Marketing involves creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society. It is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services. Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering and communicating superior customer value. Customer perceived value is determined by comparing the prospective customer's evaluation of the total benefits versus the total costs of an offering against alternative options.

1. Concept of Marketing
Dr. Gopal Thapa
Tribhuvan University

2. Marketing
• Marketing is the activities, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that
have value for customers, clients, partners and society at large.
• American Marketing Association
• Marketing is a societal process by which individuals, and groups what
they need and want through creating, offering, and freely exchanging
products and services of value with others
• Philip Kotler and Kevin Lane Keller

3. Marketing Management
• Marketing management is the art and science of choosing target
markets and getting, keeping, and growing customers through
creating, delivering and communicating superior customer value.
• Philip Kotler and Kevin Lane Keller

4. Customer Perceived Value (CPV)
• CPV is the difference between the prospective customer’s evaluation
of all the benefits and costs of an offering and the perceived
alternatives.

6. Total Customer Benefits
• Total customer benefit is the perceived monetary value of the bundle
of economic, functional, and psychological benefits customers expect
from a given market offering because of the product, service, people
or image.

7. Total Customer Cost
• Total customer cost is the perceived bundle of costs customers expect
to incur in evaluating, obtaining, using, and disposing of the given
marketing offering, including monetary, time, energy and
psychological costs.