Marketing-Class Note 1

Definition of Marketing, Concepts or Philosophy of Marketing, Core Marketing Terms, Functions of Marketing, Scope of Marketing Definition of Marketing Different writer, professional , and scholars have defined market ing in different ways. Some of them have defined that marketing is buying and selling of products and services. Some others have also defined that marketing is the activities which are related to delivering the products and services from the producers to the consumers. Some important definitions are given below: • According to Philip Kotler, "Marketing is a social and management process by which individuals and groups obtain what they need and want through creating and exchanging produc ts and v alue wit h others ". • According to American Marketing Association, "Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user". • According to Prof. Paul Mazur, "Marketing is the delivery of standard of living to society". From the above definition it can be concluded that marketing means those activities which are related to del iver ing the produ cts from the produ cers to the consumers such as trad ing , transportation, warehousing, grading, standardization, packaging, collecting information, risk taking, etc. Core Marketing Concept The main core concepts are (1) needs, wants, and demands; (2) market offerings and brands (pr od uc ts, ser vic es, expe rie nces, and br ands ); (3) cu stomer va lue and sat isf act ion ; (4) exchanges, transaction, and relationships; (5) markets, (6) 1. Ne ed s, wan ts , and demands • Needs: The most basic concept underlying marketing is that of human needs. Human ne ed s are states of fel t de pri va tio n. Th ey inclu de ba sic ph ys ica l ne eds for foo d, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. • Wants: Wants are the form human needs take as they are shaped by culture and individual personality. Wants are shaped by one’s society and are described in terms of objects that will satisfy those needs. • Demands: When backed by buying power, wants become demands. Buying power means willingness to buy, authority to buy, and ability to buy. Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction. Examples for clarification of the terms: • Needs: I felt hungry • Wants: I sought rice and vegetables to meet the need as a Bangladeshi. In case of an American, he sought French fry with curry. 1 Fin al Note-M.G. Mosta fa-MBA Stu den t (1 201 61534)-EMBA-1A

Marketing-Class Note 1

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