Chapter 1 Flashcards
Marketing
finding out what people want and giving it to them
Need
State of felt deprivation
Want
The form a human need takes shaped by individual personality and culture
Demands
Human wants that are backed by buying power
Market offering
Some combination of product, service, experience, etc offered to a market to satisfy a need
Marketing myopia
The mistake of paying more attention to the specific product your company makes rather than the need or experience produced
Exchange
The act of obtaining a desired object by offering something in return
Market
Is the set of actual or potential buyers of a product or service
Marketing management
The art or science of choosing a target market and building profitable relationships with them
Production concept
The idea that a customer will favor products that are available and highly affordable therefore a company should focus on improving production and distribution efficiency
Product concept
Product concept the idea that a customer will favor a product with the most value, quality, inivation, features, etc and therefore a company should focus on making continuous improvements S
Selling concept
The idea that a company will not sell enough of its products unless it undergoes a large scale selling and promotion effort
The marketing concept
A philosophy in which achieving organizational goals depends on knowing the wants and need of your target market and giving them greater satisfaction than your competitors
The societal marketing concept
The idea that you must know your consumers wants, the company’s requirements, the long term consumer needs, and long term societal needs
Customer relationship management
The overall process of building and maintaining profitable relationships with consumers by giving them superior customer value and satisfaction
Customer perceived value
The evaluation by a customer of the benefits and costs of
Customer satisfaction
The extent to which a products performance matches the expectation of the customer
Customer engagement marketing
Making the brand a meaningful part of the customers everyday life and conversation by fostering direct and continuous customer involvement in shaping brand experiences direction and community
Customer generated marketing
Brand exchanges created by consumers themselves by which customers are playing a role in shaping their, and others, brand experience
Partner relationship management
Working closely with people outside the company to increase a products value to a customer
Customer lifetime value
The value of an entire stream of purchases that a customer makes in his lifetime
Share of customer
The portion of the customers purchasing that a company gets in its product categories
Digital and social media marketing
Using digital marketing tools such as websites, social media, mobile apps and ads that engage consumers anywhere at anytime via there digital devices
Marketing environment
The actors and forces outside marketing that can effect marketing managements ability to build successful relationships with a target market
Micro environment
The actors close to the company that affect it’s ability to serve its customers
Macro environment
The large societal forces that affect the environment demographically political and cultural forces
Public
Any group that has interests in or impact on an organizations ability to achieve it objectives
Demogragraphy
The study of human populations in terms of size, density, location, age,gender etc
Economic environment:
Economic factors that affect consumer purchasing power and spending patterns
Natural environment
The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
Environmental sustainability
Developing strategies and practices that create a world economy that the planet can support indefinitely
