chapter 1 Marketing creating customer value and engagement *CONCEPTS – Flashcards
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marketing
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the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
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needs
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states of felt deprivation
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wants
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the form human needs take as they are shaped by culture and individual personality.
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demands
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human wants that are backed by buying power
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market offerings
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some combination or products, services, information, or experience offered to a market to satisfy a need or want.
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marketing myopia
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the mistake of paying more attention to the specific products a company offers than to the benefits and experience produced by these products.
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exchange
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the act of obtaining a desired object from someone by offering something in return
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market
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the set of all actual and potential buyers of a product or service.
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marketing management
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the art and science of choosing target markets and building profitable relationships with them.
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production concept
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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
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the idea that consumers will favor products that offer the most quality, performance, and features, therefore, the organization should devote its energy to making continuous product improvements.
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selling concept
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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
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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
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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
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the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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customer perceived value
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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
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the extent to which a product's perceived performance matches a buyers expectations
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customer engagement marketing
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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
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brand exchanges created by consumers themselves--both invited and uninvited--by which consumers are playing and increasing role in shaping their own brand experiences and those of other consumers.
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partner relationship management
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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
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the value of the entire stream of purchases a customer makes over a lifetime of patronage.
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share of customer
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the portion of the customer's purchasing that a company get in its product categories
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customer equity
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the total combined customer lifetime values of all of the company's customers.
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digital and social media marketing
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using digital marketing tools such as web sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices.
