Kotler|Armstrong Principles of Marketing Chapter 1 Vocabulary 18th edition

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 shaped by culture and individual personality

Demands

Human wants that are backed by buying power

Marketing offer

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Exchange

The act of obtaining a desired object from someone by offering something in return

Market

The set of actual and potential buyers of a product or service

Marketing management

The art and science of choosing target markets and building profitable relationships with them

Production concept

The idea that consumers will favor products that are available and highly affordable

Product concept

The idea that consumers will favor products that offer the most in quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements

Marketing concept

The marketing management philosophy that holds that 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

A principle of enlightened marketing that holds that a company should make good marketing decisions by considering 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 value and satisfaction

Customer perceived value

The difference between total customer value and total customer cost

Customer satisfaction

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

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 that the customer would make over a lifetime of patronage

Share of customer

The portion of the customer's purchasing that a company gets in its product categories

Customer equity

The total combined customer lifetime values of all the company's customers

Internet of Things (IoT)

A global environment where everything and everyone is digitally connected to everything and everyone else

Marketing myopia

Focus only on existing wants, losing sigh of their needs

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.

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

Customer brand advocacy

Actions by which satisfied customers initiate favorable interactions with others about a brand

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