MT1 - Chapter 1 Vocab Flashcards
marketing
the process by which companies create value for customers and build strong relationships in order to capture value from customers in return
needs
states of felt deprivation
wants
the form human needs take as they are shaped by culture and individual personality
demands
human wants that are backed by buying power
market offerings
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 the benefits and experiences produced by these products
exchange
the act of obtaining a desired object from someone by offering something in return
market
the set of 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
production concept
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
selling concept
the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large scale selling and promotion effort
marketing concept
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
societal marketing concept
the idea that a company’s marketing decisions should consider 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 customer’s 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 product’s perceived performance matches a buyer’s expectations
customer managed relationships
marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands
partner relationship management
working closely with partners in other company departments and outside the company to jointly bring greater value to customers
customer lifetime value
the value of the entire stream of purchases a customer makes over a lifetime of patronage
customer equity
the total combined customer lifetime values of all the company’s customers
marketing mix
a set of marketing tools that work together to satisfy customer needs and build customer relationships
services
activities or benefits for sale that are essentially intangible and do not result in the ownership of anything
brand experiences
orchestrating several services and products and looking beyond the attributes of the products or services they sell
2 marketing strategy questions
What customers will we serve (target market)?
What’s our value proposition?
