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Chapter One
Customer Value
24
Marketing
Undergraduate 4
05/19/2013

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Cards

Term
  • Marketing
Definition
The process by which companies create value for customers and build strong cutomer relationships in order to capture value from customers in return.
Term
Needs
Definition
States of felt deprivation
Term
Wants
Definition
THe form human needs take as they are shapedby culture and individual personality
Term
Demands
Definition
Human wants that are backed up by buying power
Term
Marketing offerings
Definition
Some combination of products, services, information, or experiences offered to a market to satif a need or want
Term
Marketing myopia
Definition
The mistake of apaying more attention to the specific products a company offers than to the benefits and experiences produced by these products
Term
Exchange
Definition
The act of obtaining a desired object from someone by offering something in return
Term
Market
Definition
The set of all actual and potential buyers of a product or service
Term
Marketing management
Definition
The art and science of choosing target markets and building profitable relationships with them
Term
Product concept
Definition
The idea that consumers will favor products that offer the most quality, performance, and features; there for, the organization should devote its energy to making continuous product improvements
Term
Selling concept
Definition
The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promtion effort
Term
Marketing concept
Definition
A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitiors do.
Term
Societal marketing concept
Definition
The idea that a companys marketing decisions should consider consumers' wants, the compnay's requirements, consumers' long - run interests, and society's long - run interests.
Term
Customer relationship management
Definition
THe overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Term
Customer-perceived value
Definition
The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
Term
Customer satisfaction
Definition
The extent to which a product's perceived performance matches a buyer's expectations
Term
Customer-managed relationships
Definition
Marketing relationships in which customers, empowered by today's  new digital technologies, interact with companies and with each other to shape their relationships with brands
Term
Customer-generated marketing
Definition
Brand exchanges created by consumers themselves- both invited and univited- by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers
Term
Partner relationship management
Definition
Working closely with partners in other company departmetns and outside the company to jointly bring greater value to customers.
Term
Customer lifetime value
Definition
The value of the entire stream of purchases a customer makes over a lifetime of patronage
Term
Share of customer
Definition
THe portion of the customer's purchasing that a comany gets in tits product categories
Term
Customer equity
Definition
THe total combined customer lifetime values of all of the company's customers
Term
Internet
Definition
A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository
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