Principles of Marketing
*A market; a situation that involves exchange of goods and services.
*Marketing; is a managerial process that involves identifying, anticipating and satisfying customer needs and wants profitably.
CORE CONCEPTS OF MARKETING
- Needs; this are those things that we cannot do without. They are the things that when we don’t have them, we feel deprived of need satisfiers. They include food, shelter and clothing.
- Wants; when a need is directed to a specific commodity it becomes a want. Whereas people’s needs are limited, their wants are unlimited. Wants are continuously shaped by the society in which an individual lives in rather operates in.
- Utility; this is the ability to satisfy a need or a want. Marketers continuously offer a variety of products to enhance utility.
- Demand; this refers to the ability and willingness of a buyer to buy a certain commodity at a given price over a period of time.
- Value; It is the worth of a product (the products worth)
- Product; this refers to anything that satisfies a need or a want. A product can be a physical item such as a pen, an idea such as family planning, a place; Nairobi park, a person; doctor, an organization; winstontony-the platform.
- Satisfaction; this occurs when consumers perceive what they expected. If consumers perceive less than what they expected, they are dissatisfied. Marketers should aim at giving their customers more than they expected so that they are delighted since this makes customers get an emotional attachment to an organization and hence retain them.
- Exchange; this occurs when marketers give out something of value and get something in return. When this has occurred we say a transaction has occurred.
HOW IS MARKETING IMPORTANT IN SOCIETY?
- Marketing enhances consumers awareness on the products in the market
- Marketing widens consumers choice
- Marketing leads to competition which has the advantage of lowering price and improvement in the quality of products.
- Marketing is a career such that an individual can become a marketing Manager.
- Marketing pays for news and entertainment from the media.
- Marketing improves the standards of living.