Marketing involves identifying and meeting human needs through exchange between buyers and sellers. There are three key elements in the marketing process: marketers, products being marketed, and target markets. The goal of marketing is to establish long-term, profitable relationships with customers by delivering superior value compared to competitors. This is achieved through understanding customer needs and wants, creating appropriate products and services, and engaging in effective exchanges to satisfy customers.

1. BASIC MARKETING CONCEPTS

14. A SIMPLE MARKETING SYSTEM Industry Market Communication Information/Feedback Goods & Services Money

21. (1) THE PRODUCTION CONCEPT Produce Sell Consumers Company Produce more & more Practically sells itself

23. (2) THE PRODUCT CONCEPT Produce Quality Products Sell Consumers Practically sells itself,if it gives most quality for money Buyers admire well-made products and can appraise product quality and performance.

31. SELLING AND MARKETING CONCEPT CONTRASTED

41. VALUE MAP A B C D E VEL Value Advantaged Area Value Disadvantaged Area Customer Perceived Benefits Perceived Price

42. CUSTOMER AS THE CONTROLLING FUNCTION Production Finance Marketing Personnel CUSTOMER

43. MARKETING AS THE INTEGRATIVE FUNCTION CUSTOMER Production Personnel Finance Marketing