This document provides an overview of key marketing concepts and terms. It defines marketing as a social and managerial process of obtaining what individuals and groups need and want through creating, offering, and exchanging products of value. It discusses the difference between needs, wants, and demands. It also outlines various marketing strategies and frameworks, including the marketing mix, Porter's generic strategies, SWOT analysis, and the BCG matrix model.
160. Services Any act or performance that is essentially intangible & does not result in ownership of anything. Its production may or may not be tied to a physical product.
246. Retailing All activities involved in selling goods or services directly to final customers for personal, non-business use. Any organization selling to final customers is retailing.