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50 Cards in this Set

  • Front
  • Back
The process by which companies create value for customers and build strong relationships in order to capture value from customers in return
states of felt deprivation
the form human needs take as shaped by culture and individual personality
human wants that are backed by buying power
some combimnation of products, services, information, or experiences offered to a market to satisfy a need or want
market offering
the act of obtaining a desired object from someone by offering something in return
the set of all actual and potential buyers of a product or service
the art and science of choosing target markets and building profitable relationships with them
marketing management
the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort
selling concept
the marketing management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
marketing concept
describe the 4 Ps of marketing
the firm must create a need-satisfying market offering (product)

it must decide how much it wil charge for the offer (price)

and how it will make the offer available to target consumers (place)

it must communicate with target customers about the offer and persuade them of its merits (promotion)
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
customer relationship management
the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
customer perceived value
the extent to which a products perceived performance matches buyer's expectations
customer satisfaction
a company with many low-margin customers may seek to develop ___ ___ with them
basic relationships
in markets with few customers and high margins, sellers want to create ___ ___
full partnerships
many companies now use customer profitability analysis to weed out losing customers and to target winning ones for pampering
selective relationship management
the portion of the customer's purchasning that a company gets in its product categories
share of customer
the total combined customer lifetime values of all the companies customers
customer equity
the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities
strategic planning
a statement of the organizations purpose - what it wants to accomplish in the larger environment
mission statement
the collection of businesses and products that make up the company
business portfolio
the process by which management evaluates the products and businesses making up the company
portfolio analysis
a portfolio-planning method that evaluates a company's strategic business units in terms of their market share. SBUs are classified as stars, cash cows, question marks, or dogs
growth share matrix
a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
product/market expansion grid
a strategy for company growth by increasing sales of current products to current market segments without changing the product
market penetration
a strategy for company growth by identifying and developing new market segments for current company products
market development
a strategy for company growth by offering modified or new products to current market segments
product development
a strategy for company growth through starting up or acquiring businesses outside the company's current products and markets
the marketing logic by which the business unit hopes to achieve its marketing objectives
marketing strategy
an overall evaluation of the company;s strengths, weaknesses, opportunities, and threats
SWOT analysis
the net return from a marketing investment divided by the costs of the marketing investment
return on marketing investment or marketing ROI
the actors and forces outside marketing that affect marketing managements ability to build and maintain successful realtionships with target customers
marketing environment
the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces
a good service or idea that is perceived by some potential customers as new
new product
the mental process through which an individual passes from first hearing about an innovation to final adoption
adoption process
stages in the adoption process
awareness, interest, evaluation, trial, adoption
the degree to which the innovation appears superior to existing products
relative advantage
the degree to which the innovation fits the values and experiences of potential consumers
the degree to which the innovation is difficult to understand or use.
the degree to which the innovation may be tried on a limited basis
the degree to which the results of using the innovation can be observed or described to others
the buying behavior of organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit
business buyer behavior
all the individuals and units that play a role in the purchase decision-making process
buying center
members of the buying organization who will actually use the purchased product or service
people in an organizations buying center who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives
the people in the organizations buying center who make an actual purchase
people in the organizations buying center who have formal or informal power to select or approve the final suppliers
people in the organizations buying center who control the flow of information to others