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Marketing Vocab Chapter1


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process by which companies can create value for customers and build strong customer relationsips in order to capture value from customers in return
states of felt deprivation
the form human needs take as they are shaped by culture and individual personality
human wants that are backed by buying power
marketing offer
some combo of products, services, info, or experiences offered to a market to satisfy a need or want
the act of obtaining a desired object from someone by offering something in return
a set of 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
marketing to reduce demand temporarily or permanently, the aim is not to destroy demand but only to reduce or shift it
production concept
the idea that consumers will favor products that are available and highly affordable
product concept
the idea that consumers will favor products that offer the most in quality, performance, and features and that the organization should therefore 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 that says a company should make marketing decisions by considering the company's requirements, consumer's long run interests, and society's long run interest
Customer relationship management
the overall process of building and maintaining profitable customer relationships by delivering superior value and satisdfaction
partner relatioship 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
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 the company's customers
customer perceived value
the difference between total customer value and total customer cost
customer satisfaction
the exten to which a product's perceived performance matches a buyer's expectations

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