Marketing Ch 1 Vocab

Front 1

marketing

Back 1

process by which companies can create value for customers and build strong customer relationsips in order to capture value from customers in return

Front 2

needs

Back 2

states of felt deprivation

Front 3

wants

Back 3

the form human needs take as they are shaped by culture and individual personality

Front 4

demands

Back 4

human wants that are backed by buying power

Front 5

MARKETING OFFER

Back 5

some combo of products, services, info, or experiences offered to a market to saatisfy a need or want

Front 6

exchange

Back 6

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

Front 7

market

Back 7

a set of actual and potential buyers of a product or service

Front 8

marketing management

Back 8

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

Front 9

demarketing

Back 9

marketing to reduce demand temporarily or permanently, the aim is not to destroy demand but only to reduce or shift it

Front 10

production concept

Back 10

the idea that consumers will favor products that are available and highly affordable

Front 11

product concept

Back 11

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

Front 12

selling concept

Back 12

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

Front 13

marketing concept

Back 13

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

Front 14

societal marketing concept

Back 14

a principle that says a company should make marketing decisions by considering the company's requirements, consumer's long run interests, and society's long run interest

Front 15

Customer relationship management

Back 15

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

Front 16

partner relatioship management

Back 16

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

Front 17

customer lifetime value

Back 17

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

Front 18

share of customer

Back 18

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

Front 19

customer equity

Back 19

the total combined customer lifetime values of all the company's customers