Term
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Definition
| Set of actual and potential buyer who might transact w/a seller. |
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Term
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Definition
| Marketing is managing profitable customer relationship. |
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Term
| How? By accomplishing the following. |
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Definition
Attracts new customers---->promising super value.
Keep and grow current customer-----> delivering satisfaction. |
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Term
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Definition
| Process which individual group obtain what they need and want through creating and exchanging products and value with other. |
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Term
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Definition
| Arts and science of finding & retaining & growing profitable customer. |
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Term
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Definition
1. Understand the market place 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 relationship and create customer delight. |
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Term
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Definition
| a state of felt deprivation. physical need, social and safety needs, needs of personal esteem. |
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Definition
| how people communicate their needs and desires |
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Term
| Demand============================> |
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Definition
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Term
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Definition
| seller pays close attention to a specific products the offer, focus only on existing wants & lose sight of underling customer needs. |
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Term
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Definition
| difference between customer benefits from owning and/or using product and the cost of obtaining the product. |
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Definition
| exceeds buyer expectation. |
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Definition
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Term
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Definition
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Term
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Definition
| totality of features & characteristics of a product or service that bear on its ability to satisfy customer needs. |
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Term
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Definition
| act of obtaining a desired object from someone by offering something in return. |
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Term
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Definition
| marketing unit of measurement consist of a trade of value between two parties |
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Term
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Definition
| involves creating, maintaining, and enhancing strong relationship with customers and other stakeholders. |
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Term
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Definition
| art & science of choosing target markets & building profitable relationship with them. |
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Term
| Marketing management Philosophies |
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Definition
Production Concept
Product Concept
Selling concept
Marketing concept
Societal Marketing concept. |
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Term
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Definition
Manufacturing Concept
Consumer favor available & highly affordable product
Management should improve production & distribution systems. |
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Term
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Definition
Product
Price
Place (Distribution)
Promotion |
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Term
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Definition
| A set of marketing tools that work together to produce satisfied customers. |
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Term
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Definition
| Anything that can be offered to satisfy a need or a want. |
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Term
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Definition
| the discounted lifetime values of all the company's current & potential customers |
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Term
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Definition
| difference between benefits that the customer gains from owning and/or using a product and the costs of obtaining product. |
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Term
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Definition
Product
Price
Place
Promotion
People
Process
Physical evidence |
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Term
| Customer Relationship Management (CRM) |
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Definition
| Involves managing detailed information about individual customers & carefully managing customer "touch points" in order to maximize customer loyalty. |
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Term
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Definition
| Customer encounter the brand & product, from actual experience to personal or mass communications to actual observation |
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Term
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Definition
| stream profits of a customer will create over the life of his/her relationship to a business. |
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