...@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).

#What is Marketing? The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing: (1) identification, selection and development of a Product, (2) determination of its Price, (3) selection of a distribution channel to reach the customer's Place, and (4) development and implementation of a promotional strategy. For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. Marketing is based on thinking about the business in terms of customer needs and their satisfaction.