...@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).