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You may not know it, but you are probably more of a marketing expert than your realize. Why? Because you are a consumer.

MARKETING is 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 objectives.

Needs - are part of the human makeup. They include physical needs such as food, water, shelter; social needs for belonging and affection and individual needs for knowledge and self-expression.

Wants - are formed by culture and individual personality e.g., you may need food, but you want a hamburger and fries. But a person who lives in China may need food, but wants mango, rice and noodles.

People have unlimited wants but limited resources. Therefore, as consumers, they will pick products that provide value and satisfaction for their money. Consumers will look and choose products that will give them the best benefit for their money. When consumers have buying power, those wants become demands - Demands are human wants that are backed by buying power. Marketing companies go to great lengths to learn and understand consumers’ needs, wants and demands.

Activities like market research, samples, observations, polls, databases, customer inquiries, and service data are used by companies to understand their customers. Understanding customer needs, wants and demands in detail help provide companies with important input for designing marketing strategies.

Marketing Serves the Customer

Marketing is successful when a customer has a product that satisfies his/her need, when and where he/she wants it at a reasonable price. But we need to be able to define product.

A product is anything that can be offered to a market to satisfy a need or a want.
But a product can be either tangible or intangible.

A tangible product is something you can hold, feel, taste and play with, whereas a intangible product is just the opposite. That is where a product can be a service. As consumers we might have our housed cleaned, we pay for that service, but we don’t actually go around carrying it. Even on a broader scale, products can include items such as experiences, persons, places, organizations, information, and ideas.



What is Marketing Activity

What is Marketing Activity

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