Shared Flashcard Set

Details

Define + Lists
Chapter 1
22
Marketing
Undergraduate 4
10/01/2007

Additional Marketing Flashcards

 


 

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
Supporting users have an ad free experience!