Terms 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
•State of felt Deprivation
Needs
•The total combined customer lifetime values of all the company’s customers.
Customer Equity
•The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
Production Concept
•The extent to which a product’s perceived performance matches a buyer’s expectations.
Customer Satisfaction
•The set of all actual and potential buyers of a product or service.
Market
•The form human needs take as they are shaped by culture and individual personality.
Wants
The art and science of choosing target markets and building profitable relationships with them.
Marketing Management
•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.
Product Concept
•The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer Relationship Management (CRM)
•The portion of the customer’s purchasing that company gets in its product categories.
Share of Customer
•Human wants that are backed by buying power
Demands
•The act of obtaining a desired object from someone by offering something in return.
Exchange
•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
•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
•Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Market Offerings
•The mistake of paying more attention to specific products a company offers than to the benefits and experiences produced by these products.
Market Myopia
•Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Partner Relationship Management
•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.
Market Concept
•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
•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.
Social Marketing Concept
•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.
Customer-Generated Marketing