Marketing - Definition
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.
A human need is a state of deprivation of some basic satisfaction. People require food, clothing, shelter, safety, belonging, and esteem. These needs are not created by society or by marketers. They exist in the very texture of human biology and the human condition.
Wants are desires for specific satisfiers of needs. Although people’s needs are few, their wants are many. They are continually shaped and reshaped by social forces and institutions, including schools, families and business corporations.
Demands are wants for specific products that are backed by an ability and willingness to buy them. Companies must measure not only how many people want their product but, more importantly, how many would actually be willing and able to buy it.
Market
A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
Marketers
When one party is more actively seeking an exchange than the other party, we call the first party a marketer and the second party a prospect. A marketer is some one seeking one or more prospects who might engage in an exchange of values. A prospect is someone whom the marketer identifies as potentially willing and able to engage in an exchange of values.
Marketers do not create needs. Marketers influence wants. Marketers influence demand by making the product appropriate, attractive, affordable, and easily available to target consumers. They also communicate their offering to prospects. Society influences wants. People living in different societies prefer different types of food items, different types of apparel and even different types of jewellery.
A product is anything that can be offered to satisfy a need or want. Offering and solution are synonyms to the product in marketing context.
A product or offering can consist of as many as three components: physical good(s), service(s), and idea(s).
Value is the consumer’s estimate of the product’s overall capacity to satisfy his or her needs.
Marketers offer value to a consumer when the satisfaction of customer's requirements takes place at the lowest possible cost of acquisition, ownership, and use.
Marketing management
Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
A human need is a state of deprivation of some basic satisfaction. People require food, clothing, shelter, safety, belonging, and esteem. These needs are not created by society or by marketers. They exist in the very texture of human biology and the human condition.
Wants are desires for specific satisfiers of needs. Although people’s needs are few, their wants are many. They are continually shaped and reshaped by social forces and institutions, including schools, families and business corporations.
Demands are wants for specific products that are backed by an ability and willingness to buy them. Companies must measure not only how many people want their product but, more importantly, how many would actually be willing and able to buy it.
Market
A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
Marketers
When one party is more actively seeking an exchange than the other party, we call the first party a marketer and the second party a prospect. A marketer is some one seeking one or more prospects who might engage in an exchange of values. A prospect is someone whom the marketer identifies as potentially willing and able to engage in an exchange of values.
Marketers do not create needs. Marketers influence wants. Marketers influence demand by making the product appropriate, attractive, affordable, and easily available to target consumers. They also communicate their offering to prospects. Society influences wants. People living in different societies prefer different types of food items, different types of apparel and even different types of jewellery.
A product is anything that can be offered to satisfy a need or want. Offering and solution are synonyms to the product in marketing context.
A product or offering can consist of as many as three components: physical good(s), service(s), and idea(s).
Value is the consumer’s estimate of the product’s overall capacity to satisfy his or her needs.
Marketers offer value to a consumer when the satisfaction of customer's requirements takes place at the lowest possible cost of acquisition, ownership, and use.
Marketing management
Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
Marketing (Management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
Marketing management has the task of influencing the level, timing, and composition of demand in a way that help the organization achieve its objectives. Marketing management is essentially demand management.
Marketing managers manage demand by carrying out marketing research, planning, implementation and control.
Marketing management has the task of influencing the level, timing, and composition of demand in a way that help the organization achieve its objectives. Marketing management is essentially demand management.
Marketing managers manage demand by carrying out marketing research, planning, implementation and control.
Within marketing planning, marketers must make decisions on target markets, market positioning, product development, pricing, distribution channels, physical distribution, communication, and promotion.
Marketing work in the customer market is formally carried out by sales managers, salespeople, advertising and promotion managers, marketing researchers, customer service managers, product and brand managers, market and industry managers, and the marketing vice-president.
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