Relative utility argues that utility is only meaningful relative to reference point(s), which is consistent with prospect theory (Kahneman & Tversky, 1979; Tversky & Kahneman, 1992). By contrast, relative utility allows the inclusion of multiple reference points in a systematic way.

A relative term is a term that makes two or more distinct references to objects (which may be the same object, for example in “The Morning Star is the Evening Star”). A relative term is typically expressed in ordinary language by means of a phrase with explicit or implicit blanks.

In philosophy, the Absolute is the term used for the ultimate or most supreme being, usually conceived as either encompassing “the sum of all being, actual and potential”, or otherwise transcending the concept of “being” altogether.

The Marketing Concept is preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer’s problem (needs). The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage.

The 7 functions of marketing: A field guide (Infographic)

• Promotion.
• Selling.
• Product management.
• Marketing information management.
• Pricing.
• Financing.
• Distribution.

Here are eight companies that are doing social media right, examples of their campaigns along with some takeaways that you can apply to your own marketing efforts.

• Cisco.
• Staples.
• Pampers.
• Poo-Pourri.
• Innocent.
• JetBlue.
• Uber.
• Toys “R” Us.

The marketing concept is the use of marketing data to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also the accomplish the goals of the organization.

The 3 Cs are: Company, Customers and Competitors – the three semi-fixed environmental factors in your market.

Strategies and examples of building brand awareness

1. Referral programs. Users will gladly spread word of your product or service when they know they’ll get an added perk.
2. Impressive guest content.
3. Infographics.
4. Freemium with credit.
5. Local partnerships.
6. Car wraps.
7. Freebies.
8. Social media contests.

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. ( Approved 2017)

Broadly speaking, the goals of marketing can be broken down into five main areas: to raise brand awareness, to generate high-quality leads, to grow and maintain thought leadership, to increase customer value, and to empower your colleagues to become brand ambassadors.