'Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and

services to create exchanges that satisfy individual and organizational objectives.' Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders.

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

Human Need: A state of felt deprivation. Human Want: The form that a human need takes as shaped by culture and individual personality. When backed by an ability to pay - that is, buying power - wants become demands.

Selling
Preoccupied with need of seller Emphasizes on saleable surplus Converts products into cash Views business as goods producing process

Marketing
Focuses constantly on the needs of the buyer Emphasizes on market opportunity Converts needs into products Views business as customer satisfying process What is offered is offered as a product is determined by the customer

The firm makes the product first and then figures out how to sell it and make profit
Transportation, storage and other distribution functions are perceived as mere extensions of the production function Somehow selling, no co-ordination of all the function

Seen vital services to be provided by the product Emphasis on integrated marketing; an integrated strategy covering product, promotion, pricing and distribution

Micro Environment : The actors close to the company that affect its ability to serve its customers the company, suppliers, marketing intermediaries, customer markets, competitors and publics

Macro Environment: The larger societal forces that affect the microenvironmentdemographic, economic, natural, technological, political, legal and cultural forces.

Consumer Buying Behavior refers to the buying behavior of final consumers (individuals & households) who buy goods and services for personal consumption.

Market Segmentation: Process of dividing the total market for a good or service into several smaller, internally homogeneous groups Positioning: Firm creating and maintaining in the minds of a target market a particular image relative to competing products