Marketing is a social and managerial process by
which individuals and groups obtain what they need and want through creating,
offering, and exchanging products of value with others.
A human need is a state of deprivation of some basic
satisfaction. People require food, clothing, shelter, safety, belonging, and
esteem. These needs are not created by society or by marketers. They exist in
the very texture of human biology and the human condition.
Wants are desires for specific satisfiers of needs.
Although people’s needs are few, their wants are many. They are continually
shaped and reshaped by social forces and institutions, including churches,
schools, families and business corporations.
Demands are wants for specific products that are
backed by an ability and willingness to buy them. Companies must measure not
only how many people want their product but, more importantly, how many would
actually be willing and able to buy it.
Market
A market consists of all the potential customers
sharing a particular need or want who might be willing and able to engage in
exchange to satisfy that need or want.
Marketers
When one party is more actively seeking an exchange
than the other party, we call the first party a marketer and the second party a
prospect. A marketer is some one seeking one or more prospects who might engage
in an exchange of values. A prospect is someone whom the marketer identifies as
potentially willing and able to engage in an exchange of values.
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