Marketing
The process by which companies create value for customers and
build strong customer relationships in order to capture value
from customers in return.
Goal of Marketing
managing profitable customer relationships by satisfying
customer needs
Needs
states of felt deprivation
Examples of needs
- Physical needs; are food, clothing, warmth, and safety
- Societal needs; are belonging and affection;
- Individual needs; are knowledge and self-expression.
Wants
the form human needs take as shaped by culture and individual
personality
Examples of wants
American needs food, wants a Big Mac, fries and soft drink.
Papua New Guinean needs food, wants taro, rice, yams, and
pork.
Demands
human wants that are backed by buying power
Market offering
Some combination of products, services, information or
experiences offered to a market to satisfy a need or a want.
Marketing myopia
The mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by
these new products.
Exchange
The act of obtaining a desired object from someone offering
something in return.
, Market
The set of all actual and potential buyers of a product or service.
Marketing Management
The art and science of choosing target markets and building
profitable relationships with them.
Production Concept
The idea that consumers will favor products that are available
and highly affordable and that the organization should thereby
focus on improving production and distribution efficiency.
Product Concept
The idea that 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.
Selling Concept
The idea that consumers will not buy enough of the firm's
products unless it undertakes a large-scale selling and promotion
effort.
Marketing Concept
The marketing management philosophy that holds that achieving
organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfactions better
than competitors do.
Societal Marketing Concept
The 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.
Customer Relationship Management
The overall process of building and maintaining profitable
customer relationships by delivering superior customer value
and satisfaction.
Customer-Perceived Value
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.
The process by which companies create value for customers and
build strong customer relationships in order to capture value
from customers in return.
Goal of Marketing
managing profitable customer relationships by satisfying
customer needs
Needs
states of felt deprivation
Examples of needs
- Physical needs; are food, clothing, warmth, and safety
- Societal needs; are belonging and affection;
- Individual needs; are knowledge and self-expression.
Wants
the form human needs take as shaped by culture and individual
personality
Examples of wants
American needs food, wants a Big Mac, fries and soft drink.
Papua New Guinean needs food, wants taro, rice, yams, and
pork.
Demands
human wants that are backed by buying power
Market offering
Some combination of products, services, information or
experiences offered to a market to satisfy a need or a want.
Marketing myopia
The mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by
these new products.
Exchange
The act of obtaining a desired object from someone offering
something in return.
, Market
The set of all actual and potential buyers of a product or service.
Marketing Management
The art and science of choosing target markets and building
profitable relationships with them.
Production Concept
The idea that consumers will favor products that are available
and highly affordable and that the organization should thereby
focus on improving production and distribution efficiency.
Product Concept
The idea that 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.
Selling Concept
The idea that consumers will not buy enough of the firm's
products unless it undertakes a large-scale selling and promotion
effort.
Marketing Concept
The marketing management philosophy that holds that achieving
organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfactions better
than competitors do.
Societal Marketing Concept
The 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.
Customer Relationship Management
The overall process of building and maintaining profitable
customer relationships by delivering superior customer value
and satisfaction.
Customer-Perceived Value
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.
