Principal Of Marketing *Written Be Khushal Khan*
...place where potential buyers exist.
OR It is a place where exchange takes place.
Market is a place where people group together to make some transaction. It is the place of potential buyers i.e. the buyers have the ability to buy. It is important because sellers have to sell goods and the buyers have to buy goods. Today market must be understand not in an old sense of making a sale- “telling and selling”- but in the new sense of satisfying customer needs. If a marketer does a good job of understanding consumer needs, develops products that provide superior value and price distributes and promotes them effectively.
Marketing: It is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. OR
It is the process of planning and executing of conception, pricing, promotion and distribution of ideas, goods and services.
Marketing is the process of how to implement the ideas, what types of pricing strategy to adopt and how to promote the products and what would be the effective distributional channels. There are core concepts for understanding marketing:
Needs: These are states of felt deprivation. These include basic physical needs for food clothing, shelter and safety, social needs for belonging and affection and individual needs for knowledge and self-expression.
Wants: These are the forms taken by human needs as they are shaped by culture and individual personality. It is a desire for goods or product but no buying ability to purchase.
Demands: Human wants that are backed by buying power. People demand products with the benefits that ad up to the most satisfaction. In demands a person has buying ability as well as willingness to purchase.
Product: Anything that can be offered to a market for attention, acquisition, use or...
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