...@Chapter 6 @... #consumer surplus: the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. #willingness to pay: the max amount of money a consumer will pay for a given good/service. #systems selling: buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation. #straight rebuy: a business buying situation in which the buyer routinely reorders something without any modifications. #modified rebuy: a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers. #new task: a business buying situation in which the buyer purchases a product or service for the first time. #buyer center: all the individuals and units that play a role in the purchase decision-making process. #users: members of the buying organization who will actually use the purchased product or service. #influencers: people in an organization's buying center who affect the buying decision. #buyers: the people in the organization's buying center who make the actual purchase. #deciders: people in the organization's buying center who have formal or informal power to select or approve the final suppliers. #gatekeepers: people in the organization's buying center who control the flow of information to others.

...@Chapter 5@.... #consumer behavior: the buying behavior of final consumers - individuals and households that buy goods and services for personal consumption. #culture: the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. #subculture: a group of people with shared value systems based on common life experiences and situations. #social class: relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. #membership groups: two or more people with direct influence and to which a person belongs. #reference groups: form a comparison or reference in forming attitudes or behaviors. #word of mouth: includes using opinion leaders and buzz marketing. #opinion leader: person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others. #buzz marketing: an attempt to enlist or create opinion leaders to serve as brand ambassadors. #lifestyle: a person's pattern of living as expressed in his.her activities, interests, and opinions. #attitude: a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward on object or idea. #evoked/consideration set: a group of relevant brands that a prospective consumer is favorably familiar with when they're thinking about making a purchase. #brand loyalty: the extent of the faithfulness of consumers to a particular brand. #satisfaction: the relationship between the consumer's expectations and the product's perceived performance. #cognitive dissonance: buyer discomfort caused by post-purchase conflict.

..@Chapter 4@... #marketing information system: people and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. #internal databases: electronic collections of consumer and market information obtained from data sources within the company network. #marketing intelligence: the systematic collection and analysis of publicly available information about consumers, competitors, and developments int he marketing environment. #market research: the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. #marketing research process: 1. define the problem and research objectives 2. develop the research plan for collecting information 3. collect and analyze data 4. interpret and report findings. #exploratory research: marketing research to gather preliminary data that will help define problems and assess hypotheses. #descriptive research: marketing research to better marketing problems, situations, or markets, such as the market potential for a product of the demographics and attitudes of consumers. #customer relationship management: managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty.

...@Chapter-2@.... #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: the organization's purpose, what it wants to accomplish in the larger environment. #market oriented mission statement: defines the business in terms of satisfying basic customerneeds. #6 strategic business objectives 1. Operational Excellence 2. New Products, Service, and Business model 3. Customer/ Supplier Intimacy 4. Improved Decision Making 5. Competitive Advantage 6. Survival. #Product/Market Expansion Grid: a tool for identifying company growth opportunities through market penetration, market development, product development, or diversification. #Market Penetration: a growth strategy increasing sales to current market segments without changing the product. #Market Development: a growth strategy that identifies and develops new market segments for current products. #Product Development: a growth strategy that offers new or modified products to existing market segments. #Diversification: a growth strategy for starting up or acquiring businesses outside the company's current products and markets. #Downsizing: the reduction of the business portfolio by eliminating products or businesses units that are not profitable or that no longer fit the company's overall strategy. #Value Chain: a series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products. #Value Delivery Network: made up of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve performance of the entire system.

...@Chapter-3@.... #marketing environment: the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. #microenvironment: the actors close to the company that affect its ability to serve its customers (the company, suppliers, marketing intermediaries, customer markets, competitors, and publics). #macroenviornment: the larger societal forces that affect the microenvironment (demographic, economic, natural, technological, political & cultural forces). #marketing intermediaries: firms that help the company to promote, sell, and distribute its goods to final buyers. #public: any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objective. #demography: the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. #economic environment: economic factors that affect consumer purchasing power and spending patterns (industrial economies, subsistence economies, & developing economies). #natural environment: natural resources that are needed as inputs by marketers or that are affected by marketing activities. #environmental sustainability: developing strategies and practices that create a world economy that the planet can support indefinitely. #technological environment: forces that create new technologies, creating new product and market opportunities political environment Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. #cultural environment: institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors.

...@Chapter-1@.... #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-managed relationships: marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands. #Consumer-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 #share of customer: the portion of the customer's purchasing that a company gets in its product categories. #Customer equity: the total combined customer lifetime values of all of the company's customers.

...@Chapter-1@.... #Marketing: The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. #Consumer and Marketplace Concepts -needs, wants and demands -market offerings (products, services, and experiences) -value and satisfaction -exchanges & relationships -markets. #Needs: States of felt deprivation (physical, social, and individual needs). #Wants: The form human needs take as they are shaped by culture and individual personality. #Demands: Human wants that are backed by buying power. #Market offerings: Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. #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. #Exchange: The act of obtaining a desired objet 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. #Production concept: The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production & distribution efficiency. #Product concept: The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements. #Selling concept: the idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort. #Marketing concept: a philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. #Societal 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. #Marketing Mix: product to deliver on its value proposition, the firm must create a need-satisfying market offering. #Marketing mix: Price it must decide on how much it will charge for the offering. #Marketing mix: place it must decide on how it will make the offering available to target consumers. #marketing mix: promotion it must communicate with target customers about the offering and persuade them of its merits. #customer relationship management: the overall process of building and maintaing profitable customer relationships by delivering superior customer value and satisfaction (acquiring, keeping and growing customers).