is the process by which companies create value for customers and society, resulting in strong customer relationships that capture value from the customers in return.

Human beings have many complex needs. These include basic physical needs for food, clothing, warmth, and safety;

Wants are how people communicate their needs.

People have almost unlimited wants but limited resources. They choose products that produce the most satisfaction for their money. When backed by buying power, wants become

Some combination of tangible products, services, information, or experiences that are offered to the market.

is the difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product.

based on past buying experiences, the opinions of friends, and market information.

with a product is determined by how well the product meets the customer’s expectations for that product.

is the act of obtaining a desired object from someone by offering something in return

leads to the concept of a market.

is a set of actual and potential buyers of a product.

management define as the art and science of choosing target markets and building profitable relationships with them.

defined narrowly as a customer data management activity.

benefits of customer loyalty come from continued patronage of loyal customers and reduced marketing costs.

Customer equity is the discounted lifetime values of all the company’s current and potential customers

It does this by dividing the market into segments of customers.

selecting which segments it will go after.

is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors.

is the discounted LTVs of all the company’s current and potential customers.

constitutes the value of the company's shares and loans that the shareholders have made available to the business.

refers to the value a company gains from a product with a recognizable and admired name when compared to a generic equivalent.

is a digital marketing term that refers to the value and strength of the relationships a brand or organization builds with its customers, audience, or partners over time.