Marketing is the study and management of exchange relationships.it is the business process of identifying anticipating and satisfying customers’ needs and wants.
Because marketing is used to attract customers, it is one of the primary components of business management and commerce, marketers can direct sell the products to other businesses B2B or directly to consumers (B2C ).
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Philp Kotler defined Marketing as ” Satisfying needs and wants through an exchange process”. And a decade later defines it as “a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others.
Marketing is defined by the American Marketing Association as “the activity, set of institutions, and exchanging offering that has value for customers, clients, partners, and society at large”.
CONCEPT OF MARKETING
The “Marketing concept” proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors.
This concept originated from Adam Smith’s book The Wealth of Nations but would not become widely used until nearly 200 years later. Marketing and Marketing Concepts are directly related.
Needs: Something necessary for people to live a healthy, stable, and safe life. When needs remain unfulfilled, there is a clear adverse outcome, dysfunction, or death. Needs can objective and physical, such as the need to belong to a family or social group and the need for self-esteem.
Wants: Something that is desired wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer groups.
Demands: When needs and wants are backed by the ability to pay, they have the potential to become economic demands.
CONCEPT OF MARKETING
Basic Necessity Feel deprived if this absent
Given Choices, This is what you prefer
A Want that is supported by a decision and capacity to buy
Only burger is within my Budget
Types of Marketing
There are main 2 types of marketing Strategy
- Business to Business (B2B)
- Business to Consumer (B2C)
1.B2B (Business to Business) Marketing refers to any marketing strategy or content that is geared towards a business or organization. Any company that sells products or services to other businesses or organizations (vs. consumers) typically uses B2B Strategies.
Examples of products sold through B2B marketing include:
- Major equipment
- Raw Material
- Component Parts
- Processed Materials
- Business Services
The four major categories of B2B Product purchasers are:
- Products– use products sold by B2B strategy to make their own goods (e.g. Mattel buying plastics to make toys)
2. Resellers-buy B2B products to sell through retail or wholesale establishments (e.g. Walmart buying vacuums to sell in stores)
3. Governments-Buy B2B products for use in government projects (e.g.purchasing contractor services to repair infrastructure)
4. Institutions- use B2B products to continue operation (e.g. schools buying printers for office use)
2.B2B (Business to consumer)- It refers to tactics and strategies in which a company promotes its products and services to individual people.
Traditionally, this could refer to individuals shopping for personal products in a broad sense. More recently the term B2C refers to the online selling of consumer products.
This stands in contrast to business-to-business (B2B), or companies whose primary clients are other businesses. B2C companies operate on the internet and sell products to customers online. Amazon, Meta (formerly Facebook), and Walmart are some examples of B2C companies.