Details Title: Chapter 1 Description: Creating and Capturing Customer Value Total Flash Cards: 23 Created: 01/26/2009 07:22:18		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term Marketing Definition is 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. Term Needs Definition States of felt deprivation. Term Wants Definition the form human needs take as shaped by culture and individual personality. Term Demands Definition Human wants that are backed by buying power. Term Market Offering Definition Some combination of products, services, information or experience offered to a market to satisfy a need or want. Term Marketing Myopia Definition The mistake of paying more attention to the specific producs a company offers than to the benefits and experiences produced by these products. Term Exchange Definition The act of obtaining a desired object from someone by offering something in return. Term Market Definition The set of all actual and potential buyers of a product of services Term Marketing Management Definition The art and science of chosing target markets and building profitable relationships with them. Term Production Concept Definition The idea that consumers will favor products that are available and highly afforadable and that the organization should therefore focus on improving production and distribution efficiency. Term Product Concept Definition The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements. Term Selling Concept Definition The idea that consumers will bot buy enough of the firm's products unless it undertakes a large scale selling and production effort. Term Marketing Concept Definition The marketing management philosophy that holds that achieving organizationl goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Term Societal Marketing Concept Definition The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interest, and society's long-run interest. Term Customer Relationship Management Definition The overall process of builing and maintaining profitable customer relationships by delivering superior customer value and satisfaction Term Customer Perceived Value Definition The customer's evaluation of the differences between all the benefits and all the cost of a marketing offer relative to those of competing offers. Term Customer Satisfaction Definition The extent to which a product's perceived performance matches a buyer's expectations. Term Consumer Generated Marketing Definition Marketing messages, ads, and other brand exchanges created by consumers themselves-both invited and univited. Term Partner relationship management Definition Working closely with partners in other company departments and outside the ocmpany to jointly bring greater value to customers. Term Customer Lifetime Value Definition The value of the entire stream of purchases that the customer would make over a lifetime of patronage. Term Share of customer Definition The portion of the customer's purchasing that a company gets in its product categories Term Customer equity Definition The total combined customer lifetime vaules of all the comapany's customers Term Internet Definition 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.