Term
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Definition
| realization of benefits that exceed the cost of products, services, or other items |
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Term
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Definition
| satisfaction received from owning or consuming a product or service |
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Term
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Definition
| necessity to meet an urgent requirement |
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Term
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Definition
| desire for something that is not essential |
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Term
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Definition
| financial capacity to buy what a person wants |
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Term
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Definition
| promise to deliver to consumer specific benefits associated with products or services |
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Term
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Definition
| organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value |
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Term
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Definition
| businesses and consumers interact through a sales transaction of a product or service and continue that relationship based on ongoing interaction |
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Term
| Customer Relationship Management (CRM) |
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Definition
| elements of business strategy that enable meaningful, personalized communication between business and customers |
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Term
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Definition
| projected sales revenue and profitability that a customer could provide to a firm |
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Term
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Definition
| business focus on efficient production and distribution with little emphasis on any marketing strategy (1800s - 1920s) |
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Term
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Definition
| business focus on advertising and personal selling to create demand and more product inventory (1930s - 1950s) |
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Term
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Definition
| business focus on satisfying unmet consumer needs and wants (1950s - 1980s) |
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Term
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Definition
| business focus on creating value-added relationships with both suppliers and consumers (1980s - present) |
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Term
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Definition
| activities that promote and enable transfer of ownership |
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Term
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Definition
| activities that enable the flow of goods from manufactturer to consumer |
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Term
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Definition
| activities that assist in the execution of exchange and physical functions |
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