Marketing

Definition

Marketing is the anticipation, management and satisfaction of demand through an exchange process.

Parts

1. Anticipation

2. Management

3. Satisfaction

Anticipation

Is to predict consumer wants through consumer research on a regular basis.

Management

1. Stimulation

2. Regularation

3. Facilitation

Stimulation

is to motivate a consumer to want the firm’s products by their attractive packaging, advertisements, ambassadors and fair prices.

Regulation

is to make the product available throughout the year by balancing the demand or when the demand exceeds supply.

For example:

Yango prices are higher during rush hours, to reduce the demand by also bringing more drivers.

Facilitation

is when a firm makes it easy to buy it’s offerings at convenient locations, having well-informed sales person, giving other things such as cash-backs, hearing customer grievences.

Satisfaction

When expectations exceed cost.

Conclusion

The marketing process is not completed until an exchange of money happens.