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UNIT 3.1: WHAT IS MARKETING? - Coggle Diagram
UNIT 3.1: WHAT IS MARKETING?
Marketing
: mgmt process responsible for identifying, anticipating, satisfying consumers' requirements profitably by getting the right product at the right price to the right place at the right time (
Chartered Institute of Marketing
)
Related mgmt fn in marketing
Pricing
Advertising
Product design
Distribution
Market research
Customer service
Packaging
Related concepts
Human needs & wants
need
: basic requirement that an indv. wishes to satisfy
want
: g&s that fulfil the needs of indv. consumers
Value and satisfaction
: if it provides satisfaction at reasonable price = good value
Markets
place/mechanism where buyers and sellers meet to engage in exchange
group of consumers interested in a product, has resources to purchase, permitted by law to purchase
potential market
target market
Marketing objectives
: