MRKT 341 EXAM I - Marketing 341 EXAM 1 Vocabulary CH 1...

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Marketing 341 EXAM 1 Vocabulary CH 1 Customer equity - the total combined customer lifetime values of all of the company’s customers Customer-generated marketing - marketing messages, ads, and other brand exchanges created by consumers themselves – both invited and uninvited Customer lifetime value - the value of the entire stream of purchases that the customer would make over a lifetime of patronage 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 relationship management - the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Customer satisfaction - the extent to which a product’s perceived performance matches a buyer’s expectations Demands - human wants that are backed by buying power Exchange - the act of obtaining a desired object form someone by offering something in return 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 Market - the set of all actual and potential buyers of a product or service Marketing - 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 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 Marketing management - the art and science of choosing target markets and building profitable relationships with them Marketing myopia - the mistake of paying more attention to the specific products a company offers to the benefits and experiences produced by these products Market offering - some combination of products, services, information, or experiences offered to a market to satisfy a need or want Needs - states of felt deprivation Partner relationship management - working closely with partners in other company departments and outside the company to jointly bring greater value to customers Product concept - the idea that consumers will favor products that offer the most quality, performance, and feature and that the organization should therefore devote its energy to making continuous improvements 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
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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 Share of customer - the portion of the customer’s purchasing that a company gets in its product categories Societal marketing concept - the idea that a company’s marketing decisions should consider consumers’ wants, the company’s
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This note was uploaded on 09/26/2011 for the course MRKT 341 taught by Professor Staff during the Spring '08 term at UNL.

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MRKT 341 EXAM I - Marketing 341 EXAM 1 Vocabulary CH 1...

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