MARKETING
Definition: A Social & managerial process whereby individuals & obtain what they need and want through creating and exchanging products & value with others.
Need: A state of felt deprivation.
Want: The form taken by human need as shaped by culture & Individual personality.
Demand: Human wants that are backed by buying power.
Product: Anything that can be offered to a market for attention acquisition, use or consumption that might satisfy a want or heed, It includes physical objects, services, persons, places, organisations & ideas.
Services: Any activity or benefit that one party can offer to another i.e. essentially intangible and does not result in the ownership of anything.
Customer Value: The difference between the values the customers gains from owing & using a product & the cost of obtaining a product.
Consumer Satisfaction: The extent to which a product perceived performance matches buyer expectations.
Exchange: The act of obtaining a desired object from someone by offering something in return.
Transaction: A trade between two parties that involves at least two thing of value agreed upon condition a time if agreement & a place of agreement.
Relationship Marketing: The process of creating, manufacturing & exchanging strong value relationships with customers & enhancing other stakeholders.
Market: The set of all actual & potential buyers of a product or service.
Marketing Management: The analysis, planning, implementation & control of programs designed to create, built & maintain beneficial exchanges with target buyers for the purpose of achieving organisational objectives.
Source: Books & Notes
Tags: Consumer, Consumer Analysis, Consumer Satisfaction, Customer, Customer Value, Demand, finance, Financial management, Market, Marketing, Marketing Management, MBA, MBA Career, MBA Management, MBA Marketing, MBA Subject, sales, Satisfaction, Supply
By: Management Duniya
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