Chapter 1
Marketing - Marketing is used to identify the customer, satisfy the customer, and keep the customer. With the customer as the focus of its activities, marketing management is one of the major components of business management.
Demand-is the desire to own anything, the ability to pay for it, and the willingness to pay. The term demand signifies the ability or the willingness to buy a particular commodity at a given point of time.
Market Offering-Marketing Myopia refers to "focusing on products rather than customers."
Production Concept-Management philosophy that buyers prefer goods and services which are cheap and widely available. |
Product Concept-is the understanding of the dynamics of the product in order to showcase the best qualities of the product. Marketers spend a lot of time and research in order to target their attended audience. Marketers will look into a product concept before marketing a product towards their customers.
Selling Concept-The idea in marketing that if customers are left to themselves, they will not make the effort to buy a company's products. Therefore, it dictates, companies must be aggressive in pushing their sales.

Customer Satisfaction- is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services exceeds specified satisfaction goals.

Customer Equity- is the total combined customer lifetime values of all of a company’s customers

Chapter 2

Strategic Planning-is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. In order to determine the direction of the organization, it is necessary to understand its current position