Chapter 1 Flashcards
What is Marketing
is the art and science of finding, retaining and growing profitable customers
customer equity
is the discounted lifetime values of all the companies current and potential customers
customers expectations
based on past buying experience, the opinion of friends and market information
Customer Relationship management
CRM
involve managing detailed information about individual customers and carefully managing customer touch points in order to maximize loyalty
customer value
is the difference btwn the benefits that the customer gains from owning/using a product and the cost of obtaining that product
Human Demands
human wants that are backed by buying power
exchange
the act of obtaining a desired object from sone by offering something in return
Human need
a state of felt deprivation in a person
Human want
the shape that human need takes when shaped by culture and individual personality
market
actual and potential buyers of a product
1- Marketing Concept
hold marketing management philosophy that believes achieving organizational goals is based on determining the needs and wants of target markets and delivering satisfactions more efficiently and effectively than competitors
2-Product Concept
the idea that a customer will favor products that offer the most quality, performance and features, therefore organizations should focus on PRODUCT improvements
3-Production (Manufacturing) Concept
Holds that a customer will favor products that are available and highly affordable- therefore management should focus on production and distribution efficiency
4-Selling Concept
the idea that consumers will no buy enough of an organization’s product unless that organization undertakes a large selling and promoting effort
5-Societal Marketing Concept
the idea that an organization should determine the needs, wants, and interests of the target market and deliver the desired product more effectively/efficiently that competitors in a way that maintains or improves the consumer or societies well being.
