Marketing is the delivery of customer satisfaction at a profit. Two goals of marketing:attracting new customer:keeping current customer. Marketing is the most important job in an organization. Marketing defined Marketing is not only selling and advertising. The old sense of marketing is "telling and selling";at the present, the only way to do the marketing is satisfying customer needs. A detailed definition:A social and managerial process whereby individuals and group obtain what they need and want through creating and exchanging products and value with others. Several important concepts in the definition (1)Needs,wants,and demands. Needs:the basic human requirement. Want:the form taken by a human need as shaped by culture and individual personality. Demands:human wants that are backed by buying power (2)Products and services Products:Anything that can be offered to market for attention, acquisition,use,or consumption that might satisfy a want or need. Products include physical objects,services,persons,places, organizations,and ideas. Products can be referred as satisfier,resource,or marketing offer. (3)Value,satisfaction,quality Customer value:The difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Customer satisfaction:The extent to which a product's perceived performance matches a buyer's expectation. Quality:The totality of features and characteristic of a product or service that bear on its ability to satisfy customer needs. (4)Exchange,Transactions,and Relationships Exchange:the act of obtaining a desired object from someone by offering something in return. Transaction:A trade between two parties that involves at least two 7 7 Marketing is the delivery of customer satisfaction at a profit. Two goals of marketing: attracting new customer; keeping current customer. Marketing is the most important job in an organization. Marketing defined Marketing is not only selling and advertising. The old sense of marketing is “telling and selling”; at the present, the only way to do the marketing is satisfying customer needs. A detailed definition: A social and managerial process whereby individuals and group obtain what they need and want through creating and exchanging products and value with others. Several important concepts in the definition (1) Needs, wants, and demands. Needs: the basic human requirement. Want: the form taken by a human need as shaped by culture and individual personality. Demands: human wants that are backed by buying power (2) Products and services Products: Anything that can be offered to market for attention, acquisition, use, or consumption that might satisfy a want or need. Products include physical objects, services, persons, places, organizations, and ideas. Products can be referred as satisfier, resource, or marketing offer. (3) Value, satisfaction, quality Customer value: The difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Customer satisfaction: The extent to which a product’s perceived performance matches a buyer’s expectation. Quality: The totality of features and characteristic of a product or service that bear on its ability to satisfy customer needs. (4) Exchange, Transactions, and Relationships Exchange: the act of obtaining a desired object from someone by offering something in return. Transaction: A trade between two parties that involves at least two