Marketing Kerin 12th Edition Chapter 1

customer experience
The internal response that customers have to all aspects of an organization and its offering. p. 16
customer relationship management (CRM)
The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. p. 15
customer value
The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. p. 11
customer value proposition
The cluster of benefits that an orga- nization promises customers to satisfy their needs. p. 10
environmental forces
The uncontrollable forces that affect a mar- keting decision and consist of social, economic, technological, competitive, and regulatory forces. p. 11
exchange
The trade of things of value between buyer and seller so that each is better off after the trade. p. 5
market
People with both the desire and the ability to buy a spe- cific offering. p. 9
market orientation
An organization that focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value. p. 15
market segments
The relatively homogeneous groups of pro- spective buyers that (1) have common needs and (2) will re- spond similarly to a marketing action. p. 12
marketing
The activity for creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, its stakeholders, and society at large. p. 5
marketing concept
The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization’s goals. p. 15
marketing mix
The marketing manager’s controllable factors— product, price, promotion, and place—that can be used to solve a marketing problem. p. 10
marketing program
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. p. 12
organizational buyers
Those manufacturers, wholesalers, retail- ers, and government agencies that buy products and services for their own use or for resale. pp. 18, 140
product
A good, service, or idea consisting of a bundle of tan- gible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value. pp. 18, 248
relationship marketing
Links the organization to its individual customers, employees, suppliers, and other partners for their mu- tual long-term benefit. p. 12
societal marketing concept
The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being. p. 17
target market
One or more specific groups of potential con- sumers toward which an organization directs its marketing program. p. 10
ultimate consumers
The people who use the products and ser- vices purchased for a household. Also called consumers, buyers, or customers. p. 18
utility
The benefits or customer value received by users of the product. p. 19