Marketing: 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 objects.
Also know that core concept of marketing is
1.Needs, Wants and Demand 2, Product and Services, 3. Value Satisfaction, 4. Exchange Transactions and Relationship, 4. Market.
Need: State of felt deprivation.
Want: The form taken by human needs as they are shaped by culture and individual personality. Demand: Wants baked by buying power.
Value, Satisfaction:Value is when it is valued and satisfaction is the customer’s feeling of pleasure or disappointment resulting from comparing a product’s actual performance against their expectations
or (value is the perceived worth or benefits a product/service offers relative to its cost (price, time, effort).
Exchange: The act of obtaining a desired object from someone by offering something in return.
Transaction: A trade between two parties that involves agreement, and a place of agreement.
Relationship: The process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.
Market: The set ofall actual and potential buyers of a product or service.
Marketing Mix: 1. Product, 2, Price, 3. Place, 4. Promotion
- Product: Variety, Quality, Features, Brand name, Packaging, Services.
- Promotion: Advertising, Personal selling, Sales promotion, Public relationship
- Price: List price, Discount, Allowances, Payment period, Credit Terms
- Place: Channels, Coverage, Locations, Inventory, Transportation.
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