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Value
The benefits a customer recieves from buying a good or service
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Marketing
The activity, set of institiutions, and processes for creating, communicating, delivering and exchanging offerings that have value for the customers, clients, partners, and society at large.
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Stockholders
Buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and servises are made or sold- in other words, any person or organization that has a "stake" in the outcome.
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Consumer
The ultimate user of a good or service
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Marketing concept
A management orientation that focuses on identifying and satifying consumer needs to ensure the organization's long-term profitability.
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Need
The recognition of any difference between a consumer's actual state and some ideal or desire state.
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Want
The desire to satisfy needs in specific ways that are culturally and socially influenced.
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Benefit
The outcome sought by a customer that motivates buying behavior- that satisfies a need or want.
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Demand
Customers' desire for products coupled with the resources needed to obtain them.
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Market
All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange.
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Marketplace
Any location or medium to conduct an exchange
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Utility
The usefulness or benefit consumers recieve from a product
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Exchange
The process by which some transfer of value occurs between a buyer and a seller
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