| Exchange | The act of voluntarily providing a person or organization something of value in order to acquire something else of value.
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| Marketing | A total system of business activities designed to plan, price, promote, and distribute wantsatisfying products to target markets to achieve organizational objectives.
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| Product orientation | The first stage in the evolution of marketing management, in which the basic assumption is that making a good product will ensure business success.
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| Sales orientation | The second stage in the evolution of marketing management, in which the emphasis is on using various promotional activities to sell whatever the organization produces.
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| Market orientation | The third stage in the evolution of marketing management in which companies identify what customers want and tailor all their activities to satisfy those needs as efficiently as possible.
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| Marketing concept | A philosophy of doing business that emphasizes customer orientation and coordination of marketing activities in order to achieve the organization's performance objectives.
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| Customer relationship management (CRM) | An ongoing interaction between a buyer and a seller in which the seller continuously improves its understanding of the buyer's needs, and the buyer becomes increasingly loyal to the seller because its needs are being so well satisfied.
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| Mass customization | Developing, producing, and delivering affordable products with enough variety and uniqueness that nearly every potential customer can have exactly what he or she wants.
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| Total quality management (TQM) | A philosophy as well as specific procedures, policies, and practices that commit an organization to continuous quality improvement in all of its activities.
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| Value | The ratio of perceived benefits to price and any other incurred costs.
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| Value creation | Meeting customers' desires through improved information and technology.
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| Return on marketing investment | A way for firms to measure profit gain from marketing expenditures.
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| Societal marketing concept | A revised version of the marketing concept under which a company recognizes that it should be concerned about not only the buyers of its products but also other people directly affected by its operations and with not only tomorrow but also the long term.
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| Market | People or organizations with needs to satisfy, money to spend, and the willingness to spend the money. Alternatively, any person or group with whom an individual or organization has an existing or potential exchange relationship.
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| Market segments | Within the same general market, groups of customers with different wants, buying preferences, or product-use behavior.
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| Target market | A group of customers (people or organizations) for whom a seller designs a particular marketing mix.
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| Position | The way a product, brand, or organization is viewed in relation to the competition by current and prospective customers.
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| Forecast demand | The process of estimating sales of a product during some future period. Same as demand forecasting.
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| Marketing mix | A combination of the four elements-product, pricing structure, distribution system, and promotional activities-used to satisfy the needs of an organization's target market(s) and, at the same time, achieve its marketing objectives.
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| Ethics | The rules and standards of moral behavior that are generally accepted by a society.
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| Utility | The attribute in an item that makes it capable of satisfying human wants.
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