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28 Cards in this Set

  • Front
  • Back

Twofold goal of marketing

1: attract new customers

2: keep and grow current customers by delivering satisfaction.


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

Marketing process

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.


States of felt deprivation

(basic physical needs, social needs and individual needs)


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

(need: food, want: Big Mac)


Human wants that are backed by buying power

Market offerings

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

Marketing myopia

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

Key building blocks for developing and managing customer relationships

Customer value and Customer satisfaction


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


A 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

The production concept

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

The product concept

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.

The selling concept

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)

The marketing concept

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)

The societal marketing concept

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.

Customer relationship management

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

Customer-perceived value

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.

Customer satisfaction

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

Customer-managed relationships

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.

Consumer-generated marketing

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.

Partner relationship management

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

Customer lifetime value

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.

Share of customer

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

Customer equity

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

Customer relationship groups


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.