Needs, wants and demands: A need is a state of felt deprivation or feeling of being deprived of something. Product: Anything tangible or intangible that is offered to satisfy a need or want is a product. Exchange, Transactions and Relationships: As mentioned above, the wants backed by buying power create demand.
Markets: As we have discussed, an exchange may take place between two people, but three people are required to create a market.
The Marketing ConceptThe marketing concept puts the customer at the centre of the organizational decision making process.
The above shows that the marketing philosophy anticipates profits through increased levels of satisfaction this might be through a premium on the price or through increased life time value of customers. A product, a service, a place, a person, an idea, information , an event, an organization, property or even experiences. There are always many potential buyers and many potential sellers and the set of these potential buyers and sellers is market. For example initially a company must focus on the product until the generic form is developed and accepted by the marketplace.
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However, there are some basic concepts of marketing, which are interrelated, and one building on one before it.

The tangible products are physical products, which can be touched or felt or tested, while the intangible products cane only be experienced. Exchange is the act of obtaining a desired object from someone by offering something in return. There are other concepts that a company can have that allows them to effectively compete in the prevailing market conditions.
Initially in a new market the demand might exceed supply, so focusing on the production is needed to enable production levels to build in order to meet demand, as production builds and supply begins to exceed demand companies need to ensure that they have effective sales methods to ensure there market share.
For example, a service of a hotel can be experienced (intangible) while food in the restaurant in the same hotel can be tested (tangible). The market offerings have to provide the best value of the money and satisfaction of fulfilling a want.
Finally as markets mature companies need focus on the needs of the customer and ensure that they are meeting the needs as individually and as a society.
Needs are shaped up by culture, personality and religion and they become wants when the need indicate an object to fulfill that need. Cars, groceries, computers, places, persons , ideas and informations -everything are objects that have the capability of fulfilling the needs and wants. This need to meet the need of society was initially seen as a distinct orientation, with organizations such as the body shop and Cooperative bank positioning themselves using ethical statements, however as issues such as global warming and exploitation of third world economies have become more main stream it is expected that an organization with a marketing orientation will have an acceptable ethical policy. Based upon their own perception the customers estimate the product value and judge whether, it has the capacity of fulfilling their need.

Three people are at least required to create a market, so that there is competition from at least one side.
People have choices to choose a desired object or service from the want-list to fulfill a particular need.
Both of them must have something to offer each other and both of them should have a value to offer each other.
Both of them must be able to communicate with each other and must be able to deliver what they offering to each other. The marketer has to know the potential want list of his target market and make them available the best value for their money. Whether for profit or no profit , an exchange must give some value to the exchange partners.
The focus of marketing is not to get maximum profit from a single transaction but to get long running relationship with the customers.

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