WHAT IS MARKETING ?

Marketing involves every one Marketing is a subject that touches all our lives. We now have realized a position where there are many products available and we continually have to choose which ones to buy.

The Purpose Of Marketing In order to prosper, all business organizations have continuously to encourage their potential customers to buy their products, and they must achieve this as efficiently as possible. This is the purpose of marketing. It is thus not confined to advertisement and selling,but covers everything related to what was once described as providing: The right product, the right place, the right price, and at the right time.

A simple exchange process

MARKETING DEFINITIONS Marketing is the human activity directed at satisfying needs and wants through an exchange process. (Kotler, 1980 )

MARKETING DEFINITIONS Since 1980 Kotler’s definition has become longer: Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering, and exchanging products of value with others. (Kotler 1991)

MARKETING DEFINITIONS Marketing is the management process responsible for identifying, anticipating and satisfying customer’s requirements profitably.

WHAT IS A MARKET? Essentially a market could be considered to be a meeting place for making exchanges, where it is accepted that the relative value of different products is established. In practice, to be effective a market needs to have rules and procedures for their enforcements.