About Marketing
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, and exchanging products of value with others. Marketing is the process of discovering and translating consumer needs and wants into product and service specifications, creating demand for these products and services and then in turn expanding this demand.
Modern marketing calls for more than developing a good product, pricing it attractively, and making it accessible. Companies must also communicate with present and potential stakeholders, and the general public. Thus, every company is inevitably cast into the role of communicate to whom, and how often, especially with the consumers.
Marketing facilitates the exchange process and the development of relationships by carefully examining the needs and wants of consumers. (i) It helps in developing a product or service that satisfies these needs, (ii) offers it at a certain price, (iii) making it available through a particular place or channel of distribution and (iv) Developing a program of promotion or communication to create awareness and interest. These four
Ps – product, price, place (distribution) and promotion – are elements of the marketing program to facilitate their interaction with consumers in the marketplace.
Marketing starts with consumers and also ends with them. Marketing management involves communication with insiders and outsiders. Marketing mix is one of the key concepts in modern marketing theory.
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