Introduction to financial_concept

May 28th, 2015
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ANY INTERPERSONAL AND INTERORGANISATIONAL RELATIONSHIP INVOLVING AN EXCHANGE IS MARKETING . WILLIAM J.STANTON

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BASIC MARKETINGCONCEPTSWHAT IS MARKETING ? ANY INTERPERSONAL ANDINTERORGANISATIONALRELATIONSHIP INVOLVING ANEXCHANGE IS MARKETING .WILLIAM J.STANTONWHAT IS MARKETING ?The essence of Marketing is a transaction an exchange- intended to satisfy humanneeds and wants.There are three elements inthe marketing process :(A) MARKETERS(B)WHAT IS BEING MARKETED(C) TARGET MARKETWHAT IS MARKETING ?Marketing is a social process by whichindividuals and groups obtain what they needand want through creating and exchangingproducts and value with othersPHILIP KOTLERThis definition includes following core concepts :NEEDS ,WANTS and DEMANDS --PRODUCTS------VALUE & SATISFACTION--EXCHANGE & TRANSACTION---MARKETS &MARKETERSNEEDS,WANTS AND DEMANDSNEED : A state of felt deprivation of somebasic satisfaction ( Food, Clothing,Shelter, Belonging etc. )WANTS : Wants are desires for specificsatisfiers of the deeper needs. Needs arefew and wants are many .DEMANDS : are wants backed by------Ability to buy and Willingness to buyPRODUCTS / OFFERS / SATISFIERS /RESOURCESAnything that can be offered to someoneto satisfy a need or want is a product .Product refers to physical objectServices refer to intangible objectVALUE AND SATISFACTIONValue is the customers estimate of theProducts capacity to satisfy a set of goalsValue is the ratio between what thecustomer gets and what he gives (V=B/C)

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