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