Ch1. Marketing Creating Customer Value and Engagement
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| Marketing | The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.
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| Needs | States of felt deprivation.
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| Wants | The form human needs take as they are shaped by culture and individual personality.
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| Demands | Human wants that are backed by buying power.
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| Market offerings | Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
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| 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.
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| Exchange | The act of obtaining a desired object from someone by offering something in return.
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| Market | The set of all actual and potential buyers of a product or service.
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| Marketing management | The art and science of choosing target markets and building profitable relationships with them.
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| Production concept | The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
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| Product concept | A detailed version of the new product idea stated in meaningful consumer terms.
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| Selling concept | The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
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| Marketing concept | A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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| 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.
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| Customer relationship management | Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
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| 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.
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| Customer satisfaction | The extent to which a product’s perceived performance matches a buyer’s expectations.
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| Customer-engagement marketing | Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.
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| Consumer-generated marketing | Brand exchanges created by consumers themselves—both invited and uninvited—by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
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| Partner relationship management | Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
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| Customer lifetime value | The value of the entire stream of purchases a customer makes over a lifetime of patronage.
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| Share of customer | The portion of the customer’s purchasing that a company gets in its product categories.
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| Customer equity | The total combined customer lifetime values of all of the company’s customers.
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| Digital and social media marketing | Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.
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Created by:
Joanna Liu
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