Marketing — definition?
Strategies to attract, engage, and retain customers
Marketing — definition?
Activities to attract and retain customers.
4 Ps — components?
Product, Price, Promotion, Place
Core process steps?
Understand needs, design strategy, implement, build relationships, capture value.
Customer needs — role?
Basis for market offerings
Market offerings — what?
Products, services, info, experiences satisfying needs.
Needs vs. Wants — difference?
Needs: felt deprivation; Wants: shaped needs.
Customer satisfaction — role?
Performance relative to expectations.
CLV — full form?
Customer Lifetime Value; total profit from a customer.
Customer equity — meaning?
Sum of all customers’ CLV.
Test your knowledge with 9 questions on Fundamentals of Modern Marketing.
1. How do Big Data and AI enhance modern marketing practices?
2. In the context of marketing, what does the term 'customer lifetime value (CLV)' refer to?
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