The Concept of Marketing

At the end of this class you should be able to:

Define marketing

Explain the following related concepts: markets, value added and exchange transactions

Describe the elements of the marketing mix

Key Marketing terms

Marketing :Identifying, anticipating and meeting customer needs and wants in a mutually beneficial process.

Value: the combination of benefits a product provides in relation to its price.

Market a medium that facilitates the interaction of buyers and sellers who engage in exchange.

Value added - the enhancement made to a product or service before offering it for sale.

Marketing Mix - the combination of factors that influence a customer's decision to buy a good or service

The market in a nutshell. Link

The 4Ps of marketing. Link

The extended marketing mix - the 7Ps. Link