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Princ. of Marketing
Kotler, Armstrong, Principles of Marketing 11th ed, ch 1 vocab
| Question | Answer |
|---|---|
| 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
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