Marketing,Steps Marketing Process,Market

MARKETING consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment throughout the creation, distribution, promotion, and pricing of goods, services, and ideas.
Generally marketing is the process of profit maximization, which starts from pre-product and ends through consumer satisfaction.
According to Philip Kotler, "Marketing is a social and managerial process by which individuals and groups obtain what the needs and wants through creating and exchanging products and value with others."
American Marketing Association, "Marketing is the performances of all business activities that direct the flow of goods and services from producer to consumer or ultimate user."
From the light of above discussion it can be said that, Marketing is the process which identify the customer needs and wants and deliver the products and services to satisfy the customer through profit earning and social welfare.
• The Marketing Process
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Figure 1.1 presents a simple five step model of the marketing process. In the first four steps, companies work to understand consumers, create customer value and build strong customer relationships. In the final steps, profits, and long-term customers equity.
Figure 1.1
A simple model of the marketing process
Create values for customers and build customer relationships_
_Understand the marketplace and customer needs and wants>Design a customer driven marketing strategy>Construct a marketing program that delivers superior value>Build profitable relationships and create customer delight_>
Capture values from customers in return_
Capture values consumer in the form in the form of sales, profits, and long-term customer equity_
• Markets : The concept of exchange and relationships lead to the concept of a market. A market is the set of actual and potential buyers of a product. These buyers share a particular need or want that can be satisfied through exchange relationships.
• Selling concept: The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.