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MARKETING - Coggle Diagram
MARKETING
Role of Marketing
MARKETING is the managment task that links the business to the customer by identifying and meeting the needf of customers profitability, by getting the right product at the right time and place
MARKETING is the managment process responsiible for identifying , anticipating and satisfying consumers requirements profitability
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All marketing definitions will involve a number of related manangment functions, that are:
SO, to sum up, marketing involves all those activities associated with identifying people's needs and wants to satisfy customers. Bussineses will need market research, strategic decision like product design.
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Related Concepts
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Human needs and wants
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Marketing wants to convert human needs into wants by very persuasive product imagery through advertising
Markets
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There is no physical place place in sense of geographical location; market can exist electronically with no need of physical meeting between the buyer and the seller.
Definition 2: group of costumers that are interested in a product, has the resources to purchase it and it is permitted by law to purchase it.
Target market: segment of the available market that the business has decided to serve by directing its products towards this group of people.
Value and satisfaction
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To maintain good long-term customer relations, businesses should aim to offer good value, and hence satisfaction, at all times.
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