Marketing Management 3(2+1)

Lesson 02 : Marketing, Selling and Merchandising

Core Concepts of Marketing

Marketers need to understand the needs and wants of the customers and the market place within which they operate. Concepts create a foundation for marketing management. The following are the core customer and market place concepts on which marketing depends.

• Needs, Wants and Demands
• Products (Goods, Services, and Ideas)
• Value, Cost and Satisfaction
• Exchange and Transaction
• Relationships and Networks
• Markets
• Modern Marketing System