1. Need: basic human requirement.

2. Want: desire for a specific way to satisfy a need by consuming

specific objects, services and experiences.
3. Demand is a want for a specific product backed by the ability to
buy it (purchasing power) and willingness to do so. 
4. A product is anything that can be offered to satisfy a need or
Basic want. This includes physical goods, services, ideas and
experiences. 
Concepts in 5. Brand: Name, term, sign and symbols to identify and differentiate
goods from different sellers. Offers benefits that are non-
Marketing functional, social and experiential. Reduce risk of purchase. 
6. Value:  is the consumer’s estimate of the product’s capacity to
satisfy a need.  A consumer always estimates a product’s value
through two aspects, namely, costs and benefits. Costs include
monetary costs as well as costs incurred in terms of time and
effort and psychic costs.  Benefits would include benefits in terms
of product attributes as well as service and image associated with
using that product.  Therefore, value is benefits-costs. 
 7. Satisfaction represents the feelings of pleasure or disappointment,
which result from comparing expectations about product performance
with actual or perceived performance. Customer delight- when
customer perceptions highly exceed expectations.
8. A market comprises buyers with similar needs and sellers with

Basic substitutable products.

9. Customer Loyalty: Customers move through various stages from
Concepts in being unaware of the product, trying it out, not rejecting it, using it
occasionally, regularly and frequently. Regular and frequent usage can

Marketing
be termed as loyalty. 3 types of loyalty: financial, social and structural.
10. Customer: Who enters exchange with the seller. Consumer: Who
uses the product. Maybe one and the same or different. Prosumer
11. Competition: All actual and potential substitutes a buyer might
consider. Marketing myopia is when companies address only direct
substitutes, and the market share is lost to indirect substitutes. Industry
comprises sellers offering directly substitutable products.
12. Marketplace: A physical context in which buyers and sellers enter
exchange; Market space-a digital or virtual context.
Basic Concept in Marketing
13. Meta-market: Cluster of complementary products and services that are related in the
minds of the consumer but belong to different industries.
14. Consumer, Business and not for profit markets.