Master this deck with 100 terms through effective study methods.
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The set of strategies and activities by which companies acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return.
Human wants that are backed by buying power
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
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
states of felt deprivation
the form human needs take as they are shaped by culture and individual personality
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
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
the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
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
actions by which satisfied customers initiate favorable interactions with others about a brand
the total combined customer lifetime values of all of the company's customers
the value of the entire stream of purchases a customer makes over a lifetime of patronage
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
The sense of pleasure a buyer feels when a product's perceived performance matches or exceeds their expectations.
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
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
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
working closely with partners in other company departments and outside the company to jointly bring greater value to customers
the portion of the customer's sepending that a company gets in its product categories
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.
a global environment where everything and everyone is digitally connected to everything and everyone else
a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate and relative market share
company growth through starting up or acquiring businesses outside the company's current products and markets
the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
The process by which management evaluates and plans for the future of the products and businesses that make up the company.
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
a statement of the organization's purpose - what it wants to accomplish in the larger environment
An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).
actually differentiating the market offering to create superior customer value
a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value and driving profits
A group of consumers who are expected to respond in a similar way to a given set of marketing efforts.
evaluating each market segment's attractiveness and selecting one or more segments to serve
measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved
the set of marketing tools - product, price, place, and promotion - the firm blends to produce the response it wants in the target market
company growth by increasing sales of current products to current market segments without changing the product
the collection of businesses and products that make up the company
a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
company growth by identifying and developing new market segments for current company products
company growth by offering modified or new products to current market segments
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
(marketing ROI) The net return from a marketing investment divided by the costs of the marketing investment.
the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
the 73 million children of the baby boomers born between 1981 and 1996
laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society
firms that help the company to promote, sell, and distribute its goods to final buyers
the study of human populations in terms of size, density, location, age, gender, race, occupation, and other characteristics
the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
developing strategies and practices that create a world economy that the planet can support indefinitely
economic factors that affect consumer purchasing power and spending patterns
institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors
the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
kids born after 2012, largely the children of the millennials
people born between 1997 and 2012 who make up the tweens to twenty-something markets
the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces
the 71 million people born during the years following WWII from 1946 through 1964
the 65 million people born between 1965 and 1980 following the baby boom
forces that create new technologies, creating new product and market opportunities
any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives
changes in an individual's behavior arising from experience
the psychological characteristics that distinguish a person that are expressed in traits such as self-confidence, dominance, sociability, and adaptability
The set of perhaps 10 or more brands that consumers begin evaluating in order to generate a smaller choice set.
A person's pattern of living as expressed in his or her activities, interests, and opinions
the process by which people select, organize, and interpret information to form a meaningful picture of the world
a descriptive thought that a person holds about something
a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
the stage of the buyer decision process in which the consumer uses information to evaluate alternative brands
buyer discomfort caused by post purchase conflict
the buyer's decision about which brand to purchase
consumer buying behavior in situations characterized by high involvement but few perceived differences among brands
The first stage of the buyer decision process, in which the consumer recognizes a problem or need
all the individuals and households that buy or acquire goods and services for personal consumption
consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences among brands
the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior
consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands
the mental process through which an individual passes from first hearing about an innovation to final adoption
A group of people with shared value systems based on common life experiences and situations
the buying behavior of final consumers - individuals and households that buy goods and services for personal consumption
Online social communities - blogs, social networking Web sites, and other online communities - where people socialize or exchange information and opinions
consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences
the sum of the ongoing experiences consumers have with a brand that affect their buying behavior, engagement, and brand advocacy over time
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
a social group that serves as a point of reference in shaping a persons attitudes or behavior
enlisting established influencers or creating new influencers to spread positive information about a company's brands
a good, service, or idea that is perceived by some potential customers as new
the stage of the buyer decision process in which the consumer is motivated to search for more information
The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction
a need that is sufficiently pressing that the person seeks to satisfy it
The smaller set of brands—say, five or fewer—that consumers carefully evaluate in order to make their final choice.
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing
forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries
an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer