Marketing Test 1

The process by which companies create value for cutomers and build strong customer relationships in order to capture value from customers return.

The state of felt deprivation. Including basic phyical needs for food, clothing, warmth , and safety; social needs for belonging and affection ; and individual needs for knowledge and self expression.

Are the form human needs take as they are shaped by culture and individual personality. They are shaped by ones society and are described in terms of objects that will satisfy needs

Human wants that are backed by buying power. Given their wants and resources , people _______ products with benefits that add up to the most value and satisfaction.

Is the set of actual and potential buyers of a product. These buyers share a particular need or want that can be satisfied through exchange relationships.

Holds that consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency.

This holds that consumers will favor products that offer the most in quality, performance, and innovative features. Under this concept , marketing strategy focuses on making continuous product improvements.

Many companies follow this , which holds that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotin effort. The concept is typically practiced with unsought goods- those that buyers do not normally think of buying , such as insurance or blood donatins., these industries must be good at tracking down prospecs and selling them on product benifits.

This holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering that desired satisfactions better than competitors do. Under this concept, customer focus and value are the paths to sales and profits.This concept is customer centered " sense and respond " philosophy. The job is not to find the right customers for your product but to find the right products for your customers.

Managing detailed information about individual customers and carefully managing customer " touch points " in order to maxmize customer loyalty, the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. ( a practice called CRM) very importand concept of modern marketing.

The customers evaluation of the difference between all the benefits and all the cost of a marketing offer realtive to those of competing offers. A customer buys from the firm that offers the highest of this concept.

The extent to which a products perceived performance matches a buyers expectation.

The valule of the entire stream of purchases that the customer would make over a a lifetime of patronage, ( life time customers)

The total combined customer lifetime values of all the company's customers ( The past customers (the old ) and new custumers ( the youth) to satisfy their likes and needs and to keep up with modern and popular wants.

The process of developing and maintaining a strategic fit between the organizations goals and capabilites and its changing marketing opportunities.This sests the stage for the rest of the planning in the firm. Companies usually prepare annual plans, long range plans and strategic plans.