Customer Value: The unique combination of benefits received by targeted buyers that include quality, price, convenience, on-time delivery and both before-sale and after-sale service.

 

Environmental factors: The uncontrollable factors involving social, economic, technological, competitive and regulatory forces.

 

Exchange: The trade of thing of value between buyer and seller so that each is better off after the trade.

 

Macromarketing: The study of the aggregat flow of a nation's goods and services to benefit society.

 

Micromarketing: How an individual organization directs its marketing activities and allocates its resources to benefit its customers.

 

Market: People with the desire and with the ability to buy a specific product.

 

Market orientation: Focusing organizational efforts on continuously collecting information about customer needs and competitors' capabilities, sharing this information across departments and using the information to creat customer value.

 

Marketing: The process of planning and executing the conception, pricing, promotion and distribution of ideas, good and services to creat exchanges that satisfy individual and organizational objectives.

 

Marketing Concept: The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.