the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

the form human needs take as they are shaped by culture and individual personality

human wants that are backed by buying power

market offerings

some combination of products, services, information, or experiences offered to a market to satisfy a need or a want

marketing myopia

mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

the act of obtaining a desired object from someone by offering something in return

the art and science of choosing target markets and building profitable relationships with them

idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency 

consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements 

idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort

a philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than the competitors do

idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests 

overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction 

customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

the value of an entire stream of purchases that a customer would make over a lifetime of patronage

portion of a customer’s purchasing that a company gets in its product categories 

total combined customer lifetime values of all the company’s customers 

process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities

statement of the organization’s purpose -- what it wants to accomplish in the larger environment

the collection of businesses and products that make up the company  

the process by which management evaluates the products and businesses that make up the company

portfolio-planning method that evaluates a company’s SBUs (strategic business units) in terms of its market growth rate and relative market share 

portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development 

company growth by increasing sales of its current products to current market segments without changing the product

company growth by identifying and developing new market segments for current company products

company growth through starting up or acquiring businesses outside the company’s current products and markets

series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products

network made up of the company, its suppliers, its distributors, and ultimately its customers who partner with each other to improve the performance of the entire system

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

group of consumers who respond in a similar way to a given set of marketing efforts

the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

actually differentiating the market offering to create superior customer value

the set of tactical marketing tools -- product, price, place, and promotion -- that the firm blends to produce the response it wants in the target market 

an overall evaluation of the company’s strenths, weaknesses, opportunities, and threats

actors and forces outside marketing management that affect marketing management’s ability to build and maintain successful relationships with target customers

actors close to the company that affect its ability to serve its customers 

larger societal forces that affect the microenvironment 

firms that help the company promote, sell, and distribute its goods to final buyers

any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives

the study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics 

the 78 million people born during years following World War II and lasting until 1964

45 million born between 1965 and 1976 in the “birth death” following the baby boom

83 million children of the baby boomers, between 1977 and 2000

economic factors that affect consumer purchasing power and spending patterns

natural resources that areneeded as inputs by marketers or that are affected by marketing activities

developing strategies and practices that create a world economy that the planet can support indefinitely

forces that create new technologies, creating new product and market opportunities 

laws, government agencies, and pressure groups that inflience and limit various organizations and individuals in a given society 

institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors

(1890) prohibits monopolies and activities that restrain trade or competition in interstate commerce

(1914) supplements the Sherman Act by prohibiting certain types of price discrimination, exclusive dealing, and tying clauses (which require a dealer to take additional products in a seller’s line)

(1936) Amends the Clayton Act to define price discrimination as unlawful. Empowers the FTC to establish limits on quantity discounts, forbid some brokerage allowances, and prohibit promotional allowances except when made available on proportionately equal items

fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships

people and procedures for assessing information needs, developing needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

electronic collections of consumer and market information obtained from data sources with the company network

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

marketing research to gather preliminary information that will help define problems and suggest hypotheses

marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the deomgraphics and attitudes of the consumers

marketing research to test hypotheses about cause-and-effect relationships

information that already exists somewhere, having been collected for another purpose

1. Self Actualization Needs

2. Esteem Needs

3. Social Needs

4. Safety Needs

5. Physiological Needs 

human needs arranged in a hierarchy