Below are this chapter's featured key terms. The textbook's full glossary is also available for online searching.
 

customer relationship management (CRM)	The process of identifying prospective buyers, understanding them intimately, and developing favourable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. (See page(s) See page 21 in your textbook.)
customer value	The unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and both before-sale and after-sale service. (See page(s) See page 16 in your textbook.)
environmental factors	The uncontrollable factors involving social, economic, technological, competitive, and regulatory forces. (See page(s) See page 25 in your textbook.)
exchange	The trade of things of value between buyer and seller so that each is better off after the trade. (See page(s) See page 10 in your textbook.)
macromarketing	The study of the aggregate flow of a nation's goods and services to benefit society. (See page(s) See page 25 in your textbook.)
market	People with the desire and with the ability to buy a specific product. (See page(s) See page 14 in your textbook.)
market orientation	Focusing organizational efforts on (1) continuously collecting information about customers' needs and competitors' capabilities, (2) sharing this information across departments, and (3) using the information to create customer value. (See page(s) See page 25 in your textbook.)
marketing	The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. (See page(s) See page 9 in your textbook.)
marketing concept	The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals. (See page(s) See page 21 in your textbook.)
marketing mix	The marketing manager's controllable factors; the marketing actions of product, price, promotion, and place that he or she can take to solve a marketing problem. (See page(s) See page 15 in your textbook.)
marketing program	A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. (See page(s) See page 25 in your textbook.)
micromarketing	How an individual organization directs its marketing activities and allocates its resources to benefit its customers. (See page(s) See page 22 in your textbook.)
organizational buyers	Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. (See page(s) See pages 24, 148 in your textbook.)
relationship marketing	Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits. (See page(s) See page 16 in your textbook.)
societal marketing concept	The view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society's well-being. (See page(s) See page 22 in your textbook.)
target market	One or more specific groups of potential consumers toward which an organization directs its marketing program. (See page(s) See page 15 in your textbook.)
ultimate consumers	People—whether 80 years or 8 months old—who use the goods and services purchased for a household. (See page(s) See page 24 in your textbook.)
utility	The benefits or customer value received by users of the product. (See page(s) See page 24 in your textbook.)