DEFINITIONS OF MARKETING

 01.DEFINITIONS OF MARKETING
people obtain what they need & want through creating ,offering and exchange value products

marketing is a managerial process by which individuals and groups obtain  what they need & want through creating ,offering and exchange value products.( kotler-2006)

Marketing is Marketing is defined as the process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants. Marketing includes all of  the activities necessary  to move a product  from the producer to the consumer. Think of marketing as a bridge from  the producer to the consumer. Marketing starts with market research, a learning process in which marketers get to know everything they can about the needs and wants of consumers, and it ends when somebody buys something. Many companies feel that services provided to customers after the purchase also are an important part of marketing.  All of  these enterprises -- production, advertising, transportation, processing, packaging, and selling -- are included in the  marketing process.

 01.1 THE NINE FUNCTIONS OF MARKETING

In order for the marketing bridge to work correctly  -- providing consumers with opportunities to purchase the products and services they need -- the marketing process must accomplish nine important functions.

The functions are:

BUYING - people have the the opportunity to buy products that they  want.

SELLING - producers function within a free market to sell products to consumers.

FINANCING - banks and other financial institutions provide money for the production and marketing of products.

STORAGE  - products must be stored and protect ed until they are needed.  This function is especially important for perishable products such as  fruits and vegetables.

TRANSPORTATION -products must be physically relocated to the locations where consumers can buy them. This is a very important function.  Transportation includes rail road, ship, airplane, truck, and telecommunications for non-tangible products such as  market information.

PROCESSING - processing involves turning a raw product, like wheat, into something The consumer  can use

RISK-TAKING - insurance companies provide coverage to protect producers and marketers from loss due to fire, theft, or  natural disasters.

MARKET INFORMATION - information from around the world  about market conditions, weather, price movements, and political changes, can affect the marketing process. Market information is provided by all forms of  telecommunication, such  as television, the internet, and phone.

GRADING AND STANDARDIZING - Many products are graded in order to conform to previously determined standards of quality.  For example, when you purchase US No. 1 Potatoes, you know you are buying the best potatoes on the market.

will be continue tomorrow ........