MT1 - Chapter 1 Vocab Flashcards Preview

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Flashcards in MT1 - Chapter 1 Vocab Deck (36):
1

marketing

the process by which companies create value for customers and build strong relationships in order to capture value from customers in return

2

needs

states of felt deprivation

3

wants

the form human needs take as they are shaped by culture and individual personality

4

demands

human wants that are backed by buying power

5

market offerings

some combination of products, services, information, or experiences offered to a market to satisfy a need or want

6

marketing myopia

the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

7

exchange

the act of obtaining a desired object from someone by offering something in return

8

market

the set of actual and potential buyers of a product or service

9

marketing management

the art and science of choosing target markets and building profitable relationships with them

10

production 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

11

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

12

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

13

societal marketing concept

the idea that a company's marketing decisions should consider consumers' long run interests, and society's long run interests

14

customer relationship management

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

15

customer perceived value

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

16

customer satisfaction

the extent to which a product's perceived performance matches a buyer's expectations

17

customer managed relationships

marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands

18

partner relationship management

working closely with partners in other company departments and outside the company to jointly bring greater value to customers

19

customer lifetime value

the value of the entire stream of purchases a customer makes over a lifetime of patronage

20

customer equity

the total combined customer lifetime values of all the company's customers

21

marketing mix

a set of marketing tools that work together to satisfy customer needs and build customer relationships

22

services

activities or benefits for sale that are essentially intangible and do not result in the ownership of anything

23

brand experiences

orchestrating several services and products and looking beyond the attributes of the products or services they sell

24

2 marketing strategy questions

What customers will we serve (target market)?
What's our value proposition?

25

basic relationships

customer relationship desired when there are many low margin customers

26

full partnerships

customer relationship desired when there are few customers with high margins

27

frequency marketing programs

reward customers who buy frequently or in large amounts

28

club marketing programs

offer members special benefits and create member opportunities

29

marketing by intrusion

no longer reliable in the era of greater consumer control

30

marketing by attraction

creating market offerings and messages that involve consumers rather than interrupt them

31

butterflies

customers that are potentially profitable but not loyal

32

strangers

customers that have low potentially profitability or loyalty

33

true friends

customers that are both profitable and loyal

34

true believers

customers that come back regularly and tell others about their good experiences with a company

35

barnacles

customers that are highly loyal but not profitable

36

caring capitalism

setting a company apart by being civic minded and responsible