Marketing involves creating and exchanging products of value to satisfy human needs and wants. It is a social and managerial process. Core concepts in marketing include understanding needs, wants, and demands; considering products and the value, cost and satisfaction they provide; and facilitating exchange, transactions, and relationships between buyers and sellers in a market. Effective marketing adapts to understand target markets and deliver superior customer satisfaction in a way that benefits both consumers and society.

1. The core concept of Marketing Marketing is a social & managerial process by which individuals & groups obtained what they need & want through creating, offering & exchanging products of value with others.

2. Need, Wants, Demands Products Value, Cost, Satisfaction Exchange, Transaction, Relationship Market Marketing & Marketers Core Concept Of Marketing

3. Human Needs – It is a state of felt deprivation of some basic satisfaction. Wants – These are desires for specific satisfiers of these deeper needs. Demands – These are wants for specific products that are backed by an ability & willingness to buy them. Products – These are anything that can be offered to satisfy a need or a want. The importance of physical product lies not so much in owing them as in obtaining the services they render.

4. Vehicle of services – 1. Person. 2. Place. 3. Activity. 4. Organization. 5. Ideas. Value, Cost & Satisfaction – 1. Product value 1. Monitory cost 2. Service value 2. Time cost 3. Personnel value 3. Energy cost 4. Image value 4. Psychic cost

5. Exchange, Transactions & Relationship – Exchange is one of the four ways people can obtain products. a. Self production. b. Coercion. c. Begging. d. Exchange. Exchange is the act of obtaining a desired product from someone by offering something in return.

6. Five conditions of exchange – At least two parties. Each party has something that might be of value to the other party. Each party is capable of communication & delivery. Each party is free to accept or reject the offer. Each party believes it is appropriate or desirable to deal with the other party.

7. Transactions – These are basic unit of exchange. A transaction consists of a trade of values between two parties. Dimensions of transactions – At least two things of value. Agreed upon conditions. A time of agreement. A place of agreement. Transaction v/s Transfer The process of trying to arrive at mutually agreeable terms is called Negotiation. Transaction marketing, Relationship marketing, Marketing network.

8. Markets – It consists of all potential consumers sharing a particular need or want who might be willing & able to engage in exchange to satisfy that need or want. Marketing – It means Working with markets to actualize potential exchanges for the purpose of satisfying human needs & wants. Marketer – It means someone seeking a resource from someone else & willing to offer something of value in exchange.

9. 1. The Production Concept. The production concepts holds that customers will favor those products that are widely available & low in cost. Managers of production oriented organizations concentrate on achieving high production efficiency & wide distribution coverage.

10. 2. The Product Concept. The product concept holds that consumers will favor those products that offer the most quality, performance or innovative features. Managers in these product oriented organizations focus their energy on making superior products & improving them over time.

11. 3. The Selling Concept. The selling concept holds that consumers, in left alone, will ordinarily not buy enough of the organizations products. The organization must therefore undertake an aggressive selling & promotion effort.

12. 4.The Marketing Concept. The marketing concept holds that the key to achieving organizational goals consists in determining the needs & wants of target markets & delivering the desired satisfaction more effectively & efficiently than competitors.

13. 5. The Societal Marketing Concept. The societal marketing concept holds that the organization’s task is to determine the needs, wants & interests of target markets & to deliver the desired satisfaction more effectively & efficiently than competitors in a way that preserves or enhances the consumer’s & society’s well being.