The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
States of felt deprivation.
The form human needs take as shaped by culture and individual personality.
Human wants that are backed by buying power.
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
The 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 set of all actual and potential buyers of a product or service.
The art and science of choosing target markets and building profitable relationships with them.
THe 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.
The idea that consumers will favor products that offer the most quality performance, and features that the organization should therefore devote its energy to making continuous product improvements.
THe idea that the consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion effort.
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.
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 extent to which a product's perceived performance matches a buyer's expectations.
Marketing messages, ads, and other brand exchanges created by consumers themselves-both invited or uninvited.
Partner Relationship Management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Share of Customer
The portion of the customer's purchasing that a company gets in its product categories.
The total combined customer lifetime values of all the company's customers
Customer Lifetime Value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository.
Dividing the market into segments of customers.
Selecting which segments it will go after.
When marketers seek fewer customers and reduced demand.
The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
the set of marketing tools the firm uses to implement its marketing strategy.
Create a need-satisfying market offering.
How much it will charge for the offering.
How it will make the offering available to target customers.
COmmunicate with target customers about the offering and persuade them of its merits.
Basic relationships vs. full partnerships, frequency marketing programs, club marketing programs, etc...
Low potential profitability and loyalty
Potentially profitable but not loyal (looking for the best deals, but no relationships)
Profitable and loyal
Highly loyal but not profitable (small business)
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