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MKT Chapter 1

QuestionAnswer
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
 

 



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