It is the responsibility of marketing to satisfy consumers and create good customer relations that will lead to satisfactory results for the company.

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

Although these terms are used interchangeably through out this book, they are not the same concepts. A need is the difference between a consumer’s actual state and some ideal or desired state. A want is a desire for a particular product used to satisfy a need.

Marketers generally try to influence the ways that consumers’ needs are met. In other words, marketing tries to impact what we may want when a need arises.

Consumer’s desire for a particular product used to satisfy a need is called a want.

Demand is an economy term that means customer’s need and want for a product must be coupled with purchasing power (money, resources) to obtain the product.

A customer demand occurs only when the customer’s need and want for a product or service is backed by purchasing power.

In marketing, the term “market” is used for the consumers who have a need or want for a spesific product/service whom also have the resources and willingness to buy the product.

A market consists of consumers who have a need, resources (money) and willingness to buy a product.

Exchange is an act of obtaining a desired object (like a product) from someone by offering something in return (like money).

Consumers’ needs and wants are fulfilled through market offerings—a combination of products, services, information, or experiences offered to a market to satisfy a need or a want. Whilst some companies only offer physical products such as a detergent, toothpaste, others offer services like delivery, banking, insurance or hospitality.

An experience occurs when a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event. Physical goods are tangible, services are intangible, and experiences are memorable.

Customer perceived value is the customer’s evaluation of the differences between all the benefits and costs of a market offering compared to those of competing offers.

Customer value is a key concept inmarketing because it gives importance to the idea that marketers should always be looking for ways to improve their customers’ experience of dealing with their company and products.

Marketing mix consists of a set of marketing tools, which is known also as 4Ps of product, price, place and promotion. The 4Ps is the most commonly used schematic for the marketing mix and has the advantage of being both widely recognized and easy to remember.

A product can be a good, a service, or an idea.

A good is a physical entity that consumers may touch and perceive with their senses. A mobile phone, a car and a pack of instant coffee are examples of physical goods that we can touch, smell or taste. A service is the application of human and mechanical efforts to people or objects to provide intangible benefits to customers.

Price can be defined as what the business charges its customers for the goods and services it provides.

A company’s total promotion mix—also called its marketing communications mix—consists of specific blend of advertising, public relations, personal selling, sales promotion, and direct marketing tools that company uses to engage consumers, persuasively communicate customer value, and build customer relationships.

A true marketing orientation requires a focus on both customers and competitors. While providing products and services that meet customers’ needs, it is important to do better than competitors.

Types of marketing orientations are: production, product, sales, marketing and societal marketing orientations.

Relationship marketing focuses on the ’lifetime’ value of the customer.