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Ch1
Ch1. Marketing Creating Customer Value and Engagement
| Term | Definition |
|---|---|
| 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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