Marketing Defined
Marketing
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
NEEDS
A state of felt deprivation.
WANTS
The form taken by as shaped by culture and individual personality.
DEMANDS
Human wants that are backed by buying powers.
PRODUCT
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organization, and ideas.
SERVICES
Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
Customer value
The difference between the valued the customer gains from owning and using a product and the costs of obtaining the product.
Satisfaction
The extent to which a products perceived performance matches a buyers expectations.
Exchange
The act of obtaining a desired object from someone by offering something in return.
Transaction
A trade between two parties that involves, at least two things of value, agreed upon conditions, a time of agreement and a place of agreement.
Relationship
The process of creating, maintaining, and enhancing strong, value-laden relationship with customers and other stakeholders.
Market
The set of all actual and potential buyers and of a product or services.
Suppliers
Competitors
Marketing intermediaries
End-user market
Environment
Marketing Management
The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.
De marketing
Marketing to reduce demand temporarily or permanentlythe aim is not to destroy demand but only to reduce or shift it.
Starting Point
Focus Means
Ends
Factory
Existing Products
Focus
Means
Ends
Company (Profits)