Lesson 2 covers the fundamental concepts of marketing. It begins by addressing needs, distinguishing between basic, social, and individual needs, then proceeds to wants, and concludes with demands. Next, products are categorised, encompassing both goods and services, and product quality, referring to its ability to satisfy an individual’s stated or implied needs, is discussed. The lesson concludes by exploring value, which is the relative judgement of inputs versus outcomes; satisfaction, the subjective feeling resulting from comparing a product’s performance to expectations; and loyalty, the strong commitment to repurchase or continue using a preferred product.