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