* Marketing : is the process of planning and implementing the four activities (4Ps),which if designed effectively, it will create exchange. * Needs : are states of felt deprivation. * Wants : are needs shaped by culture and personality. * Demands : are wants backed by buying power. * Market offerings : is a combination of products and services offered to market to satisfy consumer's wants and needs. * Marketing myopia : marketers should focusing on meeting customer's wants rather than selling products. * Exchange : is the process of give something to gain something. * Market : is a set of current consumers and potential consumers. * Marketing management : is the art and science of choosing target markets and building profitable relationships with them. * Production concept : is emphasis on increasing production quantity. * Product concept : is emphasis on products characteristics and quality. * Selling concept : is emphasis on promotion. * Marketing concept : is emphasis on satisfying consumer needs and wants. * Societal marketing concept : is developed from marketing concept that emphasis on consumer wants and society wants. * Customer-perceived value : is the customer evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. * Customer satisfaction : is depends on product's perceived performance relative to a buyer's expectations .

Discussion Questions
1. Explain how marketing creates profitable customer relationships.
Marketing creates profitable customer relationships by delivering superior customer value and satisfaction.

2. Marketing has been criticized because it "makes people buy things they don't really need." Refute or support this accusation.
The most basic concept underlying marketing is that of human needs.