Marketing Ch 1 Vocab
Terms
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- marketing
- process by which companies can create value for customers and build strong customer relationsips in order to capture value from customers in return
- needs
- states of felt deprivation
- wants
- the form human needs take as they are shaped by culture and individual personality
- demands
- human wants that are backed by buying power
- MARKETING OFFER
- some combo of products, services, info, or experiences offered to a market to saatisfy a need or want
- exchange
- the act of obtaining a desired object from someone by offering something in return
- market
- 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
- demarketing
- 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 categoires
- customer equity
- the total combined customer lifetime values of all the company's customers