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WHAT IS MARKETING?
Introduction
The term marketing has evolved over time, today marketing is based around providing continual benefits to the customer following a transactional exchange. The Chartered Institute of Marketing define marketing as 'The management process responsible for identifying , anticipating and satisfying customer requirements profitably'
Marketing Definitions
Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process'
Customers will only undertake the exchange, if they feel that their needs are being satisfied, clearly the transactional value can not be more than the amount customers are prepared to pay to satisfy their need. Marketing: | * Using Exchanges to Satisfy Needs * Marketing 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 objectives. * To serve both buyers and sellers, marketing seeks: * To discover the needs and wants of prospective customers. * To satisfy these needs and wants. | Exchange | * the trade of things of value between buyer and seller so that each is better off after the trade. * Exchange is key to achieving the two objectives above. |
HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS | A. Discovering Consumer Needs | Marketing's first objective is discovering the needs of prospective consumers. | * The Challenge of Launching Winning New Products Discovering and satisfying needs can be difficult. * Companies invest huge sums on marketing and technical research that reduces, but cannot eliminate, new-product failures. * Discovering needs involves looking carefully at prospective customers. * A firm’s marketing department must understand * what its customer needs, * industry trends,
Introduction
The term marketing has evolved over time, today marketing is based around providing continual benefits to the customer following a transactional exchange. The Chartered Institute of Marketing define marketing as 'The management process responsible for identifying , anticipating and satisfying customer requirements profitably'
Marketing Definitions
Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process'
Customers will only undertake the exchange, if they feel that their needs are being satisfied, clearly the transactional value can not be more than the amount customers are prepared to pay to satisfy their need. Marketing: | * Using Exchanges to Satisfy Needs * Marketing 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 objectives. * To serve both buyers and sellers, marketing seeks: * To discover the needs and wants of prospective customers. * To satisfy these needs and wants. | Exchange | * the trade of things of value between buyer and seller so that each is better off after the trade. * Exchange is key to achieving the two objectives above. |
HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS | A. Discovering Consumer Needs | Marketing's first objective is discovering the needs of prospective consumers. | * The Challenge of Launching Winning New Products Discovering and satisfying needs can be difficult. * Companies invest huge sums on marketing and technical research that reduces, but cannot eliminate, new-product failures. * Discovering needs involves looking carefully at prospective customers. * A firm’s marketing department must understand * what its customer needs, * industry trends,