Principles of marketing 1
________ is the total combined customer lifetime values of all the company's current and potential customers.
Customer equity
________ are defined as states of felt deprivation.
Needs
________ are the form human needs take as they are shaped by culture and individual personality.
Wants
The selling concept holds that ________.
consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts
Which of the following terms refers to the entire stream of purchases a customer makes over a lifetime of patronage?
customer lifetime value
Dividing a market into several sections of customers is known as ________.
market segmentation
________ refers to the portion of the customer's purchase that a company gets in its product categories
Share of customer
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs (i.e. benefits and experiences) and focus excessively on ________.
specific products
In contrast to the selling concept, the marketing concept focuses on the ________and aims to generate profits through ________.
customer needs/satisfaction
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features
product