The document defines key marketing terms and concepts. It discusses how marketing has evolved from a focus on selling to satisfying customer needs. Marketing is described as a process through which individuals and groups obtain what they need and want by creating and exchanging products of value. Different approaches to marketing like mass marketing, segment marketing, niche marketing and micro marketing are also summarized.

1. MARKETINGMARKETING
Today, Marketing must be understood not in theToday, Marketing must be understood not in the
old sense of marking a sale – “telling andold sense of marking a sale – “telling and
selling” but in the new sense of satisfyingselling” but in the new sense of satisfying
customer needs.customer needs.
A social and managerial process by whichA social and managerial process by which
individuals and groups obtain what they needindividuals and groups obtain what they need
and want through creating and exchangingand want through creating and exchanging
products and value with others.products and value with others.

2. NEEDNEED
A state of felt deprivation.A state of felt deprivation.
WANTWANT
The form taken by a human need as shaped by cultureThe form taken by a human need as shaped by culture
and individual personality.and individual personality.
DEMANDDEMAND
Human wants that are backed by buying power.Human wants that are backed by buying power.

3. PRODUCTPRODUCT
Anything that can be offered to a market for attention,Anything that can be offered to a market for attention,
acquisition, use, or consumption that might satisfy aacquisition, use, or consumption that might satisfy a
want or need. It includes physical objects, services,want or need. It includes physical objects, services,
persons, places, organizations, and ideas.persons, places, organizations, and ideas.
SERVICESERVICE
Any activity or benefit that one party can offer to anotherAny activity or benefit that one party can offer to another
that is essentially intangible and does not result in thethat is essentially intangible and does not result in the
ownership of anything.ownership of anything.

4. CUSTOMER VALUECUSTOMER VALUE
The difference between the values the customer gainsThe difference between the values the customer gains
from owning and using a product and the costs offrom owning and using a product and the costs of
obtaining the product.obtaining the product.
CUSTOMER SATISFACTIONCUSTOMER SATISFACTION
The extent to which a products perceived performanceThe extent to which a products perceived performance
matches a buyer’s expectation.matches a buyer’s expectation.
TOTAL QUALITY MANAGEMENT (TQM)TOTAL QUALITY MANAGEMENT (TQM)
Programs designed to constantly improve the quality ofPrograms designed to constantly improve the quality of
products, services, and marketing processes.products, services, and marketing processes.

5. PRODUCTION CONCEPTPRODUCTION CONCEPT
The philosophy that consumers will favor products that are availableThe philosophy that consumers will favor products that are available
and highly affordable and that management should therefore focusand highly affordable and that management should therefore focus
on improving production and distribution efficiency.on improving production and distribution efficiency.
PRODUCT CONCEPTPRODUCT CONCEPT
The idea that consumer swill favor products that offer the mostThe idea that consumer swill favor products that offer the most
quality, performance, and feature and that the organization shouldquality, performance, and feature and that the organization should
therefore devote its energy to making continuous producttherefore devote its energy to making continuous product
improvement.improvement.
SELLING CONCEPTSELLING CONCEPT
The idea that consumers will not buy enough of the organizationThe idea that consumers will not buy enough of the organization
products unless the organization undertakes a large scale sellingproducts unless the organization undertakes a large scale selling
and promotion effort.and promotion effort.
MARKETING CONCEPTMARKETING CONCEPT
The marketing management philosophy that holds that achievingThe marketing management philosophy that holds that achieving
organizational goals depends on determining the needs and wantsorganizational goals depends on determining the needs and wants
of target markets and delivering the desired satisfactions moreof target markets and delivering the desired satisfactions more
effectively and efficiently than do competitors.effectively and efficiently than do competitors.

6. WHAT IS A CUSTOMERWHAT IS A CUSTOMER
What is a customer a customer is the mostWhat is a customer a customer is the most
important person ever in this company in personimportant person ever in this company in person
or by mail. A customer is not dependent on us,or by mail. A customer is not dependent on us,
we are dependent on him. A customer is not anwe are dependent on him. A customer is not an
interruption of our work, he is the purpose of it.interruption of our work, he is the purpose of it.
We are not doing a favor by serving him, he isWe are not doing a favor by serving him, he is
doing us a favor by giving us the opportunity todoing us a favor by giving us the opportunity to
do so. A customer is not someone to argue ordo so. A customer is not someone to argue or
match wits with nobody ever won an argumentmatch wits with nobody ever won an argument
with a customer. A customer is person whowith a customer. A customer is person who
brings us his wants it is our job to handle thembrings us his wants it is our job to handle them
profitable to him and to ourselves.profitable to him and to ourselves.

7. MARKET SEGMENTATIONMARKET SEGMENTATION

8. •MASS MARKETINGMASS MARKETING
(No Segmentation One product for whole market)(No Segmentation One product for whole market)
Mass marketing Mass producing, mass distributing and mass promotingMass marketing Mass producing, mass distributing and mass promoting
about the same product in about the same way to all consumers,about the same product in about the same way to all consumers,
SEGMENT MARKETINGSEGMENT MARKETING
Isolating broad segments that make up a market and adapting theIsolating broad segments that make up a market and adapting the
marketing to match the needs of one or more segments.marketing to match the needs of one or more segments.
NICHE MARKETINGNICHE MARKETING
Focusing on sub segments or niches with distinctive traits that may seekFocusing on sub segments or niches with distinctive traits that may seek
a special combination of benefits.a special combination of benefits.
MICRO MARKETINGMICRO MARKETING
The practice of tailoring products and marketing programs to suit theThe practice of tailoring products and marketing programs to suit the
tastes of specific individuals and locations includes local marketing andtastes of specific individuals and locations includes local marketing and
individual marketing.individual marketing.