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Chp. 1 Marketing

QuestionAnswer
Marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Process 1. Understand the marketplace and customer needs and wants. 2. design a customer driven market strategy. 3. Construct an integrated program that delivers superior value. 4. Build profitable relationships and create customer delight. 5. Look up
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.
Market Offering 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 comapny offers than to the benefits and experiences produced by these products.
Exchange The act of obtaining a desired object from someone by offering somthing 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 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 The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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.
Consumer-generated marketing marketing messages, ads, and other brand exchanges created by consumers themselves - both invited and uninvited.
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 of 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: tgrant1
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