What Is Marketing?

Jun 29th, 2015
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Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably.”

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What Is Marketing?Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is meeting needs profitably. Marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.What Is Marketed?Marketers market 10 main types of entities: goods, services, events, experiences, persons, places,properties, organizations, information, and ideas.Marketing ConceptsTarget Markets and Segmentation: A marketer can rarely satisfy everyone in a market. Therefore, marketers start with market segmentation. Theyidentify and profile distinct groups of buyers who might prefer or require varying products and marketing mixes. Market segments can be identified by examining demographic, psychographic, and behavioral differences among buyers. The firm then decides which segments present the greatest opportunitythose whose needs the firm can meet in a superior fashion. For each chosen target market, the firm develops a market offering. The offering is positioned in the minds of the target buyers as delivering some central benefit(s).Needs, Wants, and DemandsNeeds are the basic human requirements such as for air, food, water, clothing, and shelter. Humans also have strong needs for recreation, education, and entertainment. These needs become wants when they are directed to specific objects that might satisfy t

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