Marketing is the process of managing profitable customer relationships, by creating value for customers and capturing value from customers in return.
(The science and art of finding, retaining, and growing profitable customers)
Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage
Share of customer is the portion of the customer’s purchasing that a company gets in its product categories
Customer equity is the total combined customer lifetime values of all of the company’s customers
The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs
What steps should companies take to ensure that their customers are delighted?
Companies should promise only what they can deliver then they should deliver more than they promise. They should also provide exceptional values and services and customer satisfaction should be a part of the company's culture. In return those delighted customers would be loyal to the company and also would somehow work as partners in marketing as they’d spread the word
How has the new digital age affected marketing strategies?
Technology made it easier for marketers to undertake researches, contact others through videoconferencing and emails. Technology also helped marketers be in contact with customers and build a two-way communication and know what customers say about them.
Companies are using computers and telecommunication techniques to conduct local and global marketing. The new technology has enabled companies to tailor individual customer needs, track customers, and use efficient and effective product distribution methods.

Identify the five alternative concepts used to design and carry out the marketing strategies of organizations.
The Production Concept;
The Product Concept;
The Selling Concept;