It makes an attempt to study the customer needs, and goods are produced accordingly. The business existence depends on human needs.

A customer expects some services or benefits from the product for which payment is made. If this benefit is more than the amount paid, then the customer is satisfied.

Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac­tion of human wants.

Art refers to a specific skill that is required in marketing activities of any type of business. Science refers to a systematic body of knowledge, based on facts and principles.

Marketing is an activity designed to plan, price, promote and distribute products. At the same time, it also addresses both the current and future consumers.

Exchange takes place between sellers and buyers. Most of marketing activities are concerned with the exchange of goods.

Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities.

A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion.

Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing.

Identifying consumer needs and wants is the primary task of a marketing manager. Production activities are adapted to these consumer needs. Thus, marketing precedes production.