Value is the relationship between the consumer's perceived benefits and the perceived costs of receiving these benefits.
Customer relationship management focuses on improving retention through improving communication with consumers, and leveraging data to better understand needs.
In a competitive marketplace, customer satisfaction and loyalty can be key differentiator in the longevity of a firm.
Marketing departments have a huge range of responsibility including research, planning, development, promotion, physical distribution, etc.
The marketing concept states that an organization achieves goals by knowing the needs and wants of target markets and delivering the desired satisfactions.
The marketing concept has evolved through many different definitions over time.
Modern trends in marketing include relationship marketing, business or industrial marketing, and societal marketing.
Target markets enable organizations to filter populations to identify the ideal characteristics of their customer group.
The marketing mix is used to reach a target market and is often referred to as the "four Ps" of marketing: product, price, promotion, and place.