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Marketing test 1
chapter 1
30
Marketing
Undergraduate 3
10/05/2014

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Term
What is Marketing
Definition
A process by which companies create value for customers and build strong customer relations to capture value from customers in return.
Definition two: Figuring out what people want... and then determining how to get it to them
Term
The Marketing Process
Definition
1. Understand the marketplace and customer needs and wants
2. Design a customer driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4.Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity.
Term
Needs
Definition
-State of deprivation
-Physical -food, clothing, warmth, safety
-individual- Knowledge and self expression
Term
Wants
Definition
Form that needs take as they are shaped by culture and individual personality
Term
Demands
Definition
Wants backed by buying power
Term
Market offerings
Definition
some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Term
Marketing myopia
Definition
focusing only on existing wants and losing sight of underlying consumer values
Term
Markets
Definition
the set of actual and potential buyers of a product
Term
Marketing Management
Definition
the art and science of choosing target markets and building profitable relationships with them
Term
Market Sementation
Definition
refers to dividing the markets into segments of customers
Term
Target marketing
Definition
which segments to go after
Term
value proposition
Definition
set of benefits or values a company promise to deliver to customers to satisfy their needs
Term
Marketing Management orientations
Definition
Production concept
Product concept
Selling concept
Marketing concept
Societal concept
Term
Production concept
Definition
the idea that consumers will favor products that are available or highly affordable
Term
Product concept
Definition
idea that consumers will favor productions that offer the most quality, performance, and features, Organizations should therefore devote its energy to making continuous product improvements.
Term
selling concept
Definition
idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort
Term
marketing concept
Definition
idea that achieving organicational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do
Term
Societal marketing concept
Definition
the idea that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers long term interests, and society's long run interests
Term
Marketing mix
Definition
four P's, product, price, promotion, and place
Term
integrated marketing program
Definition
comprehensive plan that communicates and delivers the intended value to chosen customers.
Term
Product
Definition
an item that satisfies what a consumer demands. it is a tangible good or an intangible service
Term
price
Definition
the amount a customers pays for the product. the price is very important because it determines profit
Term
promotion
Definition
all methods of communication that a marketer may use to provide information to different parties about the product
Term
place
Definition
providing product at a place which is convenient for customers to access
Term
customer relationship managment
Definition
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Term
Basic relationships
Definition
often used by a company with many low margin customers
Term
full partnerships
Definition
used in markets with few customers and high margins
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 customers purchasing that a company gets in its product categories
Term
customer equity
Definition
the total combined customer lifetime values of all of the companies customers
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