Chapter 1 Vocabulary

Question 1

The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return

Answer 1

Marketing

Question 2

States of felt deprivation

Answer 2

Needs

Question 3

The form human needs take as they are shaped by culture and individual personality

Answer 3

Wants

Question 4

Human wants that are backed by buying power

Answer 4

Demands

Question 5

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Answer 5

Market offerings

Question 6

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

Answer 6

Marketing myopia

Question 7

The act of obtaining a desired object from someone by offering something in return

Answer 7

Exchange

Question 8

The set of all actual and potential buyers of a product or service

Answer 8

Market

Question 9

The art and science of choosing target markets and building profitable relationships with them

Answer 9

Marketing management

Question 10

The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

Answer 10

Production concept

Question 11

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

Answer 11

Product concept

Question 12

The idea that consumers will not buy enough of the firm’s product unless the firm undertakes a large-scale selling and promotion effort

Answer 12

Selling concept

Question 13

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

Answer 13

Marketing concept

Question 14

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

Answer 14

Societal marketing concept

Question 15

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Answer 15

Customer relationship management

Question 16

The customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers

Answer 16

Customer-perceived value

Question 17

The extent to which a product’d perceived performance matches a buyer’s expectations

Answer 17

Customer satisfaction

Question 18

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

Answer 18

Customer-engagement marketing

Question 19

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

Answer 19

Consumer-generated marketing

Question 20

Working closely with partners in other company departments and outside the company to jointly bring greater value to customers

Answer 20

Partner relationship management

Question 21

The value of the entire stream of purchases a customer makes over a lifetime of patronage

Answer 21

Customer lifetime value

Question 22

The portion of the customer’s purchasing that a company gets in its product categories

Answer 22

Share of customer

Question 23

The total combined customer lifetime values of all of the company’s current and potential customers

Answer 23

Customer equity