the set of benefits or values a company promises to deliver to consumers to satisfy their needs. the marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets delivering the desired satisfactions better than competitors do.
A market is the set of actual and potential buyers of a product . Originally, the term market stood for the place where buyers and sellers gathered to exchange their goods, such as a village square.
Marketing myopia is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products . They focuses more on the product rather than to identify the consumers needs and wants.
Customer equity is the total combined customer lifetime values of all of the company’s customers .
Customer-driven marketing strategy includes selecting the right customers to serve and deciding upon a unique value proposition. Segmentation, targeting, differentiation , and positioning are four distinct steps that should be included in customer-driven marketing.
Demands: are human wants that are backed by buying power . Market offerings: are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
A potential buyers are those who might be in the market to review what is available at what prices ranges, and something they might consider buying as soon as they decide on buying . Actual buyer are those who makes the transaction and purchases the product.
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How has the Internet most affected companies and customers ? The internet has allowed consumers to take marketing content and share it. Edward’s Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.
Customer Lifetime Value The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Market offering (p. 6)– Some combination of products , services , information, or experiences offered to a market to satisfy a need or want Marketing Myopia (p.
Which customer question is answered by a company’s value proposition? “Why should I buy your brand rather than a competitor’s?”
To increase share of customer , firms can offer greater variety to current customers. Or they can create programs to cross-sell and up-sell in order to market more products and services to existing customers.
Both culture and individual personality shape human needs in what is known as wants . When wants are backed by buying power , they become demands. With a consumers’ wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction.
Customer lifetime value : is the value of the entire stream of purchases that the customer would make over a lifetime of patronage .