Core Concepts
A customer’s subjective assessment of the benefits of a product relative to its costs.
What is value?
Designing a customer-driven marketing strategy.
What is the first step of the marketing process?
A convenience store located near customers; Amazon delivering to your doorstep.
What is place utility?
Data collected firsthand.
What is primary research?
The phrase that communicates what sets a product apart from competitors.
What is a USP?
Marketing is about creating and managing ___ by delivering superior value.
What are customer relationships?
Product, Price, Place, Promotion
What is the marketing mix?
24/7 access to streaming services; extended store hours.
What is time utility?
Research focused on taste, not emotional attachment to the brand.
Why did New Coke fail?
Amazon, Starbucks, Nike (any company that starts with customer needs).
Who are companies that practice a market orientation?
This is what marketing creates and manages by delivering superior value.
What are customer relationships?
This common pitfall of a product orientation occurs when companies focus on features instead of customer needs.
What is ignoring customer needs?
He explained: “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”
Who is Theodore Levitt?
This ethical principle is violated when companies collect customer data without informing them.
What is consent?
By simplifying the product, using direct-to-consumer distribution, and humorous branding.
How did Dollar Shave Club disrupt Gillette?
The act of obtaining a desired object from someone by offering something of value in return.
What is an exchange?
A topic of study centered on exchange between two partners.
What is marketing?
According to Seth Godin, this idea explains why effective marketing does not try to appeal to everyone.
What is the "smallest viable market?"
When reviewing survey results, ethical marketers pay close attention to this factor to avoid drawing misleading conclusions from the data.
How to avoid bias?
The key idea behind Jobs to Be Done.
What job is the customer hiring this product to do?
Anything offered via exchange to satisfy customer needs.
What is a product?
The last in the marketing process, this step is responsible for building profitable, long-term connections with customers.
What is relationship management?
Food delivery apps; streaming platforms.
What are products that provide both place and time utility?
U.S. Census Bureau, Statistica, IBIS World, The American Marketing Association, Company 10K reports
What are secondary research sources?
It’s memorable, meaningful, distinctive, and suggests the product's benefits.
What's a good product name?