Concept of Marketing

• Marketing


  The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• Marketing


  The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals
• Marketing


  The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires, defines, measures, and quantifies the size of the identified market and the profit potential, pinpoints which segments the company is capable of serving best, and designs and promotes the appropriate products and services
• Marketing


  • Understanding customers, identifying their needs, and developing products or services that meet those needs
  • Crafting effective strategies to communicate the value of these offerings
  • Distributing them through appropriate channels
  • Continually monitoring and adapting to changes in the market to ensure long-term success
• Market


  A place where people meet to exchange (buy or sell) their goods or services
• Market


  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
• Market


  The actual and potential buyers of a product
• Market


  The process by which buyers and sellers interact for the purpose of exchange
• Value added


  The additional benefits or enhancements that a product, service, or brand provides to customers beyond its basic features and functions. It represents the extra value that a customer perceives in a product or service, which justifies paying a premium price or choosing it over competing alternatives
• Value added elements


  • Quality: Superior build quality or materials
  • Convenience: Ease of use, time-saving features, or accessibility
  • Customization: Options for personalization or tailored experiences
  • Customer Support: Exceptional customer service, warranties, or after-sales support
  • Innovation: Cutting-edge technology, design, or functionality
  • Added Services: Complimentary services or accessories bundled with the product
  • Environmental Responsibility: Sustainability initiatives or eco-friendly features
  • Experiential Elements: Creating memorable experiences around the product or service
• Exchange transaction


  The process of giving something of value in return for something else of value between two or more parties. It forms the basis of how products, services, and ideas are transferred from producers or providers to consumers or users in the marketplace
• Exchange transaction


  • Typically characterized by mutual benefit. Both the buyer and the seller believe they are gaining something valuable from the transaction
  • For a transaction to occur, there must be a meeting of needs or wants. The buyer's need for the product or service aligns with the seller's goal to provide it