Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services;[1][2] potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination. one of the primary components of business management and commerce.[3] Marketers can direct their product to other businesses (B2B marketing) or directly to consumers (B2C marketing).[4] Regardless of who is being marketed to, several factors apply, including the perspective marketers will use. Known as market orientations, they determine how marketers approach the planning stage of marketing.[5]
The marketing mix, which outlines the specifics of the product and how it will be sold is affected by the environment surrounding the product the results of marketing research and market research, and the characteristics of the product's target market. Once these factors are determined, marketers must then decide what methods of promoting the product,[4] including use of coupons and other price inducements.[12]The "marketing concept" proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith's book The Wealth of Nations would not become widely used until nearly 200 years later.[25] Marketing and Marketing Concepts are directly related.
Given the centrality of customer needs, and wants in marketing, a rich understanding of these concepts is essential:[26]
Needs: Something necessary for people to live a healthy, stable and safe life. When needs unfulfilled, there is a clear adverse outcome: a dysfunction or death. Needs can be objective and physical, such as the need for food, water, and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.
Wants: Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups.
Demands: When needs and wants are backed by the ability to pay, they have the potential to become economic demands.
Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs.[27] Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on the basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes."[28] Needs-based segmentation (also known as benefit segmentation) "places the customers' desires at the forefront of how a company designs and markets products or services."[29] Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment a market.[30][27] In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations
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