Customer equity, - the total combined customer lifetime values of all of he company’s customers
Customer lifetime value – the value of the entire stream of purchases a customer over a lifetime of patronage.
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 relationship management (CRM) - Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
Customer satisfaction- the extent to which products perceived performance matches a buyer’s expectation
Demands- humans want that are backed up by buying power
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- the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Marketing concept- a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering that desired satisfactions better than competitors do.
Marketing management- the art and science of choosing target markets and building profitable relationship with them
Marketing myopia- the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
Market offering-some combination of products services, information or experiences offered to a market to satisfy a need or want
Needs- states of felt deprivation
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.
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
Selling concept- the idea that consumers will not buy enough of the firms products unless the firms unless the firm undertakes a large-scale selling and promotion effort.
Share of customer- the portion of the customers purchasing that a company gets in its product categories.
Societal marketing concept- the idea that a company’s marketing decisions should consider consumers wants, the company’s requirements, consumer’s long-run interests and society’s long-run interests
Wants- the form human needs take as they are shaped by culture and individual personality.
Boston Consulting Group- approach involving the BCG-growth-share matrix
Business portfolio- the collection of businesses and products that make up the company
Differentiation- actually differentiating the marking offering to create superior customer value
Diversification- company growth through starting up or acquiring business outside the company’s current products and markets
Growth-share matrix – A portfolio-planning method that evaluates a company’s SBU’s in terms of its market growth rate and relative market share.
Market development- Company growth by identifying and developing new market segments for current company products
Market penetration- company growth by increasing sales of current products to current market segments without changing the product
Market segment- a group of consumers who respond in a similar way to a given set of marketing efforts.
Market segmentation- dividing a market into distinct groups of buyers who have different needs characteristics or behaviors and who might require separate products or marketing programs
Market targeting- the process of evaluating each market segments attractiveness and selecting one or more segments to enter
Marketing mix- the set of tactical marketing tools- product, price, place