definitions Flashcards
(31 cards)
marketing
is a process by which companies
create value for customers
and build strong customer relationships in order to
capture value from customers in return.
needs
States of felt deprivation.
wants
The form human needs take as they
are shaped by culture and individual
personality
demands\
Human wants that are backed by buying
power.
market myopia
The mistake of paying more attention to
the specific products a company offers
than to the benefits and experiences
produced by these products
market offerings
Some combination of products, services,
information, or experiences offered to a
market to satisfy a need or want.
exchange
The act of obtaining a desired object
from someone by offering something in
return.
market
The set of all actual and potential buyers
of a product or service.
marketing management
The art and science of choosing
target markets and building profitable
relationships with them.
production concept
The idea that consumers will favor
products that are available and highly
affordable; therefore, the organization
should focus on improving production
and distribution efficiency.
product concept
The idea that consumers will favor
products that offer the most quality,
performance, and features; therefore,
the organization should devote its
energy to making continuous product
improvements
selling concept
The idea that consumers will not buy
enough of the firm’s products unless the
firm undertakes a large-scale selling and
promotion effort.
marketing concept
A philosophy in which achieving
organizational goals depends on
knowing the needs and wants of target
markets and delivering the desired
satisfactions better than competitors do.
societal marketing concept
The idea that a company’s marketing
decisions should consider consumers’
wants, the company’s requirements,
consumers’ long-run interests, and
society’s long-run interests
customer relationship management
The overall process of building and
maintaining profitable customer
relationships by delivering superior
customer value and satisfaction.
customer perceived management
The customer’s evaluation of the
difference between all the benefits and all
the costs of a marketing offer relative to
those of competing offers.
customer satisfaction
The extent to which a product’s
perceived performance matches a
buyer’s expectations.
Customer-engagement marketing
Making the brand a meaningful part of
consumers’ conversations and lives
by fostering direct and continuous
customer involvement in shaping
brand conversations, experiences, and
community
customer brand advocacy
Actions by which satisfied customers
initiate favorable interactions with others
about a brand.
Consumer-generated marketing
Brand exchanges created by consumers
themselves—both invited and
uninvited—by which consumers are
playing an increasing role in shaping their
own brand experiences and those of
other consumers.
partner relationship management
Working closely with partners in other
company departments and outside the
company to jointly bring greater value to
customers.
Customer lifetime value
The value of the entire stream of
purchases a customer makes over a
lifetime of patronage.
share of customer
The portion of the customer’s purchasing
that a company gets in its product
categorie
customer equity
The total combined customer lifetime
values of all of the company’s
customers.