Principles of Marketing Chapter 1

A management process by which companies create value for customers and build strong customer relationships, aiming to capture value in return.

Something that is inherently necessary for survival and well-being.

Specific forms of needs shaped by culture and individual personality.

Wants backed by buying power.

A good, service, or idea offered to satisfy a need or want.

The perceived benefits gained from a product compared to the cost of acquiring it.

The process of exchanging goods or services for something of value, typically money.

The act of exchanging a product or service for cash or equivalent.

A group of potential and existing customers who might be interested in purchasing a product or service.

The process by which companies create value for customers by satisfying their needs and wants, aiming to build strong relationships and capture value in return.

A set of benefits or values that a company promises to deliver to customers to satisfy their needs.

The process of actively searching for products, interacting with companies for information, and making purchases.

The art and science of choosing target markets (specific groups of customers) and building profitable relationships with them.

A marketing management approach that emphasizes producing and distributing products efficiently.

A marketing management approach that focuses on selling and promoting products to convince customers to buy.

A marketing management approach that emphasizes understanding and satisfying customer needs and wants.

A marketer should focus on the benefits a product offers to the customer, not just the product itself.

This involves understanding the needs and wants of target customers and then creating and delivering value to satisfy those needs and wants.

This means creating products and services that are superior to those of competitors and providing excellent customer service.

A set of marketing tools used to deliver and communicate value to customers, often remembered by the four Ps: product, price, promotion, and place.

A comprehensive plan that combines all marketing tools to deliver intended value to customers.

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

The perceived benefits gained from a product compared to its cost.

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

A marketing approach that fosters direct, ongoing customer involvement in shaping brand conversations, experiences, and community.

A strategy for managing customer relationships built on delivering superior value and satisfaction.

The process of capturing value from customers in return for delivering superior value and satisfaction.

The process of creating and delivering goods or services to meet customer needs and wants.

The ability of a product to meet consumer demand.

The goal of marketing is to fulfill the needs and wants of customers.

Marketers aim to maximize the variety of products offered to consumers.

Stimulating more spending, buying, and consumption can lead to increased production, employment, and wealth.

Marketing created by consumers themselves, often involving user-generated content and viral campaigns.

A business approach that focuses on building and maintaining strong relationships with partners in other departments and external organizations to deliver greater value to customers.

The total monetary value a customer is expected to bring to a company over their entire relationship, including repeat purchases and referrals.

The proportion of a customer's total purchases in a product category that a company receives.

The total combined customer lifetime value of all a company's customers.

A strategy aimed at increasing customer equity by focusing on building strong, profitable relationships with a customer base.

Digital marketing using websites, social media, mobile apps, online videos, email, and blogs to reach consumers anytime on their digital devices.

Groups of customers who differ in their profitability and strategic value to the company.