Marketing is the process of planning and executing a conception.
It also carves the concepts of pricing, promotion and distribution of ideas.
Marketing isa wide concept which includes goods and services to create exchanges.
These exchanges satisfy individual and organizational goals.
It is also a management process that identifies, anticipates and satisfies customer requirements profitably.
Marketing is a social and managerial process.
It is utilized by individuals and groups to obtain what they want and need.
They do this through creating, offering and exchanging products of value with the others.
For selling our products, ideas, contents, properties we all have to do the process of marketing to the buyers.
What do we market ?
We can do marketing for some specific products for sell them to the buyers.
They are –
1. Goods
2. Services
3. Events
4. Experiences
5. Personalities
6. Place
7. Organizations
8. Properties
9. Information
10.Ideas and concepts etc.
Common ideas and terms for marketing:
1. Needs:
A need is a state of felt deprivation of some basic requirement.
It is need of food, clothing, shelter, and safety for survive.
2. Wants:
These are desires for specific satisfiers of the needs of a person needs food but wants fish and chips.
He needs a shelter but wants a castle.
3. Demands:
Are wants for specific products that are backed up by the ability and willingness to buy them.
A want is a demand when it is backed by purchasing power.
4. Product:
It is anything that can be offered to someone to satisfy a need or want at a profit.
5. Utility:
This is the consumer’s estimate of product’s overall capacity to satisfy a need is determined.
6. Exchange:
Is the act of obtaining a desired product from someone by offering something in return.
7. A transaction:
Is a trade of values between two parties.
8. A market:
It consists of all the potential customers sharing a particular need or want.
They might be willing and able to engage in exchange to satisfy the needs.
9. A brand:
Is an offering form a known source or company .
It may be a name, a sign, symbol, distinctive coloring or a letter.
These distinguish one company’s product from others.