The process by which compaines create value for customers and build strong customer relationships in order to capture value from customers in return.
States of felt deprivation.
The form human needs to take as they are shaped by culture and individual personality.
Human wants that are backed up by buying power.
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.
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.
The art and science of choosing target markets and building profitable relationships with them.
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 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 not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
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.
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.
The extent to which a product's percieved performance matches a buyer's expectations.
Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with eachother to shape their relationships with brands.
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.
Share of customer.
The portion of the customer's purchasing that a company gets in its product categories.
The total combined customer lifetime values of all the company's customers.
A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository.
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
A statement of the organization's purpose-what it wants to accomplish in the larger environment.
The collection of businesses and products that make up the company.
The process by which management evaluates the products and businesses that make up the company.
A portfolio-planning method that evaluates a company's SBU's in terms of its market growth rate and relative market share.
Product/market expansion grid
A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, or diversification.
Company growth by increasing sales of current market segments without changing the product.
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.
Company growth through starting up or acquiring businesses outside the company's current products and markets.
The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
Value delivery network
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.
The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
A group of consumers who respond in a similar way to a given set of marketing efforts.
Market targeting (or targeting)
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Actually differentiating the market offering to create superior customer value.
The set of tactical marketing tools-product,price,place, and promotion-that the firm blends to produce the response it wants in the target market.
An overall evaluation of the strengths (S), weaknesses (W), opportunities (O), and threats (T).
Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.
Return on marketing investment (marketing ROI)
A measure of the marketing productivity of a marketing investment-calculated by dividing net marketing contribution by marketing expenses.
The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.
The actors close to the company that affect its ability to serve its customers-the company, suppliers, marketing intermediaries, customer markets, competitors and publics.
The larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, and cultural forces.
Firms that help the company to promote, sell, and distribute its goods to final buyers.
Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
The 78 million people born during the years following world war II and lasting until 1964.
The 49 million people born between 1965 and 1976 in the "Birth dearth" following the baby boom.
Millennial generation (Generation Y)
The 83 million children of the baby boomers born between 1977 and 2000.
Economic factors that affect consumer purchasing power and spending patterns.
Natural resources that are needed as inputs by marketers or that are affected by marketing activities.
A management approach that involves developing strategies that both sustain the environment and produce profits for the company.
Forces that create new technologies, creating new product and market opportunities.
Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors.
Fresh understandings of customers and marketplace derived from marketing information that becomes the basis for creating customer value and relationships.
Marketing information systems (MIS)
People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
Electronic collections of consumer and market information obtained from data sources within the company network.
competitive marketing intelligence
The systematic collection and analysis of publicly available information about consumers, competitors, and developments and the marketing environment.
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research used to gather preliminary information that will help define problems and suggest hypotheses.
Marketing research used to better describe marketing problems, situations, or markets.
Marketing research used to test hypotheses about cause-and-effect relationships.
Information that already exists somewhere, having been collected for another purpose.
Information collected for the specific purpose at hand.
Gathering primary data by observing relevant people, actions, and situations.
A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."
Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
Focus group interviewing
Personal interviewing that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service or organization. The interviewer "focuses" the group discussion on important issues.
Online marketing research
Collecting primary data online through internet surveys, online focus groups, web- based experiments, or tracking consumers' online behavior.
Online focus groups
Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.
A segment of the population selected for marketing research to represent the population as a whole.
Customer relationship management(CRM)
Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
Consumer buyer behavior
The buying behavior of final consumers-individuals and households that buy goods and services for personal consumption.
All the individuals and households that buy or acquire goods and services for personal consumption.
The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
A group of people with shared value systems based on common life experiences and situations.
relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.
Two or more people who interact to accomplish individual or mutual goals.
The impact of personal words and recommendations of trusted friends, associates, and other consumers on buying behavior.
A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.
Online social networks
Online communities where people congregate, socialize and exchange views and information.
A person's pattern of living as expressed in his or her activities, interests, and opinions.
The unique psychological characteristics that distinguish a person or group.
A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
The process by which people select, organize, and interpret information to form a meaningful picture of the world.
Changes in an individual's behavior arising from experience.
A descriptive thought that a person holds about something.
A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
Buyer discomfort caused by post-purchase conflict.
A good, service, or idea that is perceived by some potential customers as new.
The mental process through which an individual passes from first hearing about an innovation to final adoption.
Business in buyer behavior
The buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.
Business buying process
The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands.
The business demand for products and services that ultimately derives from the demand for consumer goods.
Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials exist for use in making products or reselling them to others.
A business buying situation in which the buyer routinely reorders something without any modifications.
A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
A business buying situation in which the buyer purchases a product or service for the first time.
Systems selling (or solutions selling)
Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
All the individuals and units that play a role in the purchase decision-making process.
Product value analysis
Carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide greater value.
Purchasing performed through electronic connections between buyers and sellers-usually online.