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22 Cards in this Set

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  • Back
Marketing
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers return.
Needs
States of felt deprivation.
(physical, social, and individual needs)
Wants
The form human needs take as shaped by culture and individual personality.
(an American needs food but wants a Big Mac, fries, and soda)
Demands
Human wants that are backed by buying power.
Market offering
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
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.
(focus only on existing wants and lose sight of underlying customer needs)
Exchange
The act of obtaining a desired object from someone by offering something in return.
Market
The set of all actual and potential buyers of a product or service.
(these buyers share a particular need or want that can be satisfied through exchange relationships)
Marketing management
The art and science of choosing target markets and building profitable relationships with them.
Production concept
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.
Product concept
The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should devote its energy to making continuous product improvements.
Selling concept
The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
Marketing concept
The marketing management 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.
Societal marketing concept
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.
Customer relationship management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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.
Customer satisfaction
The extent to which a product's perceived performance matches a buyer's expectations.
Partner relationship management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Customer lifetime value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Share of customer
The portion of the customer's purchasing that a company gets in its product categories.
Customer equity
The total combined customer lifetime values of all of the company's customers.
Internet
A vast public web of computer networks, which connects users of all types all around the world to each other and to an amazingly large information repository.