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What is marketing?
What does the term marketing mean? Marketing must be understood not in the old sense of making a sale – ‘selling’ – but in the new sense of satisfying customer needs. Many people think of marketing...
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Needs Wants and Demands
The most basic concept underlying marketing is that of human needs. A human need is a state of felt deprivation. Humans have many complex needs. These include basic physical needs for food, clothing,...
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Products and Services
People satisfy their needs and wants with products. A product is anything that can he offered to a market to satisfy a need or want. Usually, the word product suggests a physical object, such as a car,...
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Value, Satisfaction and Quality
Consumers usually face a broad array of products and services that might satisfy a given need. How do they choose among these many products? Consumers make buying choices based on their perceptions of...
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Exchange, Transactions and Relationships
Marketing occurs when people decide to satisfy needs and wants throughexchange. Exchange is the act of obtaining a desired object from someone by offering something in return. Exchange is only one of...
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