MarketingTheprocess by which companies createvaluefor customers and build strongcustomerrelationships in order to capturevaluefrom customers in return.NeedsStatesof felt deprivation.WantsTheform human needs take as theyareshaped by culture and individualpersonality.DemandsHumanwants that are backed by buyingpower.MarketofferingsSomecombination of products, services,information,or experiences offered to amarketto satisfy a need or want .
Production conceptTheidea that consumers will favorproductsthat are available and highlyaffordable;therefore, the organizationshouldfocus on improving productionanddistribution efficiency.ProductconceptTheidea that consumers will favorproductsthat offer the most quality,performance,and features; therefore,theorganization should devote itsenergyto making continuous productimprovements.SellingconceptTheidea that consumers will not buyenoughof the firm’s products unless thefirmundertakes a large-scale selling andpromotioneffort.MarketingconceptAphilosophy in which achievingorganizationalgoals depends on knowingtheneeds and wants of target marketsanddelivering the desired satisfactionsbetterthan competitors do.Societalmarketing conceptTheidea that a company’s marketingdecisionsshould consider consumers’wants,the company’s requirements,consumers’long-run interests, andsociety’slong-run interests.CustomerrelationshipmanagementTheoverall process of building andmaintainingprofitable customerrelationshipsby delivering superiorcustomervalue and satisfaction.Customer-perceivedvalueThecustomer’s evaluation of thedifferencebetween all the benefits and allthecosts of a marketing offer relative tothoseof competing offers.
CustomersatisfactionTheextent to which a product’s perceivedperformancematches a buyer’sexpectations.Customer-engagementmarketingMakingthe brand a meaningful part ofconsumers’conversations and livesbyfostering direct and continuouscustomerinvolvement in shapingbrandconversations, experiences, andcommunity.Consumer-generatedmarketingBrandexchanges created by consumersthemselves—bothinvited and uninvited—bywhich consumers are playing anincreasingrole in shaping their ownbrandexperiences and those of otherconsumers.Partnerrelationship managementWorkingclosely with partners in othercompanydepartments and outside thecompanyto jointly bring greater value tocustomers.Customerlifetime valueThevalue of the entire stream ofpurchasesa customer makes over alifetimeof patronage.CustomerequityThetotal combined customer lifetimevaluesof all of the company’s customers.Digitaland social mediamarketingUsingdigital marketing tools such asWebsites, social media, mobile appsandads, online video, e-mail, and blogsthatengage consumers anywhere, at anytime,via their digital devices.The Growth of Not-for-Profit MarketingIn recent years, marketing has also become a major part of thestrategies of many not-forprofitorganizations, such as colleges, hospitals, museums, zoos,symphony orchestras, foundations,and even churches.
The nation’s not-for-profits face stiffcompetition for supportand membership. Sound marketing can help them attract membership,funds, and support.Rapid GlobalizationAs they are redefining their customer relationships, marketers arealso taking a fresh lookat the ways in which they relate with the broader world aroundthem.
Today, almost everycompany, large or small, is touched in some way by globalcompetition. A neighborhoodflorist buys its flowers from Mexican nurseries, and a large U.S.electronics manufacturercompetes in its home markets with giant Korean rivals. A fledglingInternet retailer findsitself receiving orders from all over the world at the same timethat an American consumergoods producer introduces new products into emerging marketsabroad.