Marketing has been defined in so many ways depending on the product or services being offered. Here are two ways as to how I define marketing.
It is a social and managerial process through which groups and individuals obtain what they need and want through exchanging goods of value with others.
It is the performance of business account that facilitates the flow of goods from producers to the customers.
Terminologies used in Marketing
A human need is a state of felt deprivation of some basic satisfaction. Human needs are food, clothes and shelter. These needs exist by the basis of human conditions.
They are wants for specific products but are based on the ability and willingness to buy them. Wants become demands when supported by the buying power.
They are desires of specific satisfiers of needs. Wants are more than needs and are continually shaped and reshaped by the institutions that we find ourselves in. Human wants are unlimited but the resources to cater for them are limited hence cutting for choices.
It is anything that can be offered to satisfy a need or a want. The importance of physical products lies on the services they lender.
It is the consumer estimate of the product overall ability to satisfy their needs. Consumers normally consider a products value before buying it.
It is the act of obtaining a desired product from someone by offering something valuable in return. It is described as value creating process, that is, it leaves both parties better off than before. There are other non-marketing activities through which people obtain goods such as;
- Donations, etc.
Conditions Necessary for exchange to take place.
- There must be two parties.
- Each party has something that is of value to each other.
- Each party is capable of communication and delivery.
- Each party is free to accept or reject the offer.
- Each party believes it is appropriate or desirable to deal with each other.
It is the art of meeting the agreement in exchange process. There is involvement of monetary and barter transactions.
It consists of a potential customers sharing a particular need or want and who might be willing and able to engage I exchange in order to satisfy that need or want.