LIST OF ALL IMPORTANT MARKETING TERMS
Get an exoteric idea of esoteric concepts and ideas used by marketing professionals.
Marketing: The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.
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.
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; therefore, the organization should focus on improving production and distribution efficiency.
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 continous 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.
Marketing concept: A philosophy in which achieving organizational goals depends on knowing the need 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-perceived value: The customer's evalutaion 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 lifetime value: The value of the entire stream of purchases a customer makes over a lifetime of patronage.
Customer equity: The total combined customer lifetime values of all the customers of the company.
Strategic planning: The process of developing and maintaining a strategic fit between the organization's goals and capabilities, and its changing marketing opportunities.
Business portfolio: The collection of businesses and products that make up the company.
More concepts, terms and definitions are coming out on a regular basis.
