Marketing an introduction chapter 1

marketing
marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at-large
needs
states for felt deprivation
wants
the form human needs take as shaped by culture and individual personality
demands
human wnats that are backed up by buing power
marketing offering
some combination of products, services, information, or experience 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
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 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 continuous product improvements
selling concept
the idea that consumers will not buy enough of the firm’s products unless it undertakes a lager-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 staisfactions better than competitors do
societal marketing concept
the idea that a company’s marketing decisions should consider consumer’s wants, the company’s requierments, 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-percieved 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
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 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
internet
a vast public web of computer networks, which connects users of all types all around the world to each other and to an amazingly large information repository