Marketing involves satisfying human needs and wants through exchange. It aims to attract new customers by promising superior value and keeping current customers satisfied. The core concepts of marketing include understanding needs and wants, creating products to fulfill them, determining customer value, and facilitating exchange. Marketing management uses these concepts to create, build, and maintain beneficial exchanges between buyers and sellers.

1. BASICS OF MARKETING
BY Humsi Singh

2. ABOUT MARKETING
 According to Philip Kotler, “Marketing is a social process by which
individuals and groups obtain what they need and want through
creating and exchanging products and value with others.”
 Marketing is a delivery of customer satisfaction at profit.The goal
of marketing is to attract new customers by promising superior
value, and to keep current customers by delivery satisfaction.
 Marketing has been described in terms of its activities. In this
respect, marketing has been referred to as performance of
business activities that direct the flow of gods and services from
procedures to consumers.

3. FEATURES
 Marketing has its core marketing concepts as features:
1) Needs and wants
2) Creating a marketing offering
3) Customer value
4) Exchange mechanism

4. NEEDS AND WANTS
 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 physical needs for food,
clothing, warmth and safety, social needs for belonging and
affection, individual needs for knowledge and self-expression.
 Human need- a state of felt deprivation.
 Human want- the form that a needs take as shaped by culture and
individual personality.
 Human demand- human wants are backed by buying power.

5. CREATING A MARKET OFFERING
 People satisfy their needs and wants with products. A product is
anything that can be offered to market to satisfy any need or
want. Usually, the word product suggests a physical object, such
as car, a television set or a bar of soap. However, the concept of
product is not limited to physical object- anything capable of
satisfying a need can be called a product. In addition to tangible
goods, products include services, which are activities or benefits
offered for sale that essentially intangible and d not result in the
ownership of anything.

6. CUSTOMER VALUE
 Customers usually face broad array of products and services that
might satisfy a given need. How do they choose among these
many products? Consumers make buying decisions based on their
perceptions of the value that various products and services
deliver.
 Customer value- the consumers’ assessment of the product’s
overall capacity to satisfy his or her needs.
 Customer satisfaction- the extent to which a product’s perceived
performance matches a buyers expectation. If the product’s
performance falls short the customer is dissatisfied. If the
performance matches or exceeds expectations, the buyer is
satisfied, or delighted.

7. EXCHANGE MECHANISM
 The concept of exchange leads to the concept of market. A
market is the set of actual and potential buyers of a product or
service.These buyers share a particular need or want that ca be
satisfied through exchange.Thus, the size of a market depends on
the number of people who exhibit the need, have resources to
engage in exchange, are willing to offer these resources in
exchange what they want.

8. CONCLUSION
 The analysis, planning, implementation and control of programs
designed to create, build, and maintain beneficial exchanges with
target buyer for the purpose of achieving organizational
objectives id the marketing management which is evolved with
the help of various features of marketing.