Marketing: planning and executing the development, pricing, promotion, and distribution of ides, goods, and services to create exchanges that satisfy both buyers" and sellers" objectives. Marketing concept: the idea that the whole firm is directed toward serving present and potential customers at a profit. Four activities that compose the marketing mix: developing, pricing, promoting, placing products. Value and benefits: value is the relative comparison of a products benefit vs. its costs: ratio: value = benefits / costs. Consumer goods: products purchased by individuals for their personal use. Industrial goods: products purchased by companies to use directly or indirectly to produce other products. Services: intangible products, such as time, expertise, or an activity that can be purchased. A type of marketing that emphasizes lasting relationships with customers and suppliers. External environment: outside factors that influence marketing programs by posing opportunities or threats: marketing plans are strongly influence by this.