Marketing 1

social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others

• 1) important to society
• 2) important to the business
• 3) good career opportunities

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

• 1) must be atleast 2 parties
• 2) each party has something that might be of value to other party
• 3) each party is capable of communication and delivery
• 4) each party is free to accept or reject the offer
• 5) each party believes it is appropriate or desirable to deal with the other party

• Production- internal capabilities of the firm
• Sales- aggresive sales technique and belief that high sales result in high profits
• Market- satisfying customer needs and wants while looking into the future
• Societal- satisfying customer needs and wants while enhancing individual and societal well being

the idea that the social and economic justification for an organizations's existence is the satisfaction of customer wants and needs while meeting organizational objectives

the feeling that a product met or exceeded the customer's expectations

• overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
• Ex: UPS