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Princ. of Marketing

Kotler, Armstrong, Principles of Marketing 11th ed, ch 1 vocab

Marketing The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Needs States of felt deprivation
Wants The form human needs take as shaped by culture and individual personality
Demands Human wants that are backed by buying power
Marketing offer Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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
Demarketing Marketing to reduce demand temporarily or permanently—the aim is not to destroy demand, but only to reduce or shift it
Production concept The idea that consumers will favor products that are available and highly affordable
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
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
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
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
Customer relationship management The overall process of building and maintaining profitable customer value and satisfaction
Customer perceived value The difference between total customer value and total customer cost
Customer satisfaction The extent to which a product’s perceived performance matches a buyer’s expectations
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 that the customer would make 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 the company’s customers
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
Created by: cannons