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Buyers, sellers, investors in a company, community residents and even citizens of the nations where goods and services are made or sold. |
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An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and it's stakeholders. |
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The ultimate user of a good or service. |
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| A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability. |
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| The recognition of any difference between a consumer's actual state and some ideal or desired state. |
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The desire to satisfy needs in specific ways that are culturally and socially influenced. |
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| The outcome sought by a customer that motivates buying behavior--that satisfies a need or want. |
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| Customers' desire for products coupled with the resources to obtain them. |
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| All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exhange, and who have the authority to make the exchange. |
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| Any location or benefit consumers receive from a product. |
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| The usefulness or benefit consumers receive from a product. |
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| The process by which some transfer of value occurs between a buyer and a seller. |
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| A management philosophy that emphasizes the most efficient ways to produce and distribute products. |
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| A managerial view of marketing as a sales function or a way to move products out of warehouses to reduce inventory. |
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| A management philosophy that focuses on ways to satisfy customers' needs and wants. |
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| Total Quality Management (TQM) |
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| A management effort to involve all employees from the assembly line onward in continous product quality improvement. |
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| A management philosophy in which marketing means a devotion to excellence in designing and producing products that benefit the customer plus the firm's employees, shareholders, and communities. |
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| Customer relationship management (CRM) |
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| A philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back. A concept that involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value propositions as closely as possible to each individual's unique wants and needs. |
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| Socical marketing concept |
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| A management philosophy that marketers must satisfy customers' needs in ways that also benefit society- and also are profitable for the firm. |
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| A product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs. |
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| Return on investment (ROI) |
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| The direct financial impact of a firm's expendature of a resource such as time or money. |
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| The music, movies, sports, books, celebrites, and other forms of entertainment consumer by the mass market. |
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| Stories containing symbolic elements that express the shared emotions and ideals of a culture. |
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| A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, funtions, benefits, and users. |
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| The goods purchased by individual consumers for personal or family use. |
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| Intangible products that are exchanged directly from the producer to the customer. |
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| Business-to-business marketing |
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| The marketing of those goods and services that business and organizational customers need to produce other goods and services, for resale or to support their operations. |
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| Goods bought by individuals or organizations for further processing or for use in doing business. |
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| The buying or selling of goods and services electronically, usually over the internet. |
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| Not-for-profit organizations |
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| Organizations with charitable, educational, community, an other public service goals that buy goods and services to support their functions and to attract and serve their members. |
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| The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts. |
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| The benefits a customer receives from buying a good or service. |
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| A marketplace offering that fairly and accurately sums up the value that we will be realized if the good or service is purchased. |
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Lifetime value of a customer |
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| How much profit companies expect to make from a particular customer, including each and every purchase her or she will make from them now and in the future. |
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| The ability of a firm to outperform the competition, thereby providing cusotmers with a benefit the compeition can't. |
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| A superior capability of a firm in comparison to its direct competitors. |
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| Properities of products that set them apart from competitors' products by providing unique customer benefits. |
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| A series of activities involved in designing, producing, marketing, delievering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the custmer eventually buys. |
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| Everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product developement, or serving as wholesalers or retailers. |
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| A physiological or psychological dependency on goods or services. |
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| A document that describes the marketing environment, outlines the marketing objectives and strategy, and ifendifies who will be responsible for carrying out each part of the marketing strategy. |
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| All possible customers in a market, regardless of the differences in their specific needs and wants. |
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| A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market. |
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| The way in which the target market perceives the product in comparison to competitors' brands. |
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| A combination of the product itself, the prices of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response amoung a set of predefined consumers. |
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| The assignment of value, or the amount the consumer must exchange to receive the offering. |
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| The coordination of a marketer's marketing communication efforts to influence attitudes or behavior; the coordination of efforts by a marketer to inform or persuade consumers or organizations about goods, services, or ideas. |
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| The availablity of the product to the customer at the desired time and location. |
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