Page 1 Notes - Marketing Essentials

Flashcards cover key concepts from Page 1: needs vs. wants, satisfaction, exchange, consumption, demand, consumers, and the difference between marketing and selling.

What is a 'need'

A felt deprivation of basic necessities for survival.

What is a 'want'

Something we desire but do not need to survive.

What does 'satisfaction' mean in marketing

The feeling of fulfillment from having needs and wants met.

What is 'exchange'

The act of giving something of value to receive something of value in return.

What is 'consumption'

The use of goods and services and the benefits derived from them.

What is 'demand'

The desire for goods and services backed by the ability and willingness to pay.

Who are 'consumers'

Individuals or households who buy goods and services to satisfy needs and wants.

What is 'marketing'

An approach that emphasizes satisfying customer needs and delivering value.

What is 'selling'

An approach that emphasizes the product and persuading customers to buy.

What is 'purchase'

The act of buying goods and services and obtaining the benefits from consumption.