M301 Chapter 1 Vocab

Front 1

The process by which companies create value for customers and build stong customer relationships in order to capture value from customers in return

Back 1

Marketing

Front 2

states of felt deprivation

Back 2

needs

Front 3

the form human needs take as shped by culture and individucal responsibility

Back 3

wants

Front 4

human wants that are bcked by buying power

Back 4

demands

Front 5

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

Back 5

market offering

Front 6

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

Back 6

marketing myopia

Front 7

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

Back 7

exchange

Front 8

the set of al actual an potential buyers of a product or service

Back 8

market

Front 9

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

Back 9

marketing management

Front 10

the idea that consumers will facor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency

Back 10

production concept

Front 11

the idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore decote its enery to making continuous product improvements

Back 11

product concept

Front 12

the idea that consumers will not buy enough of te firm's products unless it undertakes a large scale selling and promotion effort

Back 12

selling concept

Front 13

the marketing managemnt philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Back 13

marketing concept

Front 14

a principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.

Back 14

societal marketing concept

Front 15

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

Back 15

customer relationship management

Front 16

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

Back 16

customer perceived value

Front 17

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

Back 17

customer satisfaction

Front 18

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

Back 18

partner relationship management

Front 19

the value of the entire stream of purchases that a customer would make over a lifetime of patronage

Back 19

customer lifetime value

Front 20

the portion of the customer's purchasing that a company gets in its product categories

Back 20

share of customer

Front 21

What are the 5 core marketing concepts?

Back 21

1)customer needs, wants, demands
2) market offerings(products, services, experiences)
3) customer value and satisfaction
4) exchanges and relationships
5) markets

Front 22

What are Maslows 5 hierarchy of needs?

Back 22

1. physiological
2. safety
3. social
4. esteem
5. self-actualization

Front 23

relationships are built through delivering what two things?

Back 23

value and satisfaction

Front 24

what two questions to marketing managers as?

Back 24

1. what customer will we serve?
2. how can we serve these customers best?

Front 25

this marketing concept runs a major risk of focusing too narrowly on the companies own operations and lose sight of the real objective: customer needs and relationships

Back 25

prduction concept

Front 26

This concept can lead to marketing myopia...customers want better solution, not better product

Back 26

product concept

Front 27

this concept is customer focus and value are the paths to sales and profits

Back 27

marketing concept

Front 28

understanding customer needs even better than customers themselves do and creating prodcsta n services that meet existing and latent needs now and inthe future

Back 28

customer-driving market

Front 29

three conditions underlying the societal marketing concept

Back 29

sociey (human welfare)
consumers (want satisfaction)
company (profits)

Front 30

What are the four connecting technologies?

Back 30

computer
information
communication
transportation

Front 31

High Profitability, Short-term customer.

Back 31

Butterflies

Front 32

High Profitablity, Long-term customer

Back 32

true friends

Front 33

low profitability, short-term customer

Back 33

strangers

Front 34

low profitability, long-term customers

Back 34

barnacles

Front 35

a set of benefits that the company promises consumers to satisfy their needs

Back 35

value proposition