Marketing Chapter 1

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

States of felt deprivation.

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

Human wants that are backed by buying power.

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

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. 

The act of obtaining a desired object from someone by offering something in return. 

The set of all actual and potential buyers of a product or service. 

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

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

The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making
continuous product improvements. 

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

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

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. 

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

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. 

The extent to which a product’s perceived performance matches a buyer’s
expectations.

Marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands. 

The value of the entire stream of purchases that the customer would make over a lifetime of patronage. 

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

The total combined customer lifetime value of all of the company’s customers.