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Chapter 1 Marketing: Creating and Capturing Customer Value Flashcards

Terms : Hide Images
6688826906MarketingThe process by which companies create value for customers relationships to capture value from customers in return.0
6688853910NeedsStates of felt deprivation. requirements for survival, such as food, clothing, and shelter1
6688956608WantsThe form human needs take as they are shaped by culture and individual personality. things that add comfort and pleasure to your life2
6689037526DemandsHuman wants that backed by buying power.3
6689046926Market OfferingsSome combination of products, services, information, or experiences offered to a market to satisfy a need or want.4
6689059089ExchangeThe act of obtaining a desired object from someone by offering something in return.5
6689084031MarketThe set of all actual and potential buyers of a product or service.6
6689098958Marketing MangementThe art and science of choosing target markets and building profitable relationships with them.7
6689110047Value PropositionThe set of benefits or values it promises to deliver to consumers to satisfy their needs.8
6689137824Production ConceptThe idea that consumer will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.9
6689380542Product ConceptThe 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.10
6689495712Selling Concept11

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