Kotler, Armstrong, Principles of Marketing 11th ed, ch 1 vocab
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| Marketing | The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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| Needs | States of felt deprivation
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| Wants | The form human needs take as shaped by culture and individual personality
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| Demands | Human wants that are backed by buying power
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| Marketing offer | Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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| Exchange | The act of obtaining a desired object from someone by offering something in return
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| Market | The set of actual and potential buyers of a product or service
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| Marketing management | The art and science of choosing target markets and building profitable relationships with them
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| Demarketing | Marketing to reduce demand temporarily or permanently—the aim is not to destroy demand, but only to reduce or shift it
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| Production concept | The idea that consumers will favor products that are available and highly affordable
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| Product concept | The idea that consumers will favor products that offer the most in quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements
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| 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
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| Marketing concept | The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
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| Societal marketing concept | A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long run interests, and society’s long run interests
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| Customer relationship management | The overall process of building and maintaining profitable customer value and satisfaction
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| Customer perceived value | The difference between total customer value and total customer cost
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| Customer satisfaction | The extent to which a product’s perceived performance matches a buyer’s expectations
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| Partner relationship management | Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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| Customer lifetime value | The value of the entire stream of purchases that the customer would make over a lifetime of patronage
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| Share of customer | The portion of the customer’s purchasing that a company gets in its product categories
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| Customer equity | The total combined customer lifetime values of all the company’s customers
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| Internet | A vast public web of computer networks, which connects users of all types all around the world to each other and to an amazingly large information repository
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