FM 117 Midterm

State of selt deprivation

physical needs, social needs, individual needs

The form human needs take as they are shaped by culture and individual personality

When needs are backed 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 and that the organization should therefore focus on improving production and distribution efficency

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

The idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort- takes an inside-out perspective-getting short term sales with little concern who buys or why

The marketing management philosiphy 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.-takes an outside-in perspective ; yeilds profits by creating lasting relationships with the right customers based on customer value and satisfaction

Research current customers deeply to learn about their desires, father new product and service ideas, and test proposed product improvements

Questions whether the pure marketing concept overlooks possible conflicts between consumer short run wants and consumer long run welfare

Company profits, consumer wants, and societys interest