Marketing: An Introduction by Gary Armstrong & Philip
Kotler CHAPTER 1,2, 3, 4, 5, 6,7, 8, 9, 10, 11, 12, 13
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Marketing Midterm 2 CHAPTER 5 Marketing: An Introduct... Practice quiz 6
129 terms 30 terms 6 terms
dpupo107 Preview AnaSantiliano Preview haywardemilee
The process by which companies create value for customers and
Marketing build strong customer relationships in order to capture value
from customers in return
It states that people's needs are arranged in a hierarchy and you
have to fulfill one before the other will be needed.
For example you must fulfill the psychological need for hunger
What is maslow's hierarchy of
and thirst before fulfilling social needs such as love and
needs?
belonging.
psychological needs> safety needs> social needs> esteem
needs> self-actualization needs.
Needs States of felt deprivation
The form human needs take as they are shaped by culture and
Wants
individual personality
Demands Human wants that are backed by buying power
Some combination of products, services, information, or
Market offerings
experiences offered to a market to satisfy a need or want
The mistake of paying more attention to the specific products a
Marketing myopia company offers than to the benefits and experiences produced
by these products
The act of obtaining a desired object from someone by offering
Exchange
something in return
Market The set of all actual and potential buyers of a product or service
The art and science of choosing target markets and building
Marketing management
profitable relationships with them
The idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization
Production concept
should devote its energy to making continuous product
improvements
, A detailed version of the new product idea stated in meaningful
Product concept
customer terms
The idea that consumers will not buy enough of the firm's
Selling concept products unless the firm undertakes a large-scale selling and
promotion effort
A philosophy in which achieving organizational goals depends
Marketing concept on knowing the needs and wants of target markets and
delivering the desired satisfactions better than competitors do
A principle of sustainable marketing holding that a company
should make marketing decisions by considering consumers'
Societal marketing concept
wants, the company's requirements, consumers' long-run
interests, and society's long-run interests
The overall process of building and maintaining profitable
Customer relationship
customer relationships by delivering superior customer value
management
and satisfaction
The customer's evaluation of the difference between all the
Customer-percieved value benefits and all the costs of a marketing offer relative to those of
competing offers
The extent to which a product's perceived performance matches
Customer satisfaction
a buyer's expectations
Making the brand a meaningful part of consumers' conversations
Customer-engagement and lives by fostering direct and continuous customer
marketing involvement in shaping brand conversations, experiences, and
community
Brand exchanges created by consumers themselves-- both
invited and uninvited-- by which consumers are playing an
Consumer-generated marketing
increasing role in shaping their own brand experiences and
those of other consumers
Working closely with partners in other company departments
Partner relationship
and outside the company to jointly bring greater value to
management
customers
The value of the entire stream of purchases a customer makes
Customer lifetime value
over a lifetime of patronage
The portion of the customer's purchasing that a company gets in
Share of customer
its product categories
The total combined customer lifetime values of all of the
Customer equity
company's customers
Using digital marketing tools such as Web sites, social media,
Digital and social media
mobile apps and ads, online video, email, and blogs that engage
marketing
consumers anywhere, anytime via their digital devices
the process of developing and maintaining a strategic fit
Strategic planning between the organization's goals and capabilities and its
changing marketing opportunities
A statement of the organization's purpose-- what it wants to
Mission statement
accomplish in the larger environment
The collection of businesses and products that make up the
Business portfolio
company
Kotler CHAPTER 1,2, 3, 4, 5, 6,7, 8, 9, 10, 11, 12, 13
Save
Students also studied
Flashcard sets Study guides Practice tests
Marketing Midterm 2 CHAPTER 5 Marketing: An Introduct... Practice quiz 6
129 terms 30 terms 6 terms
dpupo107 Preview AnaSantiliano Preview haywardemilee
The process by which companies create value for customers and
Marketing build strong customer relationships in order to capture value
from customers in return
It states that people's needs are arranged in a hierarchy and you
have to fulfill one before the other will be needed.
For example you must fulfill the psychological need for hunger
What is maslow's hierarchy of
and thirst before fulfilling social needs such as love and
needs?
belonging.
psychological needs> safety needs> social needs> esteem
needs> self-actualization needs.
Needs States of felt deprivation
The form human needs take as they are shaped by culture and
Wants
individual personality
Demands Human wants that are backed by buying power
Some combination of products, services, information, or
Market offerings
experiences offered to a market to satisfy a need or want
The mistake of paying more attention to the specific products a
Marketing myopia company offers than to the benefits and experiences produced
by these products
The act of obtaining a desired object from someone by offering
Exchange
something in return
Market The set of all actual and potential buyers of a product or service
The art and science of choosing target markets and building
Marketing management
profitable relationships with them
The idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization
Production concept
should devote its energy to making continuous product
improvements
, A detailed version of the new product idea stated in meaningful
Product concept
customer terms
The idea that consumers will not buy enough of the firm's
Selling concept products unless the firm undertakes a large-scale selling and
promotion effort
A philosophy in which achieving organizational goals depends
Marketing concept on knowing the needs and wants of target markets and
delivering the desired satisfactions better than competitors do
A principle of sustainable marketing holding that a company
should make marketing decisions by considering consumers'
Societal marketing concept
wants, the company's requirements, consumers' long-run
interests, and society's long-run interests
The overall process of building and maintaining profitable
Customer relationship
customer relationships by delivering superior customer value
management
and satisfaction
The customer's evaluation of the difference between all the
Customer-percieved value benefits and all the costs of a marketing offer relative to those of
competing offers
The extent to which a product's perceived performance matches
Customer satisfaction
a buyer's expectations
Making the brand a meaningful part of consumers' conversations
Customer-engagement and lives by fostering direct and continuous customer
marketing involvement in shaping brand conversations, experiences, and
community
Brand exchanges created by consumers themselves-- both
invited and uninvited-- by which consumers are playing an
Consumer-generated marketing
increasing role in shaping their own brand experiences and
those of other consumers
Working closely with partners in other company departments
Partner relationship
and outside the company to jointly bring greater value to
management
customers
The value of the entire stream of purchases a customer makes
Customer lifetime value
over a lifetime of patronage
The portion of the customer's purchasing that a company gets in
Share of customer
its product categories
The total combined customer lifetime values of all of the
Customer equity
company's customers
Using digital marketing tools such as Web sites, social media,
Digital and social media
mobile apps and ads, online video, email, and blogs that engage
marketing
consumers anywhere, anytime via their digital devices
the process of developing and maintaining a strategic fit
Strategic planning between the organization's goals and capabilities and its
changing marketing opportunities
A statement of the organization's purpose-- what it wants to
Mission statement
accomplish in the larger environment
The collection of businesses and products that make up the
Business portfolio
company
