What values should be the cornerstone of the market and trading services rendered to the society?
Answers
What Is Marketing?
- Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others. In business, the function of marketing is to bring value to customers, whom the business seeks to identify, satisfy, and retain. This chapter will emphasize the role of marketing in business, but many of the concepts will apply to non-profit organizations, advocacy campaigns, and other activities aimed at influencing perceptions and behavior.
The Art of the Exchange
In marketing, the act of obtaining a desired object from someone by offering something of value in return is called the exchange process. The exchange involves:
- the customer (or buyer): a person or organization with a want or need who is willing to give money or some other personal resource to address this need
- the product:a physical good, a service, experience or idea designed to fill the customer’s want or need
- the provider (or seller): the company or organization offering a need-satisfying thing, which may be a product, service, experience or idea
- the transaction: the terms around which both parties agree to trade value-for-value (most often, money for product)
- Individuals on both sides of the exchange try to maximize rewards and minimize costs in transactions, in order to gain the most profitable outcomes. Ideally, everyone achieves a satisfactory level of reward.
Marketing creates a bundle of goods and services that the company offers at a price to its customers. The bundle consists of a tangible good, an intangible service or benefit, and the price of the offering. When you compare one car to another, for example, you can evaluate each of these dimensions—the tangible, the intangible, and the price—separately. However, you can’t buy one manufacturer’s car, another manufacturer’s service, and a third manufacturer’s price when you actually make a choice. Together, the three make up a single firm’s offer or bundle.
What Is Marketing?
Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others. In business, the function of marketing is to bring value to customers, whom the business seeks to identify, satisfy, and retain. This chapter will emphasize the role of marketing in business, but many of the concepts will apply to non-profit organizations, advocacy campaigns, and other activities aimed at influencing perceptions and behavior.
The Art of the Exchange
In marketing, the act of obtaining a desired object from someone by offering something of value in return is called the exchange process. The exchange involves:
the customer (or buyer): a person or organization with a want or need who is willing to give money or some other personal resource to address this need
the product:a physical good, a service, experience or idea designed to fill the customer’s want or need
the provider (or seller): the company or organization offering a need-satisfying thing, which may be a product, service, experience or idea
the transaction: the terms around which both parties agree to trade value-for-value (most often, money for product)
Individuals on both sides of the exchange try to maximize rewards and minimize costs in transactions, in order to gain the most profitable outcomes. Ideally, everyone achieves a satisfactory level of reward.
Marketing creates a bundle of goods and services that the company offers at a price to its customers. The bundle consists of a tangible good, an intangible service or benefit, and the price of the offering. When you compare one car to another, for example, you can evaluate each of these dimensions—the tangible, the intangible, and the price—separately. However, you can’t buy one manufacturer’s car, another manufacturer’s service, and a third manufacturer’s price when you actually make a choice. Together, the three make up a single firm’s offer or bundle.