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19 Cards in this Set
- Front
- Back
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customer lifetime value
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the value of the entire stream of purchases that a customer would make over a lifetime of patronage
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customer perceived value
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the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
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customer relationship management
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the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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customer satisfaction
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the extent to which a product's perceived performance matches a buyer's expectations
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demands
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human wants that are backed by buying power
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exchange
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the act of obtaining a desired object from someone by offering something in return
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internet
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a vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large "info repository"
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market
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the set of all actual and potential buyers of a product or service
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marketing concept
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the marketing management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desires satisfactions better than competitors do
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marketing management
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the art and science of choosing target markets and building profitable relationships with them
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marketing myopia
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the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
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market offering
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some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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needs
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states of felt deprivation
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product concept
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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 improvemtns
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production concept
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the idea consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency
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selling concept
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the idea that consumers will not buy enough of the firm's product unless it undertakes a large-scale selling and promotion effort
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share of customer
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the portion of the customer's purchasing that a company gets in its products category
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societal marketing concept
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a principle of enlightened marketing that holds that a company should make a good marketing decisions by considering consumers' wants, the company's requirements, consumers; long-run interests, and society's long-run interests
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wants
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the form human needs take as shaped by culture and individual personality
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