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Marketing
Marketing Definitions
Marketing has several definitions, the Chartered Institute of Marketing defines marketing as
'The management process responsible for identifying, anticipating and satisfying customer
requirements profitably'.
According to Philip Kotler, renowned marketing guru, marketing is 'the social process by
which individuals and groups obtain what they need and want through creating and exchanging
products and value with others'.
What is marketing?
Key Concepts of Marketing:
Product
A product can be a good or service created or provided by the manufacturer.
It is created to meet the satisfaction of the buyer. In marketing, a product
generally refers to a good which is a tangible entity or service which is an
intangible entity. Tangible which can be seen and felt like soap, chips etc.
Service as provided by a teacher, doctor, hair-dresser etc. However a strict
demarcation cannot be made between goods and services. For instance a hotel
provides both goods as in food and services as in house-keeping.
Pricing
Pricing is the process which determines the price or cost of a particular good or
service. Price of a product should not be confused with its cost. They are different
concepts often misunderstood to be the same. Price of a product is the amount paid by
the buyer in exchange of the product and the cost is the amount invested by the seller
in the exchange. There are various factors which are kept in mind while deciding upon
the price. Cost of manufacturing, distributing and promoting the product is the most
vital factor. The buyer must pay more than this amount or else the manufacturer will
lose money.
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