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Marketing

process by which companies create value for customers and build strong customer relationships to capture value from customers in return

Market Offerings

are some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Marketing Myopia

is focusing only on existing wants and losing sight of underlying consumer needs

Exchange

is the act of obtaining a desired object from someone by offering something in return

Markets

are the set of actual and potential buyers of a product

Marketing Management

is the art and science of choosing target markets and building profitable relationships with them

Market Segmentation

refers to dividing the markets into segments of customers

Target Marketing

refers to which segments to go after

Demarketing

marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it

The Value Proposition

the set of benefits or values a company promises to deliver to customers to satisfy their needs

Production Concept

the idea that consumers will favor products that are available or highly affordable

Selling Concept

the idea that consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort

Marketing Concept

the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do

Societal Marketing

concept is the idea that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-term interests, and society's long-run interests

The Marketing Mix

set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.

Integrated Marketing Program

comprehensive plan that communicates and delivers the intended value to chosen customers

Customer Relationship Management (CRM)

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Partner Relationship management (PRM)

involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers

Share of Customer

portion of the customer's purchasing that a company gets in its product categories

Customer Equity

total combined customer lifetime values of all of the company's customers

frequency marketing program

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a _______

Customer-perceived value

________ is defined as the customer's evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Wants

________ are human needs as shaped by individual personality and culture.

Objective evaluation

Customer-perceived value is determined by a customer's ______________ of the benefits and costs of a market offering relative to those of competing offers.

Market Offering

What do companies call a set of benefits that they promise to consumers to satisfy their needs?

Understand the marketplace and customer needs

According to the simple five-step model of the marketing process, a company needs to _________ before a customer-driven marketing strategy.

Product Marketing

When customers don't know what they want or don't even know what's possible, the most effective strategy is _________ marketing.

Marketing

__________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.

Long-run Welfare

The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ___________

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