Chapter 1 Flashcards
Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at a large
Needs
States of felt deprivation
Wants
The form human needs take as shaped by culture and individual personality
Demands
Human wants that are backed by buying power
Market offering
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 be benefits and experiences produced by these products
Exchange
The act of obtaining a desired object from someone by offering something in return
Transaction
A trade between two parties that involves at least two things of value, agreed upon conditions, and a time and place of agreement
Market
The set of all 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
Demarketing
Marketing in which the task is to temporarily or permanently reduce demand
Production concept
The idea that consumers will favour products that are available and highly affordable, and that the organisation should therefore focus on improving production and distribution efficiency
Product concept
That idea that consumers will favour products that offer the most quality, performance and features, and that the organisation should therefore devote its energy to making continuous product improvements
Selling concept
The idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort
Marketing concept
The marketing management philosophy which holds that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitiors do
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
Customer relationship management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Customer perceived value
The customers 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 products perceived performance matches or exceeds a buyers expectations
Customer-managed relationships
Marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shake 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 consumers
Partner relationship management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
Customer life time value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage
Share of customer
The portion of the customers purchasing that a company gets in its product categories
Customer equity
The total combined customer lifetime values of all of the company’s customers
Not-for-profit marketing
Marketing as practised by a variety of organisations whose aim is to make surpluses so as to continue their operations, but who do not seek to make profits for shareholders
Internet
A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository
