Definitions [3]
Answer in one sentence.
Define Market.
In simple words market is the place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers.
Define Marketing.
According to the American Marketing Association, “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Definition: Marketing
Phillip Kolter has defined marketing as, “a social process by which individual groups obtain what they need and want through creating offerings and freely exchanging products and services of value with others”.
Key Points
Key Points: Concept of Marketing
- Marketing is a complete process from identifying customer needs to follow-up and repeat sales.
- Traditional marketing focuses on directing the flow of goods and services from producers to consumers.
- Modern marketing views marketing as a social process based on value creation and exchange.
- Market means the set of actual and potential buyers.
- Main features are needs and wants, market offering, customer value and exchange mechanism.
- Exchange requires specific conditions and is the essence of marketing.
- Marketing is relevant to both business and non-profit organisations.
- Products, services, ideas, persons, places, events and information can all be marketed.
