Marketing is the process of developing, pricing, promoting, and spreading concepts, goods, and services to generate exchanges that meet both personal and organizational objectives. (management). – American Marketing Association.
Marketers are skilled in simulating demand for a company’s products. Marketing managers are responsible for demand management. To achieve the goals of the organization, they try to affect the level, timing, and composition of demand.
Marketing’s goal is to fully comprehend the customer so that the good or service will fit him and sell itself. A customer who is ready to make a purchase is the ideal marketing result. The only thing left to do should be to make the good or service accessible.
The decisions marketers make (from major ones such as what product features to design into a new product or how much to spend on advertisements to minor decisions such as exacting wording or color of some new packaging) depend on the types of market.
Types of Market:
- Consumer Markets
- Business Markets
- Global Markets
- Nonprofit and Governmental Markets
Core Marketing Concepts:
- Marketers and Prospects
- Marketing Environment
- Exchange and Transactions
- Needs, Wants, and Demands
- Product or Offering
- Brand, Brand Image, Brand Strength, and Brand Equity
- Competition
- Relationships and Networks
- Marketing Channels
- Supply Chain
- Value and Satisfaction
- Target Markets and Segmentation
- Marketing Mix