Chapter 1, Marketing, An Introduction; Armstrong and Kotler, 12th edition

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 want 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 undertake a large-scale selling and promotion effort
Marketing concept
A philosophy in which achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction 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 of 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 Websites, social media, mobile apps and ads, online video, email, and blogs that engage consumers anywhere, at any time, via their digital devices