Marketing

Marketing concept

a philosophy in which achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Societal marketing concept

holds 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 lifetime value

is the value of the entire stream of purchases a customer makes over a lifetime of patronage.

Customer Equity

is the total combined customer lifetime values of all of the company's customers

Marketing myopia

paying more attention to the specific products than to the benefits and experiences produced

Customer-perceived value

The customer's evaluation of the difference between all the benefits and all the costs a marketing offer relative to those of competing offers.

Marketing management

Choosing target markets and building profitable relationships

Market segmentation

refers to dividing the markets into segments of customers

Target marketing

refers to which segment to go after

Choosing a value proposition

the company must decide how it will differentiate and position itself in the marketplace