Marketing Chapter 1

Front 1

Marketing

Back 1

A social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others

Front 2

Needs

Back 2

A state of felt deprivation

Front 3

Wants

Back 3

The form taken by a human need as 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 combination of products, services, information, or experiences offered to a market to satisfy 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

Transaction

Back 7

A trade of values between two parties

Front 8

Market

Back 8

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

Front 9

Marketing Management

Back 9

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

Front 10

Demarketing

Back 10

Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but only to reduce or shift it.

Front 11

Production Concept

Back 11

The idea that consumers will favor products that are available and highly affordable.

Front 12

Product concept

Back 12

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.

Front 13

Selling concept

Back 13

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

Front 14

Marketing concept

Back 14

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.

Front 15

Societal Marketing Concept

Back 15

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.

Front 16

Customer Relationship Management

Back 16

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

Front 17

Customer Lifetime Value

Back 17

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

Front 18

Customer perceived value

Back 18

The difference between total customer value and total customer cost.

Front 19

Customer Satisfaction

Back 19

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

Front 20

Customer Equity

Back 20

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

Front 21

Internet

Back 21

The vast and burgeoning global web of computer networks with no central management or ownership.

Front 22

Partner relationship management

Back 22

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