Marketing refers to 3 things: business function, business philosophy, decision-making process, marketing as a business fct and philosophy business fct. Provide bus with a long term advantage in marketplace by understanding needs of customers marketplace. Any location or medium used to conduct an exchange. Done by focusing on business phil, marketing concept. Long term profitability best met by knowing customer needs. Marketing concept applies to all aspects of firm (integrate marketing w/other bus fct like finance & acct) Marketers must work w/r&d to make products that meet customer needs: marketing as a process primarily a decision making process. The process of planning & executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organization objectives: marketing satisfies needs ( . satisfy individual & organization objectives ) Ultimate user of good/service (can be individuals & organizations) Recognition of difference b/w consumers actual stat and an ideal/desired state.