can be defined as the process by which companies create value for customers and build strong relationships to capture value from customers in return

are states of felt deprivation and can include physical, social and individual needs

are the form human take as they are shaped by culture and individual personality

are human wants that are backed by buying power

are a combination of products, services and experiences offered to a market to a need or want. These can be physical products, but also services – activities that are essentially intangible.

key building blocks for customer relationships

are the acts of obtaining a desired object form someone by offering something in return.

is the set of all actual and potential buyers of a product or service

involves serving a market of final consumers in the face of competitors.

is the art and science of choosing target markets and building profitable relationships with them

is the set of benefits or values a company promises to deliver. Five concepts to carry out their marketing strategy.

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 efficiency.

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 improvement

the idea that consumers will not buy enough of the firm’s product, unless it undertakes a large-scale selling and promotion effort.

the idea that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

is the idea that a company’s marketing decisions should consider consumer wants, the company’s requirements, consumers’ long-term interests and society’s long-term interests.

outlines which customers it will serve and how it will create value

is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.

is the total combined customer lifetime values of all of the company’s customers.