Marketing: th e activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at-large.
Need: status 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.
market offering: 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 customers will favor products that are availabe and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
product concept: the idea that consumers will favor products that offer the most quality, performance and features and that the organization should therefore devote its energy to making continous product improvements.
selling concept: the idea that consumers will not bu y enough of the film PRODUCTS unless it undertakes a large-scale selling and promotion effort.
marketing concept: the marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors.
Societal marketing concept: the idea that a companies marketing DECISIONS should consider consumers wants, the COMPANY'S requirements, consumers long-run INTEREST and SOCIETY'S long-run INTEREST.
customer relationship management: the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
customer-PERCEIVED value: the customers evaluation of the difference between all the BENEFITS and all the cost of a marketing offer relative to THOSE of competing offers.
customer satisfaction: the extent to which a products PERCEIVED performance matches a buyers expectations.
consumer-generated marketing: marketing messages, ads, and other brand exchanges created by consumers themselves both invited and uninvited.
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 that the customer would make over a lifetime of patrronage.
share of customer: the portion of the customers purchasing that a company gets in its product categories.
customer equality: the total combined customer lifetime values of all the companies customers
internet: a vast public web of cumputer networks which connects users of all types all around the world to each other and to an amazingly large information repository.