Major Marketing Functions

Jun 21st, 2015
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Exchange Functions: All companies such as manufacturers, wholesalers, and retailers buy and sell to market their merchandise

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MARKETING CONCEPTIt is a fundamental idea of marketing that organizations surviveand prosper through meeting needs and wants of customers.This important perspective is commonly known as the marketingconcept.The marketing concept is about matching a company's capabilities with customer wants.What are customer wants?A want is a desire for a speciifc product/service to satisfythe underlying need.Customer wants are usually quite narrow. --------------------------------------------------------------MARKETING CONCEPTThe marketing concept is the philosophy that the firm should analyzethe needs of their customers[ current /potential ] and then makethe decisions to satisfy those needs , better than the competition.DEFINITION OF MARKETING.What is Marketing ?It is a process by which -one identifies the needs and wants of the people.-one determines and creates a product/service to meet the needsand wants. [PRODUCT]-one determines a way of taking the product/service to the marketplace. [PLACE]-one determines the way of communicating the product to themarket place. [PROMOTIONS]-one determines the value for the product.[PRICE].-one determines the people, who have needs/ wants. [PEOPLE]and then creating a transaction for exchanging th

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