Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Exchange: people giving up something to receive something they would rather have.

Conditions of exchange:

1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with other party.

Management Philosophies:

1. Production Orientation: a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
2. Sales Orientation: the idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
3. Market Orientation: a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase product. It is synonymous with the marketing concept.
4. Societal Marketing Orientation: the idea that an organization exists not only to satisfy customer wants and needs and to meet organization objectives but also to preserve and enhance individuals’ and society’s long-term best interests.

Marketing Concept: the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives.

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