Marketing 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 objectives.
Need: These are the fundamental needs,such as food, water,air, shelter, clothing. Beyong the purely physical requirements,people also need recreation, education, love, socialbelongingness, entertainment and social status.
Want: The desire to satisfy needs inspecific ways that are culturally andsocially influence influenced.
Benefit: The outcome sought by a customer that motivates buying behavior.Demand: Customers desire for products coupled with the resources to obtain them.
Consumer: Is the ultimate user of a good or service. Consumerscan be individuals or organizations, whether a company,government, sorority, or charity and all with different needs.
Customer Satisfaction: The extent to which a products perceived performance matches a buyersexpectations. If the products performance falls shore, of expectations, the buyer is dissatisfied.If performance matches or exceeds expectations the buyer is satisfied, or delighted.
Market: All of the customers and potential customers who share acommon Need that a specific product can satisfy, who have theresources to exchange for it, who are willing to make the exchange,and who have the authority to make the exchange.
Marketplace: Any location or medium to conduct exchange.
MARKETING IS AN EXCHANGE OF VALUEExchange : The process by which some transfer of value occursbetween a buyer and a seller.Monetary Transaction: Currency (cash, check, credit card) issurrendered in return for a good or service.
Product: A tangible good, service, idea, or some combination of thesethat satisfies consumer or business customer needs through theexchange process.Consumer good: The goods individual consumers purchase forpersonal or family use.Services: Intangible products that are exchange directly from theproducer to the customer.Industrial Good: Goods bought by individuals or organizations forfurther processing or for use in doing business.
Marketing is the whole business seenfrom the customer’s point of view -Peter Drucker