Principles of Marketing Overview

The marketing management philosophy that focuses on improving production and distribution to make products widely available and affordable.

The marketing management philosophy that emphasizes creating products with the highest quality, performance, and innovative features.

The marketing management philosophy that prioritizes selling efforts and promotion to push products to consumers.

A situation where companies focus too much on specific products and lose sight of the underlying customer needs.

The marketing management philosophy that focuses on understanding and meeting customer needs and wants better than competitors.

The marketing management philosophy that prioritizes satisfying customer needs while also considering society's long-term interests.

The process of creating, capturing, communicating, delivering, and exchanging value for customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

The process of creating and capturing value for the organization and its stakeholders.

The value a customer perceives they receive from a product or service compared to competitor offerings, considering both benefits and costs.

The degree to which a customer's expectations are met or exceeded by a product or service's performance. Positive customer satisfaction occurs when performance surpasses expectations.

A customer is so satisfied with a product or service that they enthusiastically recommend it to others, becoming a loyal advocate for the brand.

A marketing strategy that focuses on building strong, lasting relationships with profitable customers.

Using digital tools like the internet to communicate, advertise, and build relationships directly with customers.

Companies are increasingly asked to consider their ethical and social responsibility when making marketing decisions.

The idea that consumers across the world are increasingly sharing similar tastes and preferences.

The marketing management philosophy that focuses on understanding and meeting customer needs and wants better than competitors. It emphasizes creating value for customers and building long-term relationships.

The marketing management philosophy that recognizes the need to balance consumer wants with societal well-being. It aims to deliver value to customers in a way that benefits both the consumer and society.

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It encompasses acquiring, keeping, and growing customers.

The difference between what a customer truly needs and what they want. Needs are basic human requirements, while wants are shaped by culture and personality.

A situation where a customer wants a specific product and has the ability and willingness to buy it. This means the customer has the financial means and a strong desire to purchase the product.