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marketing ch1
marketing definition
25
Marketing
Undergraduate 2
01/23/2011

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Term
marketing
Definition
process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Term
human needs
Definition
states of felt deprivation. including physical, social, and individuals needs
Term
wants
Definition
the form human needs take as they are shaped by culture and individual personality
Term
market offerings
Definition
combination of products, services, information, or experiences offered to a market to satisfy a need or want
Term
marketing myopia
Definition
occurs when a company becomes so taken with their own products that they lose sight of underlying customer needs
Term
exchange
Definition
act of obtaining a desired object from someone by offering something in return
Term
market
Definition
set of actual and potential buyers of a product
Term
marketing management
Definition
defined as the art and science of choosing target markets and building profitable relationships with them
Term
value proposition
Definition
set of benefits or values it promises to deliver to consumers to satisfy their needs
Term
5 concepts under which organizations design and carry out their marketing strategies
Definition
production, product, selling and marketing
Term
production concept
Definition
holds that consumers will favor products that are available and highly affordable
Term
product concept
Definition
holds that consumers will favor products that offer the most in quality, performance, and innovative features; continuous product improvements
Term
selling concept
Definition
holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort
Term
marketing concept
Definition
holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
Term
customer-driven companies
Definition
research current customers deeply to learn about their desires, gather new product and service ideas, and test proposed product improvements
Term
customer-driving marketing
Definition
understanding customer needs even better than customers themselves do and creating products and services that meet existing and latent needs
Term
societal marketing concept
Definition
questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare
Term
customer relationship management
Definition
overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Term
customer-perceived value
Definition
customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
Term
customer satisfaction
Definition
depends on the product's perceived performance relative to a buyer's expectations
Term
attraction
Definition
creating market offerings and messages that involve consumers rather than interrupt them
Term
supply chain
Definition
describes a longer channel, stretching from raw materials to components to final products that are carried to final buyers
Term
supply chain management
Definition
strengthening their connections with partners all along the supply chain
Term
share of customer
Definition
the share the company gets of customers purchasing in their product categories
Term
customer equity
Definition
total combined customer lifetime values of all of the company's current and potential customers
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