THEORETICAL BACK GROUND.
Basically a market is a place where buyers and sellers gather exchange goods and services.
A market consists of all potential customers sharing a particular need or want that might be willing a able to engage in exchange to satisfy that need or want.
The size of the market depends upon the number of persons who exhibit the need have resources that interest others and are willing to offer these resources in exchange for what they want.
Marketing and marketing management:
According to Philip Kotler marketing can be defined as “a social and managerial process by which individuals and group obtain what they need and want through creating, offering and exchanging products of value with others”.
“Core concepts of marketing”:
The definition of marketing quote by Philip Kotler rests `on the following concepts .
Marketing thinking starts with the feat of human needs and wants people need food, air, water, clothing and shelter to survive. Beyond this, people have a strong feeling of desire for recreation, education.
Introduction to marketing:
As the 21st century is fast growing marketing becoming more and more attractive for the companies at state national and international levels. With the development of new market new technology of selling wide variety of consumer products has been designed and developed.
Electric fans, TV’s tape recorders/music systems and calculators have become a necessity in large majority of the households. Majority of the kitchen in Indian householders are filled with many new appliances making the kitchen work easier. All this has been made possible because of there development of marketing.
Today’s market is much smarter and price sensitive than before considering the consumer with more disposable income in his hands. He is empowered with more choice and purchasing power.
The consumer is the king and queen in the market with his changing taste and preferences from time to time the consumer tries to satisfies his wants from different market sources. Hence to know the links and dislikes of consumer towards the products the market should go for know about consumer behavior.
Before knowing about consumers and his behavior let us know few aspects of marketing of which consumer behavior is a sub discipline and other services. They have strong preferences for particular brands of goods and services.
Wants are described in terms of objects that will satisfy wants are desired for specific satisfaction of the needs. Human wants are shaped and rapped by social forces, installations, culture, individual personalities school and business corporations.
Wants are unlimited; people choose products that provide the most satisfaction for their money, wants backed up by purchasing power becomes demand. Therefore, companies must measure not only how many people want their products but also how many people actually are willing to buy and a one ability 10 buy the product.
Marketing, however, do not create needs for social status. Marketers influence by making the product appropriate, attractive, affordable and easily available 10 largest consumers.
People satisfy their needs and wants with goods and services. We will use the term “product” to cover both. A product can be defined as anything that can be offered to the market for attention, acq2uisition use of consumption that might satisfy a need or a want.
Exchange is one of the four ways through which people can obtain products. It is the act of obtaining a desired can obtain products. It is the act of obtaining a desired product from someone by offering same thing in return. Other three ways of obtaining products are self production, coercion & begging out overall of there, exchange is the defining concept underlying marketing. The...
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