Needs: are the basic things we need in our life. (e.g. food and nutrition)
Wants: are culture based and also individual personalities
Demands: are wants and backed by buying power. There is a difference between what you
want and what you are able to afford
Market offering: A variation of offerings such as activities or benefits that make it possible
to fulfil the needs and wants of the combination. Experiences for customers.
Marketing myopia: The mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products. ->
Focussing on wants instead on needs.
Exchange: The act of obtaining a desired object from someone by offering something in
return.
Market: The set of all actual and potential buyers of a product or service.
Marketing management: The art and science of choosing target markets and building
profitable relationships with them.
The share of customers: The percentage of customers that the company is able to attract in
their product categories.
Customer lifetime value: The entire amount of value that you are able to extract from a
customer during its lifetime.
Customer equity: The total combined customer lifetime values of all of the company’s
customers.
Marketing orientation: Philosophy that achieving organizational goals depends on knowing
the needs and wants of the target markets and delivering the desired satisfactions better
than competitors do.
Marketing management orientations:
Production concept: The idea that consumers will favour products that are available and
highly affordable -> Organization should focus on improving production and distribution
efficiency.
Product concept: The idea that consumers will favour products that offer the most quality,
performance and features -> Organization should devote its energy to making continuous
product improvements.
, Selling concept: The idea that consumers will not buy enough of the firm’s products unless
the firm undertakes a large-scale selling and promotion effort. Aim is on selling and not long-
term customer relationships.
Marketing concept: A philosophy in which achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions
better than competitors do.
Societal marketing concept: The idea that a company’s marketing decisions should consider
consumers’ wants, the company’s requirements, consumers’ long-run interests, and
society’s long-run interests.
Customer relationship management: The overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction.
Customer-perceived value: The customer’s evaluation of the difference between all the
benefits and all the costs of a marketing offer relative to those of competing offers.
Customer satisfaction: The extent to which a product’s perceived
performance matches a buyer’s expectations.
Customer-engagement marketing: Making the brand a meaningful part of consumers’
conversations and lives by fostering direct and continuous customer involvement in shaping
brand conversations, experiences, and community.
Customer-generated marketing: Brand exchanges created by consumers themselves—both
invited and uninvited— by which consumers are playing an increasing role in shaping their
own brand experiences and those of other consumers.
Partner relationship management: Working closely with partners in other company
departments and outside the company to jointly bring greater value to customers.
Strategic planning: The process of developing and maintaining a strategic fit between the
organization’s goals and capabilities and its changing marketing opportunities.
Mission statement: A statement of the organization’s purpose—what it wants to accomplish
in the larger environment.
Setting objectives and goals: turn its mission into detailed supporting objectives
Designing Business portfolio: The collection of businesses and products that make up the
company.
Portfolio analysis: The process by which management evaluates the products and
businesses that make up the company.
Growth-share matrix: A portfolio-planning
method that evaluates a company’s SBUs in
terms of market growth rate and relative
market share.
Wants: are culture based and also individual personalities
Demands: are wants and backed by buying power. There is a difference between what you
want and what you are able to afford
Market offering: A variation of offerings such as activities or benefits that make it possible
to fulfil the needs and wants of the combination. Experiences for customers.
Marketing myopia: The mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products. ->
Focussing on wants instead on needs.
Exchange: The act of obtaining a desired object from someone by offering something in
return.
Market: The set of all actual and potential buyers of a product or service.
Marketing management: The art and science of choosing target markets and building
profitable relationships with them.
The share of customers: The percentage of customers that the company is able to attract in
their product categories.
Customer lifetime value: The entire amount of value that you are able to extract from a
customer during its lifetime.
Customer equity: The total combined customer lifetime values of all of the company’s
customers.
Marketing orientation: Philosophy that achieving organizational goals depends on knowing
the needs and wants of the target markets and delivering the desired satisfactions better
than competitors do.
Marketing management orientations:
Production concept: The idea that consumers will favour products that are available and
highly affordable -> Organization should focus on improving production and distribution
efficiency.
Product concept: The idea that consumers will favour products that offer the most quality,
performance and features -> Organization should devote its energy to making continuous
product improvements.
, Selling concept: The idea that consumers will not buy enough of the firm’s products unless
the firm undertakes a large-scale selling and promotion effort. Aim is on selling and not long-
term customer relationships.
Marketing concept: A philosophy in which achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions
better than competitors do.
Societal marketing concept: The idea that a company’s marketing decisions should consider
consumers’ wants, the company’s requirements, consumers’ long-run interests, and
society’s long-run interests.
Customer relationship management: The overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction.
Customer-perceived value: The customer’s evaluation of the difference between all the
benefits and all the costs of a marketing offer relative to those of competing offers.
Customer satisfaction: The extent to which a product’s perceived
performance matches a buyer’s expectations.
Customer-engagement marketing: Making the brand a meaningful part of consumers’
conversations and lives by fostering direct and continuous customer involvement in shaping
brand conversations, experiences, and community.
Customer-generated marketing: Brand exchanges created by consumers themselves—both
invited and uninvited— by which consumers are playing an increasing role in shaping their
own brand experiences and those of other consumers.
Partner relationship management: Working closely with partners in other company
departments and outside the company to jointly bring greater value to customers.
Strategic planning: The process of developing and maintaining a strategic fit between the
organization’s goals and capabilities and its changing marketing opportunities.
Mission statement: A statement of the organization’s purpose—what it wants to accomplish
in the larger environment.
Setting objectives and goals: turn its mission into detailed supporting objectives
Designing Business portfolio: The collection of businesses and products that make up the
company.
Portfolio analysis: The process by which management evaluates the products and
businesses that make up the company.
Growth-share matrix: A portfolio-planning
method that evaluates a company’s SBUs in
terms of market growth rate and relative
market share.
