Term
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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 |
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Term
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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. |
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Term
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Definition
-State of deprivation
-Physical -food, clothing, warmth, safety
-individual- Knowledge and self expression |
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Definition
| Form that needs take as they are shaped by culture and individual personality |
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Definition
| Wants backed by buying power |
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Definition
| some combination of products, services, information, or experiences offered to a market to satisfy a need or want |
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Definition
| focusing only on existing wants and losing sight of underlying consumer values |
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Definition
| the set of actual and potential buyers of a product |
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Definition
| the art and science of choosing target markets and building profitable relationships with them |
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Definition
| refers to dividing the markets into segments of customers |
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Definition
| which segments to go after |
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Definition
| set of benefits or values a company promise to deliver to customers to satisfy their needs |
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| Marketing Management orientations |
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Definition
Production concept
Product concept
Selling concept
Marketing concept
Societal concept |
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Definition
| the idea that consumers will favor products that are available or highly affordable |
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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. |
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Definition
| idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort |
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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 |
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| Societal marketing concept |
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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 |
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Term
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Definition
| four P's, product, price, promotion, and place |
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Term
| integrated marketing program |
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Definition
| comprehensive plan that communicates and delivers the intended value to chosen customers. |
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Term
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Definition
| an item that satisfies what a consumer demands. it is a tangible good or an intangible service |
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Definition
| the amount a customers pays for the product. the price is very important because it determines profit |
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Definition
| all methods of communication that a marketer may use to provide information to different parties about the product |
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Definition
| providing product at a place which is convenient for customers to access |
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| customer relationship managment |
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Definition
| the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. |
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Definition
| often used by a company with many low margin customers |
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Definition
| used in markets with few customers and high margins |
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Definition
| the value of the entire stream of purchases that the customer would make over a lifetime of patronage |
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Definition
| the portion of customers purchasing that a company gets in its product categories |
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Term
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Definition
| the total combined customer lifetime values of all of the companies customers |
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