CH. 1 Flashcards
What is Marketing?
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
What are Needs
States of felt deprivation
What are Wants
The form human needs take as shaped by culture and individual personality
What are Demands
Human wants that are backed by buying power
What is Marketing Offer
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
What is Exchange
The act of obtaining a desired object from someone by offering something in return
What is a Market
The set of actual and potential buyers of a product or service
What is Market Management
The art and science of choosing target markets and building profitable relationships with them
What is Product Concept
The idea that consumers will favor products that are available and highly affordable; They offer the most in quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements
What is 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 satisfaction better than competitors do
What is 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
What is Customer Relationship Management
The overall process of building and maintaining profitable customer value and satisfaction
What is Customer Perceived Value
The difference between total customer value and total customer cost
What is Customer Satisfaction
The extent to which a product’s perceived performance matches a buyer’s expectations
What is Partner Relationship Management
Working closely with partners other company departments and outside the company to jointly bring greater value to customers
What is Customer Lifetime Value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage
What is Share of Customer
The portion of the customer’s purchasing that a company gets in its product categories
What is Customer Equity
The total combined customer lifetime values of all the company’s customers
What is Internet of Things (IoT)
A global environment where everything and everyone is digitally connected to everything and everyone else
What is Marketing Myopia
Focus only on existing wants, losing sight of their needs
What is Digital and Social Media Marketing
Using digital marketing tools such as websites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices
What is Customer-Engagement Marketing
Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community
What is Customer Brand Advocacy
Actions by which satisfied customers initiate favorable interactions with others about a brand
What is Customer-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
What is Selling Concept
The idea that consumers will not buy enough of the firms products unless the firm undertakes a large scale selling and promotion effort
