Chapter 1 Flashcards
Marketing
the process by which companies engage customers, build strong customer relationships, and create customer value 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
Market offerings
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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
The set of all actual and potential buyers of a product or service
Customer relationship management
Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
Marketing management
The art and science of choosing target markets and building profitable relationships with them
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 efficiently
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
Societal marketing concept
The idea that a company’s marketing decision should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
Customer perceived value
Managing detailed information about individual customers are carefully managing customer touch points to maximize customer loyalty
Customer satisfaction
The extent to which a product’s perceived performance matches a buyer’s expectations
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
Customer brand advocacy
Actions by which satisfied customers initiate favorable interactions with others about a brand
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 consumers
Partner relationship 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 a customer makes over a lifetime of patronage
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 of the company’s customers
