Study Guide First Quiz - Study Guide First Quiz Chapter 1:...

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Study Guide First Quiz Chapter 1: Customer relationship management- managing detailed information about individual customers and carefully managing customer “touch points” in order to maximize customer loyalty Customer lifetime value- value of the entire stream of purchases that the customer would make over a lifetime of patronage Customer satisfaction- the extent to which a product’s perceived performance matches a buyer’s expectations 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- a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others 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 due Needs- state of felt deprivation Product concept- a detailed version of the new-product idea stated in meaningful consumer terms (Or) Idea that consumers will favor products that odder the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements Production concept- the idea that consumers will favor products that are available and highly affordable Share of customer- the portion of the customer’s purchasing in its product categories that a company gets Selling concept- the idea that customers will not buy enough of the firm’s products unless its undertakes a large-scale selling and promotion effort Societal marketing concept- principle of enlightened marketing that holds that a company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long term interests, and society’s long-run interests Transaction- a trade of values between two parties Marketing at Work: MTV Global: Music is the Universal Language Chapter 2: Market development-
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This note was uploaded on 04/08/2008 for the course MAR 2011 taught by Professor Kitchen during the Fall '06 term at Tallahassee Community College.

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Study Guide First Quiz - Study Guide First Quiz Chapter 1:...

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