Lecture 1
Review
Review
A process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
What is marketing?
Consists of the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, and competitors.
What is a microenvironment?
Divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
What is demographic segmentation?
The value of the entire stream of purchases that the customer would make over a lifetime of
patronage.
What is customer lifetime value?
Consists of the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
What is a macroenvironment?
Divides a market into different segments based on social class, lifestyle, or personality characteristics.
What is psychological segmentation?
The organization’s purpose; what it wants to accomplish in the larger environment.
What is a mission statement?
Include changing age and family structures, geographic population shifts, educational characteristics, and population diversity.
What are demographic trends?
A set of buyers who share common needs or characteristics that the company decides to serve.
What is a target market?
Is a series of departments that carry out value creating activities to design, produce, market, deliver, and support a firm’s products.
This group has been one of the most powerful forces shaping the marketing environment through every stage of life through which they migrate. The youngest are now in their fifties; the oldest are in their late sixties and well into retirement. They are the wealthiest generation in U.S. history.
What are the baby boomers?
Targets several different market segments and designs separate offers for each.
What is differentiated marketing?
Is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
What is a marketing strategy?
Involves offering financially cautious buyers greater value—the right combination of quality and service at a fair price.
What is value marketing?
Involves tailoring products and marketing programs to the needs and preferences of individual customers.
What is individual marketing?