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| Process by which companies create value for customers and build strong relationships in order to capture value |
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| states of felt deprivation |
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| Form human needs take as they are shaped by culture and individual personality |
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| Human wants that are backed by buying power |
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| combination of products, services, information, or experiences offered to a market to satisfy a need or want |
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| mistake of paying more attention to specific products a company offers than the benefits and experiences produced by product |
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| act of obtaining a object from someone offering something in return |
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| the set of all actual and potential buyers of a product or service |
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| Art and science of choosing target markets and building profitable relationships |
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| idea consumers will favor products that are available and highly affordable, organization should focus on improving production and distribution |
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| Idea customers favor products offer the most quality, performance, and features. Organization should focus making product improvements |
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| idea consumers will not buy enough product unless firm undertakes large-scale selling and promotion effort |
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| philosophy that holds achieving organizational goals depends on knowing needs and wants of target markets and delivering the desired satisfactions better than competitors |
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| Societal Marketing Concept |
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| Marketing decisions should consider consumers' wants, companies requirements, consumers long-run interests, and society's long-run interests |
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| Customer relationship management |
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| Process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
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| customers evaluation of the difference between benefits and costs relative to competing offers |
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| Extent to which a products perceived performance matches a buyer's expectations |
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| Customer-managed Relationships |
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| Marketing relationships in which customers, empowered by technology interact with companies and with each other to shape relationships with brands |
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| Consumer-Generated Marketing |
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| Brand exchanges created by consumers themselves. Consumers playing an increasing role in shaping their own brand experiences and those of other consumers |
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| Partner Relationship Management |
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| Working closely with partners in other company departments and outside the company to jointly bring greater value |
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| value of the entire stream of purchases, that customer would make over a lifetime |
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| Portion of the customer's purchasing that a company gets in its product categories |
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| Total combined customer lifetime values of all of the company's customers |
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| vast public web of computer networks that connects users of all types all around the world |
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