes.
What is a perceptual map?
A measure of long-term success that includes an organization’s economic, social, and environmental outcomes.
What is the triple bottom line?
Communicating with large numbers of potential customers at the same time.
What is mass selling?
A marketing mix that customers see as better than a competitor’s mix and cannot be quickly or easily copied.
What is sustainable competitive advantage?
Approaches used to try to find similar patterns within sets of data.
What are clustering techniques?
What is good for some producers and consumers may not be good for society as a whole.
What is the micro-macro dilemma?
Short-run decisions to help implement strategies.
What are operational decisions?
A measure that is similar to GDP, but GNI does not include income earned by foreigners who own resources in that nation.
What is gross national income (GNI)?
The use of real-time data to continuously update a customer’s placement in a market segment.
What is dynamic behavioral segmentation?