Marketing: managing profitable customer relationships - terms

Marketing: an introduction -- part 1 -- terms

marketing -- a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others
needs --states of felt deprivation
wants - the form human needs take as shaped by culture and individual personality
demands -- human wants that are backed by buying power
marketing offer -- some combination of products, services, information, or experiences offered to a market to satisfy a need or want
exchange -- the act of obtaining a desired object from someone by offering something in return
transaction -- a trade of values between two parties
market -- the set of all actual and potential buyers of a product or service
marketing management -- the art in science and choosing target markets in building profitable relationships with them
production concept -- the idea that consumers will favor products that are available and highly affordable
product concept -- the idea that consumers will favor products to offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements
selling concept -- the idea that the consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion efforts
marketing concept -- the marketing management philosophy that holds that achieving organizational goals depends on knowing that needs and wants of target markets in delivering the desired satisfactions better than competitors do
societal marketing concept -- a principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers wants, the Company's requirements, consumers long run interest, and societies long run interests
customer relationship management -- the overall process of building and maintaining profitable customer relationship by delivering superior customer value and satisfaction
customer perceived value --the difference between total customer value and total customer cost
customer satisfaction -- the extent to which a product perceived performance matches a buyer's expectations
partner relationship management -- working closely with partner's 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 that the customer would make over a lifetime of patronage
share of customer -- the portion of the customers purchasing in its product categories that a company gets
customer equity -- the total combined customer lifetime values of all of the Company's customers
Internet -- a vast public web of computer networks, which connects users of all types from all around the world to each other and to an amazingly large information repository