Principles Of Marketing, Chapter 1

Front 1

Twofold goal of marketing

Back 1

1: attract new customers

2: keep and grow current customers by delivering satisfaction.

Front 2

Marketing

Back 2

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Front 3

Marketing process

Back 3

1: understand the marketplace & customer needs and wants

2: design a customer-driven marketing strategy

3: construct an integrated marketing program that delivers superior value

4: build profitable relationships and create customer delight

5: capture value from customers to create profits and customer equity.

Front 4

Needs

Back 4

States of felt deprivation

(basic physical needs, social needs and individual needs)

Front 5

Wants

Back 5

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

(need: food, want: Big Mac)

Front 6

Demand

Back 6

Human wants that are backed by buying power

Front 7

Market offerings

Back 7

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

Front 8

Marketing myopia

Back 8

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Front 9

Key building blocks for developing and managing customer relationships

Back 9

Customer value and Customer satisfaction

Front 10

Exchange

Back 10

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

Front 11

Market

Back 11

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

Front 12

Marketing management

Back 12

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

Front 13

The production concept

Back 13

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

Front 14

The product concept

Back 14

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

Front 15

The selling concept

Back 15

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

(typically practiced at unsought goods, like insurances)

Front 16

The marketing concept

Back 16

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

(sense and response philosophy)

Front 17

The societal marketing concept

Back 17

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 18

Customer relationship management

Back 18

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

Front 19

Customer-perceived value

Back 19

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 20

Customer satisfaction

Back 20

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

Front 21

Customer-managed relationships

Back 21

Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands.

Front 22

Consumer-generated marketing

Back 22

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

Front 23

Partner relationship management

Back 23

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

Front 24

Customer lifetime value

Back 24

The value of the entire stream of purchases a customer makes over a lifetime of patronage. Losing a customer means losing more than a single sale.

Front 25

Share of customer

Back 25

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

Front 26

Customer equity

Back 26

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

Front 27

Customer relationship groups

Back 27

Front 28

Internet

Back 28

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