Csulb Marketing 500 Ch1

Front 1

Market

Back 1

Set of all actual and potential buyers of a product

Front 2

Marketing myopia

Back 2

The mistake of paying more attn to products than the benefit /experience produced by these products

Front 3

Market offering

Back 3

Some combination of products, services, info, entainment, or experiences offered to a market to satisfy a need or want.

Front 4

Demands

Back 4

Human wants that are backed by buying power

Front 5

Wants

Back 5

The form human needs take as they are shaped by culture and individual personality.

Front 6

Needs

Back 6

State of felt deprivation

Front 7

4 P's + T

Back 7

Product

Promotion

Placement

Price

Target

Front 8

Marketing

Back 8

The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.

Front 9

Marketing Management

Back 9

The art and science of choosing target markets and building profitable relationships with them.

Front 10

Production concept

Back 10

The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.

Front 11

Product Concept

Back 11

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.

Front 12

Selling Concept

Back 12

The idea that consumers will not buy enough of the firms products unless the firm undertakes a large scale selling and promotion effort.

Front 13

Marketing Concept

Back 13

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Front 14

Society Marketing Concept

Back 14

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.

Front 15

Customer relationship management

Back 15

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

Very similar to Marketing Strategy.

Front 16

Customer-Perceived Value

Back 16

The customers evaluation of the difference between benefits and costs of a market offering relative to competing offers.

Front 17

Customer Satisfaction

Back 17

when a product's perceived performance matches a buyer's expectations.

Front 18

Customer engaged Marketing

Back 18

Making the brand a meaningful part of consumers conversations and lives resulting in continuous customer engagement in shaping brand conversations, experiences, and community.

Front 19

Consumer Generated Marketing

Back 19

Brand exchanges created by consumers themselves - both invited and uninvited.

Front 20

Partner relationship management

Back 20

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

Front 21

Customer Lifetime Value

Back 21

The value of the entire stream of purchases a customer makes over a lifetime of patronage.

Front 22

Share of Customer

Back 22

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

Front 23

Customer Equity

Back 23

The total combined customer Lifetime value of all of the company's customers.

Front 24

Digital and Social Media Marketing

Back 24

Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.