UGBA CH 5 (Module 3)
the process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return - ANS-marketing
states of felt deprivation - ANS-needs
the form human needs take as they are shaped by culture and individual personality -
ANS-wants
Human wants that are backed by buying power - ANS-Demands
some combination of products, services, information, or experiences offered to a market to
satisfy a need or want - ANS-market offer
the mistake of paying more attention to the specific products a company offers than to the
benefits and experiences produced by these products - ANS-Marketing Myopia
the act of obtaining a desired object from someone by offering something in return -
ANS-exchange
the set of all actual and potential buyers of a product or service - ANS-market
the art and science of choosing target markets and building profitable relationships with them -
ANS-Marketing Management
the idea that consumers will favor products that are available and highly affordable; therefore,
the organization should focus on improving production and distribution efficiency -
ANS-Production 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 - ANS-product 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 - ANS-Selling 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 -
ANS-Marketing Concept
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