Chapter1
Marketing - the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Needs – state of felt deprivation.
A. Physical needs- foods, clothing, warmth and safety
B. Social needs- belonging and affection
C. Individual needs- knowledge and self-expression
Wants- The form human needs take as they are shaped by culture and individual personality.
Demands- human that are backed by buying power.

Market Offerings- some combination of product, services, information, or experiences offered to a market to satisfy a need or want.

Market myopia- the mistakes 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.

Market Concept
Production Concept- the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
Product Concept- holds that consumers will favour products that offer the most in quality, performance, and innovative features.
Selling Concept- the idea that consumers will not buy enough of the firm’s product unless it undertakes a large-scale selling and promotion effort. -is typically practiced with unsought goods—those that buyer do not normally think of buying, such as insurance or blood donations. Societal market concept- the idea that a company’s marketing decisions should consider consumer’s wants the company’s requirements, consumer’s