Concept of Marketing

Define Marketing

its the management process for identifying, anticipating, and satisfying customer requirements profitably

Describe (Features) Marketing

• management process - marketing has to be planned and have goals within a budget

• customer requirements - understand customer needs and wants through market research

• satisfy customers - goods and services must satisfy customers

Explain Marketing (Why and How)

• businesses use marketing to satisfy customer needs and wants as they’re more likely to return in the future if satisfied which ensures business growth

• this is done by matching elements of the marketing mix to consumers needs and wants

How does the Marketing Mix relate to Marketing?

• product - solves customers desires

• price - within customer affordability

• place - product can be purchased where consumers have access to

• promotion - business promotion methods used to reach desired consumers