Marketing Column 1
the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return
Marketing
states of felt deprivation
Needs
the form human needs take as they are shaped by culture and individual personality
Wants
human wants that are backed by buying power
Demands
some combination of products, services, information, or experiences offered to a marked to satisfy a need or want
Market Offerings
the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
Marketing Myopia
the act of obtaining a desired object from someone by offering something in return
Exchange
the set of all actual and potential buyers of a product or service
Market
the art and science of choosing target markets and building profitable relationships with them
Marketing Management
the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
the idea that consumers will favor product that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements
Product Concept
the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
Selling Concept
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
Marketing Concept
the idea that a company's marketing decision should consider consumers' wants, the company's requirements, consumers' long-run interest, and society's long-run interests
Societal Marketing
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Customer Relationship Management
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-Perceived Value
the extent to which a product's perceived performance matches a buyer's expectations
Customer Satisfaction
making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community
Customer Engagement Marketing
brand exchanges created by consumers themselves-both invited and uninvited-by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers
Consumer-Generated Marketing
working closely with partners in other company departments and outside the company to jointly bring greater value to customers
Partner Relationship Management
the value of the entire stream of purchases a customer makes over a lifetime of patronage
Customer Lifetime Value
the total combined customer lifetime values of all the company's customers
Customer Equity
using digital marketing tools such as websites, social media, mobile apps, and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices
Digital and Social Media Marketing
the set of benefits or values it promises to deliver to customers to satisfy their needs.
Value Proposition
What are the 4 P's
Product, Place, Price, Promotion