DEFINITION OF MARKETING.
What is Marketing ?
It is a process by which
-one identifies the needs and wants of the people.
-one determines and creates a product/service to meet the needs
and wants. [PRODUCT]
-one determines a way of taking the product/service to the market
place. [PLACE]
-one determines the way of communicating the product to the
market place. [PROMOTIONS]
-one determines the value for the product.[PRICE].
-one determines the people, who have needs/ wants. [PEOPLE]
and then creating a transaction for exchanging the product for
a value.
and thus creating a satisfaction to the buyer's needs/wants.
TERMS to understand.
1.Product/Service means a product or service or idea to satisfy
the people's needs / wants.
2.Needs mean when a person feels deprived of something.
3.Wants mean when a person's need is formed / shaped
by personality, culture, and knowledge.
4.Value means the benefits that the customer gains from
owning and using the product and the cost of the product.
5.Satisfaction means the extent to which a product's
perceived performance matches a buyer's expectation.
6.Exchange means the act of obtaining a needed/ wanted
object by offering something in return.
7.Transactions mean a trade off between a buyer / a seller
that involves an exchange at agreed conditions.