#1- MARKETERS
#2- WHAT IS BEING MARKETED
#3- TARGET MARKET
According to PHILIP KOTLER: Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
This definition includes following core concepts :
NEEDS,WANTS and DEMANDS
PRODUCTS: VALUE & SATISFACTION
EXCHANGE & TRANSACTION
MARKETS & MARKETERS
Definition:
- NEED : A state of felt deprivation of some basic satisfaction ( Food, Clothing, Shelter, Belonging etc. )
- WANTS : Wants are desires for specific satisfiers of the deeper needs. Needs are few and wants are many .
- DEMANDS : are wants backed by Ability to buy and Willingness to buy
- Anything that can be offered to someone to satisfy a need or want is a product.
- Product refers to physical object
- Services refer to intangible object
- Value is the customers’ estimate of the Product’s capacity to satisfy a set of goals. Value is the ratio between what the customer gets and what he gives (V=B/C)
- WHEN :Customer Expectant = Performance (satisfied)
- Customer Expectant > Performance (dis-satisfied)
- Customer Expectant < Performance (Highly satisfied)
Exchange takes place when 5 conditions are satisfied:
(a) Two parties should be there
(b) Each party must have something of value to the other
(c) Each party is capable of communication & delivery
(d) Each party is free to accept or reject the offer
(e) Each party believes that it is appropriate to deal with the other party
(a) Two parties should be there
(b) Each party must have something of value to the other
(c) Each party is capable of communication & delivery
(d) Each party is free to accept or reject the offer
(e) Each party believes that it is appropriate to deal with the other party
EXCHANGE AND TRANSACTION
#Exchange is a process rather than event. It is a value creating process because it normally leaves both parties better off.
#Transaction is a trade of values between two or more parties ( A BARTER TRANSACTION OR A MONETARY TRANSACTION ).
WHAT IS 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.
Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably.
In other words, it is the process of understanding, creating, and delivering profitable value to targeted customers better than the competition.
Its aim is to establish, maintain, enhance long term relationship with customers at a profit so that the objectives of the parties involved are met.
In short marketing consists of attracting, developing, and retaining profitable customers.
Marketing can not be considered as a separate function , it is the whole business, seen from the point of view of its final results that is profit, through customer satisfaction
