FUNDAMENTALS OF MARKETING

Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and keep and grow current customers by delivering satisfaction.
Marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Needs States of felt deprivation.
Wants The form human needs take as they are shaped by culture and individual personality.
Demands Human wants that are backed by buying power.

Market offerings Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

Marketing myopia The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Exchange The act of obtaining a desired object from someone by offering something in return.

Market The set of all actual and potential buyers of a product or service.

Marketing management The art and science of choosing target markets and building profitable relationships with them.

dividing the market into segments of customers (market segmentation) and selecting which segments it will go after (target marketing).

Five alternative concepts under which organizations design and carry out their marketing strategies:
Production concept The idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
Product concept The idea that consumers will favour products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
Selling concept The idea that consumers will not