Introduction to Marketing Concepts
A market is all the current and potential customers for a product or service. It is the needs and preferences of current and potential consumers and the surrounding environment that influences consumers and the marketing organization. When we ask ‘is there a market for this product?’ we are asking whether there are people who would want to buy/use that product.
An important part of marketing is analyzing the environment and identifying market needs. You cant successfully promote or sell a product if you don’t know who the potential customers are what's important to them.
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.
What is marketing?
Marketing is an activity, a set of institutions and processes for creating, communicating, delivering and exchanging offering that have value for customers, clients, partners and society at large.
Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Business is not determined by the producer but by the customer.
Broadly defined, marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers.
Customer needs, wants and demands –
Human needs are states of felt deprivation e.g. physical need for food, clothing, warmth and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. 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 an individual personality. Wants are described in terms of objects that will satisfy needs. As a
An important part of marketing is analyzing the environment and identifying market needs. You cant successfully promote or sell a product if you don’t know who the potential customers are what's important to them.
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.
What is marketing?
Marketing is an activity, a set of institutions and processes for creating, communicating, delivering and exchanging offering that have value for customers, clients, partners and society at large.
Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Business is not determined by the producer but by the customer.
Broadly defined, marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers.
Customer needs, wants and demands –
Human needs are states of felt deprivation e.g. physical need for food, clothing, warmth and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. 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 an individual personality. Wants are described in terms of objects that will satisfy needs. As a