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MKT Chapter 1
| Question | Answer |
|---|---|
| marketing | managing profitable customer relationships |
| needs | state of deprivation |
| wants | the form human needs take as shaped by culture and individual personality |
| demands | humans wants backed up by buying power |
| 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 and that the organization should therefore focus on improving production and distribution efficiency |
| product concept | the idea that consumers will favor products that offer the most 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 of knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do |
| societal marketing concept | a companys marketing decisions should consider consumers wants, the companys requirements, consumers longterm interests, and societys longrun intersts |
| customer relationship management | overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
| customer perceived value | the customers evaluation of the difference between all the benefits and all of the costs of a marketing offer relative to those of competing offer |
| customer satisfaction | the extent to which a products perceived performance matches a buyers expectations |
| customer-managed relationships | marketing relationships in which customers empowered by today's new digital technologies interact with companies and with each other to shape their relationships with brands |
| customer generated marketing | brand exchanges created by consumers themselves-both invited and univited-by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumer |
| partnet 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 of the company's customer |
Created by:
stophammertime1290
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