Chapter 1 - Marketing and Customer Value

Front

Identifying customer needs

Back

Companies use marketing research to gather data regarding who the customer is and what their wants and needs are.

Front

Profitably in marketing

Back

This requires adding value to a product so the customer pays a price that is greater than the cost of making the product.

Front

Definition of marketing by AMA

Back

The American Marketing Association defines marketing as 'the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.'

Front

Types of Stakeholders

Back

Internal and external parties involved in a company.

Front

Stakeholders Diagram

Back

Illustration of stakeholders in a company.

Front

Step 2 in the Marketing Process

Back

Develop a customer-driven marketing strategy.

Front

Step 3 in the Marketing Process

Back

Deliver high customer value.

Front

Purpose of Step 2

Back

Determine how the company will move the customer to purchase the product.

Front

Customer Value Types

Back

Includes functional, monetary, social, and psychological types.

Front

Purpose of Step 3

Back

Deliver value from the customer perspective.