Title: Explain the concept of marketing.
Course: Fashion Marketing (8140) > Section: Understanding Economic and Marketing Concepts

Explanation should emphasize the basic marketing concept, which states that businesses must satisfy customers' needs and wants to make a profit.

Process/Skill Questions:

- What is the basic question that a business must ask to incorporate the marketing concept? Why is marketing essential to business success?
- What are the similarities and differences between a business that uses the marketing concept and one that does not?
- How are customers' needs determined? How are their wants determined?
- Why is it important for a business to establish a marketing concept?