markrting

Marketing

The
process by which companies create

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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
wants 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

 

. 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
undertakes a large-scale selling and

promotion
effort.

Marketing
concept

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.

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 over a

lifetime
of patronage.

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

Web
sites, social media, mobile apps

and
ads, online video, e-mail, and blogs

that
engage consumers anywhere, at any

time,
via their digital devices.

The Growth of Not-for-Profit Marketing

In recent years, marketing has also become a major part of the
strategies of many not-forprofit

organizations, such as colleges, hospitals, museums, zoos,
symphony orchestras, foundations,

and even churches. The nation’s not-for-profits face stiff
competition for support

and membership. Sound marketing can help them attract membership,
funds, and support.

Rapid Globalization

As they are redefining their customer relationships, marketers are
also taking a fresh look

at the ways in which they relate with the broader world around
them. Today, almost every

company, large or small, is touched in some way by global
competition. A neighborhood

florist buys its flowers from Mexican nurseries, and a large U.S.
electronics manufacturer

competes in its home markets with giant Korean rivals. A fledgling
Internet retailer finds

itself receiving orders from all over the world at the same time
that an American consumer

goods producer introduces new products into emerging markets
abroad.

 

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