Chapter 1 Marketing: Creating and Capturing Customer Value Flashcards

6688826906	Marketing	The process by which companies create value for customers relationships to capture value from customers in return.	0
6688853910	Needs	States of felt deprivation. requirements for survival, such as food, clothing, and shelter	1
6688956608	Wants	The form human needs take as they are shaped by culture and individual personality. things that add comfort and pleasure to your life	2
6689037526	Demands	Human wants that backed by buying power.	3
6689046926	Market Offerings	Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.	4
6689059089	Exchange	The act of obtaining a desired object from someone by offering something in return.	5
6689084031	Market	The set of all actual and potential buyers of a product or service.	6
6689098958	Marketing Mangement	The art and science of choosing target markets and building profitable relationships with them.	7
6689110047	Value Proposition	The set of benefits or values it promises to deliver to consumers to satisfy their needs.	8
6689137824	Production Concept	The idea that consumer will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.	9
6689380542	Product Concept	The 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
6689495712	Selling Concept		11