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Ch1

Ch1. Marketing Creating Customer Value and Engagement

TermDefinition
Marketing The process by which companies engage customers, build strong customer relationships, and create customer value 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 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.
Production concept The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
Product concept A detailed version of the new product idea stated in meaningful consumer terms.
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’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.
Customer relationship management Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
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-engagement marketing 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.
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 lifetime value The value of the entire stream of purchases a customer makes over a lifetime of patronage.
Share of customer The portion of the customer’s purchasing that a company gets in its product categories.
Customer equity The total combined customer lifetime values of all of the company’s customers.
Digital and social media marketing Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.
Created by: Joanna Liu
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