1. Marketing is what companies do to keep the existing customers, acquire new customers
and also maintaining the existing ones. Marketing objective is to match company’s
products and services to consumers or the people in need of them and by doing so the
company is able to retain profits.
2. Marketing exchange is what happens when two or more people trade goods and services.
Conditions necessary for market exchange are;
There must be at least two parties
Each party must have valuable thing that is important to the other
Each party is able to communicate and deliver
There is freedom for each party to accept or reject the exchange
Both party believes it’s possible to deal with each other
3. For marketing management philosophies are as follows;
Sales orientation-it’s a belief that people will buy more products if there are better
sales methods and high sales corresponds to high profits
Market oriented organization-its aim is to satisfy customers’ needs and wants
Production oriented organization-focuses on internal capabilities of the firm
instead of desires and needs of the market place
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