Please enable JavaScript.
Coggle requires JavaScript to display documents.
Week 2: Marketing (Definitions (Needs (States of felt deprivation…
Week 2: Marketing
Definitions
Needs
States of felt deprivation
Physical, social and self expression
Wants
The form taken by needs, shaped by culture and personality
Demand
Wants that are backed by buying power
Product
The thing that is available for exchange
Goods, services, places, ideas and people
Exchange
The act of obtaining a desired object
Restricted
2 parties
Generalised
3 parties
Complex
multiple parties
Transaction
A trade of values between 2 parties
Market
The set of actual and potential buyers of a product that shares a particular wants/needs.
Origins of marketing
Self sufficiency
Primitive commercialism
Simple barter
Local markets
Money economy
Conditions for exchange
1
At least 2 parties
2
Exchange of value
3
Communication and delivery
4
ability to accept/reject the offer
5
deal made in faith