Pom Ch.1 (951)

Front 1

Marketing

Back 1

The process by which companies create value for customers and build strong customer relationships 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

Market offerings

Back 5

Some combination ofproducts, services, information, or experiencesoffered to a market to satisfy a need or want.

Front 6

Marketing myopia

Back 6

The mistake of payingmore attention to the specific products a companyoffers than to the benefits and experiencesproduced by these products.

Front 7

Exchange

Back 7

The act of obtaining a desired objectfrom someone by offering something in return.

Front 8

Market

Back 8

The set of all actual and potentialbuyers 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

Production concept

Back 10

The idea that consumers will favor products that are available and highly affordable and that the organization should there fore focus on improving production and distribution efficiency.

Front 11

Product concept

Back 11

A detailed version of the new-product idea stated in meaningful consumer terms.

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

Aphilosophy that holds that achieving organizational goals depends on knowing the needs and wants of targetmarkets and delivering the desired satisfactions better than competitors do.

Front 14

Societal marketing concept

Back 14

The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements,consumers’ long-run interests, and society’s long-run interests.

Front 15

Customer-perceived value

Back 15

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.

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 satisfaction

Back 17

The extent to which aproduct’s perceived performance matches a buyer’s expectations.

Front 18

Customer-managed relationships

Back 18

Marketing relationships in which customers, empoweredby today’s new digital technologies, interact with companies and with each other to shapetheir relationships with brands.

Front 19

Consumer-generated marketing

Back 19

Brand exchanges created by consumers them selves—both invited and uninvited—by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.

Front 20

Partner relationship management

Back 20

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

Front 21

Customer lifetime value

Back 21

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

Front 22

Share of customer

Back 22

The portion of the customer’s purchasing that a company gets in its product categories.

Front 23

Customer equity

Back 23

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

Front 24

Internet

Back 24

A vast public web of computer networks that connects users of all types around the world to each other and an amazingly large information repository.