Marketing

Definition of Marketing
• Marketing is human activity directed at satysfing
needs and wants through Exchange processes.
– Philip Kotler
• Marketing is an activity that consists of
satisfying the needs and wants of a human
being through exchange processes
– Carl McDaniel Jr.
• To enrich these definitions, these terms will be
explained: needs, wants, demands, products,
exchange, transactions and markets
 NEEDS
• A human need is a state of felt deprivation in a
person
– These needs are plentiful and complex
– They include:
• Basic psysiological needs for food, clothing, warmth
and safety
• Social needs for knowledge and self-expression (These
needs are not created by advertising but are a basic
part of human make up).
 WANTS
• Human wants are the form that needs take as
shaped by a person’s culture and individuality.
Wants are described in terms of culturaly
defined objects that will satisfy the need
– A hungry person in the United States wants a
hamburger, french fries and a coke. A hungry
person in Mexico wants tacos and beer.
 DEMAND
• People have almost unlimited wants but
limited resources. The consumer will choose
those products that will produce the most
satisfaction for their money
• Their wants become demands when backed
by purchasing power
 PRODUCT
• Product is anything that can be offered to a
market for attention, acquisition, use or
consumption that might satisfy a want or need
 EXCHANGE
• Exchange is the act of obtaining a desired
objet from someone by offering something in
return
 TRANSACTIONS
• A transaction consists of a trade of values
between two parties.
• We can say A gives x to B and gets y in return.
– Jones gives $400 to Jimmy and obtaines a
television set
 MARKET
• A market is the set of actual and potential
buyers of a product
Marketing Management
 Definition of Marketing Management

• Marketing management is the analysis,

planning, implementation and control of
programs designed to create, build and
maintain beneficial exchanges with target
buyers for the purpose of achieving
organizational objectives