Marketing
The
process by which companies create
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.
