1 - Chapter 01 - Marketing: Creating and Capturing Customer Value
marketing concept
The __________ is a philosophy in which 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 __________ is 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.
production concept
The __________ is the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
product concept
The __________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.
selling concept
The __________ is the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
creating profits and customer equity
The marketing process captures value from customers by __________.
Demands
__________ are human wants that are backed by buying power.
Marketing offerings
__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Wants
__________ are the form human needs take as they are shaped by culture and individual personality.
Exchange
__________ is the act of obtaining a desired object from someone by offering something in return.
Marketing management
__________ is the art and science of choosing target markets and building profitable relationships with them.
Customer-perceived value
__________ is 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.
Customer satisfaction
__________ is the extent to which a product's perceived performance matches a buyer's expectations.
Marketing myopia
__________ is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products.
Share of customers
__________ is the portion of the customer's purchasing that a company gets in its product categories.
Marketing
__________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Customer equity
__________ is the total combined values of all of the company's customers.
Customer lifetime value
__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage.
Needs are __________.
states of felt deprivation
The production concept is __________.
the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
Customer relationship management is __________.
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Marketing is __________.
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return