L1 Flashcards
THE SET OF ACTUAL AND POTENTIAL BUYERS OF A PRODUCT OR SERVICE.
MARKET
stood for the place where buyers and sellers gathered to exchange their goods, such as a village square.
MARKET
work to understand the needs and wants of specific markets
MARKETERS
defined as a social and managerial process by which individuals and organizations obtain what they need and want
MARKETING
The most basic concept underlying marketing is that of human needs.
NEEDS
are the form human needs take as they are shaped by culture and individual personality.
WANTS
When backed by buying power, wants become
DEMANDS
Products, Services, and Experiences
Marketing Offerings
are some combination of products,
services, information, or experiences offered to a market to satisfy a need or a want.
Marketing Offers
activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.
SERVICES
focus only on existing wants and lose sight of underlying customer needs.
Marketing myopia
paying more attention to the specific products they offer than to the benefits and experiences produced by these products.
Marketing myopia
is the difference between the values the
customer gains from owning and using a product and the costs of obtaining the product.
Customer Value
with a purchase depends on how well
the product’s performance lives up to the customer’s expectations.
Customer Satisfaction
is a key influence on future buying behavior.
Customer Satisfaction
are key building blocks for developing and managing customer relationships.
Customer value and customer satisfaction
is the act of obtaining a desired object from someone by offering something in return.
EXCHANGE
Marketing occurs when people decide to satisfy needs and wants through
EXCHANGE
Marketing consists of actions taken to create, maintain, and grow desirable exchange _________ with target audiences involving a product, service, idea, or other object.
relationships
overall process of building and maintaining profitable customer relationships
Customer Relationship
Management
is the science and art of finding, retaining, and growing profitable customers”
MARKETING
“ The Art and Science of choosing target markets and building profitable relationships with them.”
Marketing Management
involves getting, keeping, and growing customers through creating, delivering and communicating superior customer value.
Marketing Management
company must first decide whom it will serve.
Selecting Customers to Serve
