Marketing- is the activity, set of institutions and processes for creating, communicating, exchanging offerings that have value for customers, clients, partners, and society at-large.
Needs- states of felt deprivation
wants- the form humans needs take as shaped by culture and individual personality
demands-human wants that are backed by buying power
market offering- 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 object from someone by offering them something in return
market- the set of 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 and distribution efficiently.
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- the marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction that competitors do.
societal marketing concept- the idea that a company's marketing decision should consider consumers wants, the companies requirements, consumers long-run interests, and society's long-run ineterests.
customer perceived value- the customers 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.
consumer generated marketing- marketing messages, ads, and other brand exchanges created by consumers themselves- both invited and uninvited
partner relationship management- working closely with partners in other company departments and outside the company to jointly bring greater value to customers
customer lifetime value- the value of the entire stream of purchases that the customer would make over a lifetime of patronage
share of customer- the portion of the customers purchasing that the company gets in its product categories
customer equity- the total combined customer lifetime values of all the company's customers
internet- a vast public web of computer networks which connects users of all types all around the world to each other and to an amazingly large information repository.