Marketing Chp 1 Key Terms

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Consumer-Engagement Marketing

Back 1

Fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community.

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Consumer-Perceived Value

Back 2

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 Equity

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The discounted lifetime value of all the company's current and potential customer.

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Customer Satisfaction

Back 4

The extent to which a product's perceived performance matches a buyers expectations.

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Customer Expections

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Based on past buying experiences, the opinion of friends, and market information.

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Customer Relationship Management(CRM)

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Involves managing detailed information about customers and carefully managing customer "touch points" in order to maximize customer loyalty.

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Customer Touch Points

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Any occasion on which a customer encounters the brand and product - from actual experience to personal or mass communications to casual observation.

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Customer Value

Back 8

The difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining a product.

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Demands

Back 9

Human wants that are backed by buying power.

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Digital and Social Media Marketing

Back 10

Using digital marketing tools such as websites, social media, mobile apps and ads, online videos, email, and blogs that engage consumers anywhere, at anytime, via their digital device.

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Exchange

Back 11

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

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Hospitality Industry

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Made up of businesses that offer one or more of the following: accommodation, prepared food and beverage service, and/or entertainment.

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Human Need

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A state of felt deprivation in a person.

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Human Want

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The form that a human need takes when shaped by culture and individual personality.

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Lifetime Value (LV)

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The lifetime value of a customer in the stream of profits a customer will create over the life of his or her relationship.

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Marketing

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The art and science of finding, retaining, and growing profitable customers.

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Marketing Concept

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The marketing management philosophy that holds that achieving organizational goals depends on determining the and wants of target markets and delivering desired satisfactions more effectively and efficiently than competitors.

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Marketing Managment

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

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Marketing Manager

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A person who is involved in marketing analysis, planning, implementation, and control activities.

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Marketing Mix

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Elements include product, price, promotion, and distribution. Sometimes distribution is called place and the marketing

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Product Concept

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Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations, and ideas.

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The purpose of a business

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To keep and maintain satisfied, profitable customers.

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Relationship Marketing

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Involves creating, maintaining, and enhancing strong relationships with customers and other stakeholders.

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Selling Concept

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The idea that consumers will not buy enough of an organization's products unless the organization undertakes a large selling and promotion effort

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Share of Consumer

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The portion of the customer's purchasing that a company gets in it's product categories.

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Societal Marketing Concept

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The idea that an organization should determine the needs, wants, and interests and deliver the desired satisfactions more efficiently than competitors in a way that maintains or improves the consumer's and society's well-being.

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Transaction

Back 27

Consists of a trade of values between two parties; Marketing units of measurement.

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Value Proposition

Back 28

The full positioning of a brand - the full mix of benefits upon which it is positioned.