MKTG 396 Definitions CH1 Marketing the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (p5) Needs states of felt deprivation (p6) Wants the form human needs take as they are shaped by culture and individual personality (p6) Demands human wants that are backed by buying power (p6) Market offerings some combination of products, services, information, or experiences offered to a market to satisfy a need or want. (p7) Marketing myopia the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by those products (p7) Exchange the act of obtaining a desired object from someone by offering something in return (p8) Market the set of all actual and potential buyers of a product or service. (p8) Marketing management the art and science of choosing target markets and building profitable relationships with them. (p9) 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. (p10) Product concept the idea that consumers will favor products that offer the most in quality, performance, and innovative features and that the organization should therefore devote its energy to making continuous product improvements. (p10) 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. (p10) Marketing concept the 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. (p11) 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. (p12)
Customer relationship management the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. (p13) Customer perceived value the customer’s evaluation of the difference between all benefits and all costs of a marketing offer relative to those of competing offers. (p14) Customer satisfaction the extent to which a product’s perceived performance matches a buyer’s expectations. (p14) 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. (p18) Consumer-generated marketing brand exchanges created by consumers themselves – both invited and uninvited – through which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers. (p19) Partner relationship management
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- Spring '15