Marketing notions chapter
1,3,4,5,6,7,20
Marketing notions chapter 1
,Marketing
The process by which companies create value for customers and build
strong relationships in order to capture value from customers in return.
Needs
States of felt deprivation
Wants
The from human needs take as they are shaped by culture and individual
personality
Demands
Human wants that are backed by buying power.
Marketing offerings
Some combination of products, services, information , or experiences
offered to a market to satisfy a need or 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 products.
Exchange
The act of obtaing a desired object from someone by offering something in
return.
Market
The set of all actual and potential buyers of a product or service.
Marketing managemant
The art and sience 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; therefore, the organization should focus on improving
production and distrubution efficiency.
Product concept
The idea that consumers will favor products that offer the most quality,
perfornmance, and features; therefore, the organization should devote its
energy to making continious product improvement.
Selling concept
The idea that consumers will not buy enough of the firm’s products unless
the firm undertakes a large-scale selling and promotion effort.
, Marketing concept
A philosophy in which achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired
satisfactions better that competitiors do.
Societal marketing concept
The idea that a comapny’s marketing decision should consider
consumers’wants, the comapany’s requirements, consumers’ long-run
interest, and society’s long-run interest.
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 competitive offers.
Customer satisfaction
The extent to which a product’s perceived performance matches a buyer’s
expectations.
Customer-managed relationships
Marketing relationships in which customers, empowered by today’s new
technologies, interact with companies and with each other to shape their
relationships with brands.
Consumer-generated marketing
Brand exhanges created by consumers themselves-both invited and
uninvited-by which consumers are playing an increasing role in shaping
their own brand experiences and those of other consumers.
Partner relationship management
Working closely with partners in other company departments and outside
the company to jointly bring greater value to customers.
Customer lifetime value
The value of the entire stream of purchases a customer makes over a
lifetime patronage.
Share of customer
The portion of the customer’s purchasing that a company gets in its
product categories.
Customer equity
The total combined customer lifetime values of all the company’s
customers
1,3,4,5,6,7,20
Marketing notions chapter 1
,Marketing
The process by which companies create value for customers and build
strong relationships in order to capture value from customers in return.
Needs
States of felt deprivation
Wants
The from human needs take as they are shaped by culture and individual
personality
Demands
Human wants that are backed by buying power.
Marketing offerings
Some combination of products, services, information , or experiences
offered to a market to satisfy a need or 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 products.
Exchange
The act of obtaing a desired object from someone by offering something in
return.
Market
The set of all actual and potential buyers of a product or service.
Marketing managemant
The art and sience 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; therefore, the organization should focus on improving
production and distrubution efficiency.
Product concept
The idea that consumers will favor products that offer the most quality,
perfornmance, and features; therefore, the organization should devote its
energy to making continious product improvement.
Selling concept
The idea that consumers will not buy enough of the firm’s products unless
the firm undertakes a large-scale selling and promotion effort.
, Marketing concept
A philosophy in which achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired
satisfactions better that competitiors do.
Societal marketing concept
The idea that a comapny’s marketing decision should consider
consumers’wants, the comapany’s requirements, consumers’ long-run
interest, and society’s long-run interest.
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 competitive offers.
Customer satisfaction
The extent to which a product’s perceived performance matches a buyer’s
expectations.
Customer-managed relationships
Marketing relationships in which customers, empowered by today’s new
technologies, interact with companies and with each other to shape their
relationships with brands.
Consumer-generated marketing
Brand exhanges created by consumers themselves-both invited and
uninvited-by which consumers are playing an increasing role in shaping
their own brand experiences and those of other consumers.
Partner relationship management
Working closely with partners in other company departments and outside
the company to jointly bring greater value to customers.
Customer lifetime value
The value of the entire stream of purchases a customer makes over a
lifetime patronage.
Share of customer
The portion of the customer’s purchasing that a company gets in its
product categories.
Customer equity
The total combined customer lifetime values of all the company’s
customers
