Marketing - The process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return.
Needs - States of felt deprivation.
Wants - The form human needs take as they are shaped by culture and individual
personality.
Demands - Human wants that are backed by buying power.
Market offerings - Some combination of products, services, information, or
experiences offered to a market to satisfy a need or want.
Marketing myopia - The mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products.
Exchange - The act of obtaining a desired object from someone by offering something
in return.
Market - The set of all actual and potential buyers of a product or service.
Marketing management - The art and science of choosing target markets and building
profitable relationships with them.
Production concept - 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 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 idea that consumers will not buy enough of the firm’s products
unless the firm undertakes a large-scale selling and promotion effort.
Marketing 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.
Societal marketing concept - 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.
Customer relationship management - The overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction.
Customer-perceived value - 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 - The extent to which a product’s perceived performance
matches a buyer’s expectations.
Customer-engagement marketing - 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.
Consumer-generated 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.
Partner relationship management - Working closely with partners in other company
departments and outside the company to jointly bring greater value to customers.
Customer lifetime value - The value of the entire stream of purchases a customer
makes over a lifetime of patronage.
Share of customer - The portion of the customer’s purchasing that a company gets in
its product categories.
Customer equity - The total combined customer lifetime values of all of the company’s
customers.
Digital and social media marketing - Using digital marketing tools such as Web sites,
social media, mobile apps and ads, online video, e-mail, and blogs that engage
consumers anywhere, at any time, via their digital devices.
