Understanding Marketing: From Concepts to Strategies
Classified in Economy
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Topic 1: The Marketing Function
What is Marketing?
Marketing is the process of identifying, understanding, and meeting customer and societal needs by creating, communicating, delivering, and exchanging value.
Key Concepts:
- Need: A basic requirement for survival (e.g., food, shelter).
- Want: A specific desire for a product or service that can satisfy a need.
- Demand: Wants backed by the ability and willingness to pay.
- Product: Any tradable offering that satisfies a need, including tangible goods, services, ideas, and experiences.
- Market: All potential buyers who share a need or desire and have the ability to exchange value.
- Consumer Insight: A non-obvious understanding about customers that can change their behavior for mutual benefit.
Evolution of Marketing
- Product