Business: What is the marketing ?: Chapter one

What is Marketing?

What does the term marketing mean?

Marketing must be understood not in the old sense of making a sale - 'selling' - but in the new sense of satisfying customer needs.

Many people think of marketing only as selling and advertising.

And no wonder, for every day we are bombarded with television commercials, newspaper ads, direct mail, and sales calls.

 

Someone is always trying to sell us something. It seems that we cannot escape death, taxes, or selling! Therefore, you may be surprised to learn that selling and advertising are only the tips of the marketing iceberg.

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Although they are important, they are only two of many marketing functions, and often not the most important ones. If die marketer does a good job of identifying customer needs, develops products that provide superior value, distributes and promotes them effectively, these goods will sell very easily.

Everyone knows something about 'hot' products. When Sony designed its first Walkman cassette and disc players, when Nintendo first offered its improved video game console, and when The Body Shop introduced animal-cruelty-free cosmetics and toiletries, these manufacturers were swamped with orders.

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They had designed the 'right' products; not 'me-too products, but ones offering new benefits.

Peter Drucker, a leading management thinker, has put it this way: 'The aim of marketing is to make selling superfluous. The aim is to know and understand the customer so well that the product or service fits ... and sells itself.'2 This does not mean that selling and advertising are unimportant. Rather, it means that they are part of a larger marketing mix - a set of marketing tools that work together to affect the marketplace.

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We define marketing as: anodal and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others:'' To explain this definition, we examine the following important terms: needs, -wants and demands products; value and satisfaction; exchange, transactions and relationships; and markets.

Briefs :

  Marketing :

A social and managerial the process by which individuals and groups obtain what they need and want through creating aim exchanging products and value with others

 

Needs. Wants and Demands

The most basic concept underlying marketing is that of human needs. A human need is a state of felt deprivation.

Humans have many complex needs. These include basic physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression.

These needs are not invented by marketers, they are a basic part of the human make-up. When a need is not satisfied, a person will do one of two things: 1. look for an object that will satisfy it, or 2. try to reduce the need.

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People in industrial societies may try to find or develop objects that will satisfy their desires. People in less developed societies may try to reduce their desires and satisfy them with what is available.

Human wants are the form taken by human needs as they are shaped by culture and individual personality. A hungry person in Bahrain may want vegetable curry, mango chutney, and lassi. A hungry person in Eindhoven may want a ham and cheese roll, salad, and a beer.

A hungry People in Hong Kong may want a bowl of noodles, char siu pork, and jasmine tea. Wants are described in terms of objects that will satisfy needs.

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As a society evolves, the wants of its members expand. As people are exposed to more objects that arouse their interest and desire, producers try to provide more want-satisfying products and services. People have narrow, basic needs (e.g. for food or shelter), but almost unlimited wants.

 

However, they also have limited resources. Thus they want to choose products that provide the most satisfaction for their money. When backed by an ability to pay - that is, buying power - wants to become demands.

Consumers view products as bundles of benefits and choose products that give them the best bundle for their money. Thus a Honda Civic means basic transportation, low price, and fuel economy.

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A Mercedes means comfort, luxury, and status. Given their wants and resources, people demand products with the benefits that add up to the most satisfaction. Outstanding marketing companies go to great lengths to learn about and understand their customers' needs, wants, and demands.

They conduct consumer research, focus groups, and customer clinics. They analyze customer complaints, inquiries, warranty, and service data. They train salespeople to be on the lookout for unfulfilled customer needs.

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They observe customers using their own and competing products, and interview them in-depth about their likes and dislikes. Understanding customer needs wants, and demands in detail provide important input for designing marketing strategies.

Briefs :

Human need:

A state of felt deprivation.   

 Human want

 The form that a human need takes is shaped by culture and individual personality

Demands 

Human wants that are backed by buying power

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