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Marketing (Levens)
Chapter 1
17
Marketing
Undergraduate 2
09/14/2009

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Term
Value
Definition
realization of benefits that exceed the cost of products, services, or other items
Term
Utility
Definition
satisfaction received from owning or consuming a product or service
Term
Need
Definition
necessity to meet an urgent requirement
Term
Want
Definition
desire for something that is not essential
Term
Demand
Definition
financial capacity to buy what a person wants
Term
Brand
Definition
promise to deliver to consumer specific benefits associated with products or services
Term
Marketing Concept
Definition
organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value
Term
Customer Relationship
Definition
businesses and consumers interact through a sales transaction of a product or service and continue that relationship based on ongoing interaction
Term
Customer Relationship Management (CRM)
Definition
elements of business strategy that enable meaningful, personalized communication between business and customers
Term
Customer Lifetime Value
Definition
projected sales revenue and profitability that a customer could provide to a firm
Term
Production Orientation
Definition
business focus on efficient production and distribution with little emphasis on any marketing strategy (1800s - 1920s)
Term
Sales Orientation
Definition
business focus on advertising and personal selling to create demand and more product inventory (1930s - 1950s)
Term
Consumer Orientation
Definition
business focus on satisfying unmet consumer needs and wants (1950s - 1980s)
Term
Relationship Orientation
Definition
business focus on creating value-added relationships with both suppliers and consumers (1980s - present)
Term
Exchange Functions
Definition
activities that promote and enable transfer of ownership
Term
Physical Functions
Definition
activities that enable the flow of goods from manufactturer to consumer
Term
Facilitating Functions
Definition
activities that assist in the execution of exchange and physical functions
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