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Definition
| The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment |
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| The purchasers of organizations' products; the focal point of all marketing activities |
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| A specific group of customers on whom an organization focuses it marketing efforts |
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| Four marketing activities-product, pricing, distribution, and promotion-that a firm can control to meet the needs of customers within its target market |
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| A good, a service, or an idea |
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| The provision or transfer of goods, services, or ideas in return for something of value |
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| Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes |
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| The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix |
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| A managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to acheive its goals |
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| An organizationwide commitment to researching and responding to customer needs |
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| Establishing long-term, mutually satisfying buyer-seller relationships |
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| customer relationship management (CRM) |
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| Using information about customers to create marketing strategies that develop and sustain desirable customer relationships |
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| A customer's subjetive assessment of benefits relative to costs in determining the worth of a product |
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| The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently |
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