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Details Title: Define + Lists Description: Chapter 1 Total Flash Cards: 22 Created: 10/01/2007 12:48:42	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term What is marketing? Definition managing profitable customer relationships; process by which companies create value for customers and capture value in return Term See Fig. 1.1 Pg. 5 Definition A simple model of the marketing process Term Needs Definition states of felt depression 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 Marketing offer Definition some combination of products, services, information, or experiences offered to a market to satisfy a need or want Term Marketing myopia Definition the mistake of sellers; paying more attention to the specific products they offer than to the benefits and experiences produced by these products Term Market Definition the set of actual and potential buyers of a product or service Term Marketing management Definition the art and science of choosing target markets and building profitable customer relationships with them Term Demarketing Definition marketing to reduce demand temporarily or permanently; aim is not to destroy demand but only to reduce or shift it Term Production concept (1 of 5) Definition the idea that customers will favor products that are AVAILABLE and highly AFFORDABLE Term Product concept (2 of 5) Definition the idea that customers will favor products that offer the most in QUALITY, PERFORMANCE, and features and that the organization should therefore devote its energy to making CONTINUOUS PRODUCT IMPROVEMENTS Term Selling concept (3 to 5) Definition the idea that consumers will not buy enough of the firm's products unless it undertakes a LARGE-SCALE SELLING and PROMOTION effort Term Marketing concept (4 of 5) Definition the marketing management philosophy that holds that achieving ORGANIZATIONAL GOALS depends on knowing the NEEDS and WANTS of target markets and delivering the DESIRED SATISFACTION better than competitors do Term Societal marketing concept (5 of 5) Definition a principle of ENLIGHTENED MARKETING that holds that a company should make good marketing decisions by considering consumers wants, the company's requirements, consumer' long-run interests and society's long-run interests Term Customer Relationship Management (CRM) Definition the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Term Customer preceived value Definition the difference between total customer value and total customer cost Term Customer satisfaction Definition the extent to which a product's perceived performance matches a buyer's expectations Term Partner relationship management Definition working closely with partners in other company departments and outside the company 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 Customer equity Definition the total combined customer lifetime values of all of the company's customers. Term Figure 1.5 Pg. 22 Definition Customer relationship groups