the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
needs
states of felt deprivation
wants
the form human needs take as shaped by culture and individual personality
demands
human wants that are backed by buying power
market offerings
some combination of products, services, information, or experiences offered to a market to satisfy a need or want
market myopia
the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
market
the set of all actual and potential buyers of a product or service
marketing management
the art and science of choosing target markets and building profitable relationships with them
production concept
the idea that consumers will favor products that are available and highly affordable and that the organization should therefor focus on improving production and distribution efficiency