ch 1 Flashcards
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
needs
states of felt deprivation
customer equity
total combined customer lifetime values of all of the company’s customers
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
marketing management
The art and science of choosing target markets and building profitable relationships with them
customer relationship management
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
market offering
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
wants
the form human needs take as they are shaped by culture and individual personality
The marketing process captures value from customers by __________
creating profits and customer equity
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
share of customer
the portion of the customer’s purchasing that a company gets in its product categories
marketing offerings
some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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
exchange
obtaining a desired object from someone by offering something in return
selling concept
the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
