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22 Cards in this Set
- Front
- Back
Marketing
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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers return.
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Needs
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States of felt deprivation.
(physical, social, and individual needs) |
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Wants
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The form human needs take as shaped by culture and individual personality.
(an American needs food but wants a Big Mac, fries, and soda) |
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Demands
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Human wants that are backed by buying power.
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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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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.
(focus only on existing wants and lose sight of underlying customer needs) |
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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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Market
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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) |
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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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Production concept
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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.
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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 devote its energy to making continuous product improvements.
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Selling concept
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The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
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Marketing concept
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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.
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Societal marketing concept
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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.
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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 perceived value
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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.
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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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Partner relationship management
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Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
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Customer lifetime value
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The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
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Share of customer
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The portion of the customer's purchasing that a company gets in its product categories.
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Customer equity
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The total combined customer lifetime values of all of the company's customers.
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Internet
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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.
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