Ch 1 Definitions

Principles of Marketing

15 cards·by Karie

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers i

Marketing

The process where companies create value FOR customers and build strong customer relationships 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 market to satisfy a need or want

Market Offering

The mistake of paying more attention to the specific products a company offers than to the benefits + 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 and that the organization should therefore focus on imp

Production Concept

The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefor

Product Concept

The idea that consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion effort

Selling concept

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Customer Relationship Management

The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, a

Societal Marketing Concept