Master this deck with 20 terms through effective study methods.
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A process to satisfy needs through value exchange.
Basic human requirements that exist independently.
Desires are specific objects to satisfy needs.
Desires backed by purchasing power.
Includes negative, nonexistent, latent, and more.
A group of customers perceiving sellers as part of an industry.
Segments of a market identified for specific marketing efforts.
Focus on efficiency and low-cost products.
Sales focuses on selling products; marketing focuses on consumer needs.
Integrates various marketing components for overall effectiveness.
Net present value of future profits from a customer.
Strategies to keep existing customers engaged.
Determines loyalty and repeat business.
To reward frequent customers and enhance retention.
Reactive addresses expressed needs; proactive seeks latent needs.
Influences customer decisions based on benefits versus costs.
Helps improve products and services based on experiences.
To maintain relationships and enhance customer satisfaction.
Tailors marketing efforts to individual customer preferences.
Essential for creating effective marketing strategies.