Chapter 1 Flashcards
Marketing Myopia
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
Exchange
The act of obtaining a desired object from someone by offering something in return
Market
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
Product 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
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
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
Marketing Concept
A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
Social 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
Customer Relationship Management
The overall Process of building and maintaing 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
Customer Managed Relationships
Marketing relationships in which customers, empowered by today’s new technologies, interact with companies and with each other to shape their relationships with brands
Consumer 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 customers
Partner Relationship Management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
