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| The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients partners and society at large |
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| specifies the marketing activities for a specific period of time |
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| trade of things of value between the buyer and the seller so that each is better off as a result |
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| also known as the four Ps; these are a set of four interrelated decisions |
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| Product, Price, Place and Promotion |
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| Items that you can physically touch |
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| intangible customer benefits that are produced by people or machines and cannot be separated from the producer |
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| include thoughts, opinions, and philosophies, and intellectual concepts such as these also can be marketed |
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| involve undertaking marketing research to understand what potential employees are seeking, as well as what they think about the firm; developing a value proposition and an employment brand image |
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| reflects the relationship of benefits to costs, or what you get for what you give |
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| is to allow them the opportunity to act as collaborators in creating the product or service |
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| Transactional orientation |
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| regard the buyer-seller relationship as merely a series of individual transactions, so anything that happened before or after any transaction is of little importance |
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| based on the philosophy that buyers and sellers should develop a long-term relationship |
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| customer relationship management (CRM) |
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| business philosophy and set of strategies, programs and systems that focus on identifying and building loyalty among the firms most valued customers |
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Definition
| A group of firms that make and deliver a given set of goods and services |
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