1. Marketing Definition  The Social and Managerial PROCESS by which Organizations Create VALUE for CUSTOMERS and Build STRONG Customer Relationships in order to Capture VALUE from customers in RETURN.

2. Exchange  The act of OBTAINING a desired object from someone by offering something in return. Marketing Mix :  Product  Price  Promotion  Placement

3. Evolution of Marketing  Production Concept (mass production + low prices)  Product Concept (Product Quality)  Selling Concept (Promotion + Push)  Marketing Concept (Market Needs)

4. Evolution of Marketing  Production Concept: The idea that consumers will favor products that are AVAILABLE and highly AFFORDABLE.

5. Evolution of Marketing  Product Concept: The idea that consumers will favor products that offer the most in QUALITY, PERFOERMANCE and FEATURES; therefore, the Organization should DEVOTE its ENERGY to making continuous PRODUCT IMPROVEMENTS.

6. Evolution of Marketing  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.

7. Evolution of Marketing  Marketing Concept: The idea that achieving Organizational GOALS depends on knowing the NEEDS and WANTS of TARGET MARKETS and DELIVERING the desired SATISFACTION better than the COMPETITORS do.

8. Customer Life-time Value  The VALUE of entire STREAM of PURCHASES that the customer would make over a LIFE-TIME of patronage.

9. Share of Customer  The PORTION of the customer ’ s PURCHASING that a company gets in its product categories.  Banks want more “ share of wallet ”  Restaurants want more “ share of stomach ”  Airlines want more “ share of travel ”

10. Some TERMS  De-Marketing  Customer Value  Customer Satisfaction  Societal Marketing Concept

11. Marketplaces Marketspaces Metamarkes

12. Marketing Process Create value for customers and Capture value from customers in return Understan d the Market Place and Customer needs and wants Design a Customer- Driven Marketing strategy Capture value from customers to create profit and customer equity Build profitable relationshi ps and create customer delight Construct an integrated Marketing Program that delivers superior value