The essence of marketing is to create mutually profitable long term relations by satisfying your

customers and creating value to the customers

Exchange can take place in different environments

Marketing has its origins in the fact that humans have needs and wants

The organization function changed with defining customer targets and the best way to satisfy their
needs and wants competitively and profitably

Marketing management is the process of planning and executing the conception, pricing,
promotion and distribution of products and services to crate exchanges that satisfy individual and
organizational goals

- Understanding the marketplace and customer needs

Needs: states of felt deprivation

Wants: the form human needs take as they are shaped by culture and personality

Demands: human wants that are backed by buying power

-market offerings (products, services and experiences)

Market offerings: some combination of products, services information or experiences offered to a

market to satisfy need or want

Marketing myopia: the mistake of paying more attention to the specific products a company offers
that to the benefits and experiences produced by these products