Term
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Definition
| process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return |
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Definition
| states of felt deprivation. including physical, social, and individuals needs |
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| the form human needs take as they are shaped by culture and individual personality |
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Definition
| combination of products, services, information, or experiences offered to a market to satisfy a need or want |
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| occurs when a company becomes so taken with their own products that they lose sight of underlying customer needs |
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| act of obtaining a desired object from someone by offering something in return |
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| set of actual and potential buyers of a product |
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| defined as the art and science of choosing target markets and building profitable relationships with them |
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Definition
| set of benefits or values it promises to deliver to consumers to satisfy their needs |
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Term
| 5 concepts under which organizations design and carry out their marketing strategies |
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Definition
| production, product, selling and marketing |
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| holds that consumers will favor products that are available and highly affordable |
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| holds that consumers will favor products that offer the most in quality, performance, and innovative features; continuous product improvements |
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Definition
| holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort |
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Definition
| holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do |
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Term
| customer-driven companies |
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Definition
| research current customers deeply to learn about their desires, gather new product and service ideas, and test proposed product improvements |
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| customer-driving marketing |
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Definition
| understanding customer needs even better than customers themselves do and creating products and services that meet existing and latent needs |
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Term
| societal marketing concept |
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Definition
| questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare |
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Term
| customer relationship management |
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Definition
| overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
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Term
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Definition
| customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers |
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| depends on the product's perceived performance relative to a buyer's expectations |
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Definition
| creating market offerings and messages that involve consumers rather than interrupt them |
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Term
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| describes a longer channel, stretching from raw materials to components to final products that are carried to final buyers |
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Term
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Definition
| strengthening their connections with partners all along the supply chain |
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Definition
| the share the company gets of customers purchasing in their product categories |
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Term
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Definition
| total combined customer lifetime values of all of the company's current and potential customers |
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