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22 Cards in this Set

  • Front
  • Back
Marketing
A social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others
Needs
A state of felt deprivation
Wants
The form taken by a human need as shaped by culture and individual personality
Demands
Human wants that are backed by buying power
Marketing Offer
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Exchange
The act of obtaining a desired object from someone by offering something in return
Transaction
A trade of values between two parties
Market
The set of all actual and potential buyers of a product or service
Marketing Management
The art and science of choosing target markets and building profitable relationships with them.
Demarketing
Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but only to reduce or shift it.
Production Concept
The idea that consumers will favor products that are available and highly affordable.
Product concept
The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
Selling concept
The idea that consumers will not buy enough of the organization's products unless the organization undertakes a large-scale selling and promotion effort.
Marketing concept
The marketing management philosophy holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.
Societal Marketing Concept
The idea that the organization should detmine the needs, wants, and intererest of target markets and deliver the desired satisfactions more effectively and efficiently than do competitors in a way that maintains or imporves the consumer's and society's well-being.
Customer Relationship Management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer Lifetime Value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Customer perceived value
The difference between total customer value and total customer cost.
Customer Satisfaction
The extent to which a product's perceived performance matches a buyer's expectations.
Customer Equity
The total combined customer lifetime values of all of the company's customers.
Internet
The vast and burgeoning global web of computer networks with no central management or ownership.
Partner relationship management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.