Marketing — definition?
Strategies to attract, engage, and retain customers
4 Ps — components?
Product, Price, Promotion, Place
Customer needs — role?
Basis for market offerings
Marketing — definition?
Activities to attract and retain customers.
Core process steps?
Understand needs, design strategy, implement, build relationships, capture value.
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. Which of the following best describes 'demands' in marketing concepts?
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