Marketing Ch 1 2
Terms
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- Marketing
- The process by which companies create value for customers and build strong customer relationships in order to capture value from customers return.
- Needs
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States of felt deprivation.
(physical, social, and individual needs) - Wants
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The form human needs take as shaped by culture and individual personality.
(an American needs food but wants a Big Mac, fries, and soda) - Demands
- Human wants that are backed by buying power.
- Market offering
- Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
- Marketing myopia
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The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
(focus only on existing wants and lose sight of underlying customer needs) - Exchange
- The act of obtaining a desired object from someone by offering something in return.
- Market
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The set of all actual and potential buyers of a product or service.
(these buyers share a particular need or want that can be satisfied through exchange relationships) - Marketing management
- The art and science of choosing target markets and building profitable relationships with them.
- Production concept
- The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
- Product concept
- The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should devote its energy to making continuous product improvements.
- Selling concept
- The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
- Marketing concept
- The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
- Societal marketing concept
- A principle of enlightened marketing that holds that a company should make good marketing decisions by considering 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.
- 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 that the customer would make over a lifetime of patronage.
- 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.
- Internet
- A vast public web of computer networks, which connects users of all types all around the world to each other and to an amazingly large information repository.