The value of the entire stream of purchases a customer makes over a lifetime of patronage. Losing a customer means losing more than a single sale; it means losing the CLV.
: High-margin customers working closely with key account managers. Customer Engagement
| Concept | What It Means | Example from PPT | |---------|----------------|------------------| | | Needs (basic human requirements) → Wants (shaped by culture) → Demands (backed by buying power) | Water (need) → Bottled water (want) → Smartwater (demand) | | Market Offerings | Products, services, experiences that satisfy needs | Not just a phone – an ecosystem (Apple) | | Customer Value & Satisfaction | If value > cost, customer is satisfied | Amazon’s one-click + fast delivery | | Exchange & Relationships | Core of marketing: give something to get something | Loyalty programs, subscriptions | | Markets | All actual + potential buyers of a product | B2B, B2C, global markets | principles of marketing by philip kotler ppt chapter 1
The total combined customer lifetime values of all the company’s customers. Slide 11: The Changing Marketing Landscape Digital Age: Social media, mobile marketing, and big data.
Consumers favor quality, performance, and innovative features. Risk of myopia. The value of the entire stream of purchases
marketing program that delivers superior value. Build profitable relationships and create customer delight.
📋 Slide 4: Understanding the Marketplace: Five Core Concepts Five Core Marketplace Concepts Customer Engagement | Concept | What It Means
The customer's evaluation of the differences between benefits and costs relative to competing offers.
A more formal definition, as presented in the PPTs, is: "Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return" . A slightly broader definition provided by Philip Kotler describes marketing as a "social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others" .
Consumers won’t buy unless the firm undertakes large-scale selling/promotion. (Used for unsought goods).
Attract new customers and grow current customers.