Marketing as an Exchange System & Maslow’s Hierarchy of Needs

What is the definition of marketing?

The action or business of promoting and selling products or services.

How is a market defined beyond a physical place?

A market is a system where buyers and sellers interact to exchange goods, services, or resources.

What are the roles of buyers and sellers in a market?

Buyers give money or another resource in exchange for goods/services, while sellers provide goods/services in exchange for money or another resource.

What is mutual benefit in the context of a market?

Both parties expect to gain—buyers get what they need/want, and sellers earn income or profit.

What is marketing management?

The process of planning, organizing, controlling, and implementing the marketing programs of an organization.

What does marketing management help achieve?

It helps to stand competent in highly thriving competition, develop strategies to improve profits, and reduce the cost of products.

What is the importance of marketing management?

It is the major source of exchange and transfer of goods, and it is essential for running a successful and reputable business.

What is Maslow's Hierarchy of Needs?

A psychological theory that categorizes human needs into five levels: physiological, safety, love/belonging, esteem, and self-actualization.

What are the five levels of Maslow's Hierarchy of Needs?

1. Physiological Needs - basic survival (food, water, shelter, sleep). 2. Safety Needs - security, stability, protection. 3. Love/Belonging Needs - relationships, friendship, family, acceptance. 4. Esteem Needs - respect, recognition, self-confidence. 5. Self-Actualization - achieving full potential, personal growth, creativity.

What is the shortcut mnemonic for Maslow's Hierarchy of Needs?

Please Stay Loyal Every Second.

What is the goal of marketing strategies and tactics?

To create and meet the demand of target customers in order to create profitability.

How can markets exist beyond traditional settings?

Markets can exist in online platforms or informal barter systems.

What is the consumer-oriented aspect of marketing?

It focuses on satisfying customer needs and preferences.

What does it mean to put the right product in the right place, at the right price, at the right time?

It refers to the strategic approach in marketing to ensure that products meet consumer demand effectively.

What does marketing management perform to achieve company goals?

It performs different tasks to achieve the company's goals as set in the mission statement.