PPT Flashcards
(55 cards)
The process by which companies create
value for customers and build strong
customer relationships in order to capture
value from customers in return.
Marketing
states of felt deprivation. They include basic physical needs for food, clothing, warmth, and
safety; social needs for belonging and affection
Needs
The form human needs take as they are
shaped by culture and individual
personality.
Wants
Human wants that are backed by buying
power.
Demands
The mistake of paying more attention to
the specific products a company offers
than to the benefits and experiences
produced by these products.
Marketing Myopia
The act of obtaining a desired object from
someone by offering something in return.
Exchange
The set of all actual and potential buyers
of a product or service.
Market
The art and science of choosing target
markets and building profitable
relationships with them.
Marketing Management
The idea that consumers will favor
products that are available and highly
affordable and that the organization
should therefore focus on improving
production and distribution efficiency.
Production Concept
The idea that consumers will favor
products that offer the most quality,
performance, and features and that the
organization should therefore devote its
energy to making continuous product
improvements.
Product Concept
The idea that consumers will not buy
enough of the firm’s products unless it
undertakes a large-scale selling and
promotion effort.
Selling Concept
A philosophy that holds that achieving
organizational goals depends on knowing
the needs and wants of target markets
and delivering the desired satisfactions
better than competitors do.
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.
Societal Marketing Concept
The overall process of building and
maintaining profitable customer
relationships by delivering superior
customer value and satisfaction.
Customer Relationship 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-perceived Value
The extent to which a product’s perceived
performance matches a buyer’s
expectations.
Customer Satisfaction
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.
Customer-managed Relationships
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.
Consumer-generated Marketing
Working closely with partners in other
company departments and outside the
company to jointly bring greater value to
customers.
Partner Relationship Management
The value of the entire stream of
purchases that the customer would make
over a lifetime of patronage.
Customer Lifetime Value
The portion of the customer’s purchasing
that a company gets in its product
categories.
Share of Customer
The total combined customer lifetime
values of all of the company’s customers.
Customer Equity
The process of developing and
maintaining a strategic fit between the
organization’s goals and capabilities and
its changing marketing opportunities.
Strategic Planning
A statement of the organization’s
purpose—what it wants to accomplish in
the larger environment.
Mission Statement
