The marketing functions must be performed in all economies regardless of their stage of economic development. The marketing management philosophy holds that achieving organization goals depends on determining the needs and wants of a target market and delivering the desired satisfaction more effectively and efficiently than competitors. The consumer is seen as the center of the business universe and organizations that have adopted the marketing concept try to create products and services with the customer's needs in mind. This provides utility. When marketers create utility, value is created.
Utility is a term economists use to describe the want-satisfying potential of a good or service.
Humans have many complex needs. When a need is not satisfied, a person will try either to reduce the need or look for an object that will satisfy it. Wants are the form taken by human needs as they are shaped by culture and individual personality. Wants are described in terms of objects that will satisfy needs. In any business enterprise, ethical behavior must be a tradition, a way of conducting one's affairs that is passed from generation to generation of employees at all levels of the organization.