MARKET: A market consists of all the potential customers sharing a particular need or want which might be willing and able to engage in exchange to satisfy that need or want.
MARKETERS AND PROSPECTS: When one party is more actively seeking an exchange than the other party, we call the first party a marketer and the second party as a prospect.
MARKETING: Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.
MARKETING MANAGEMENT: It is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy the customer’s need. Marketing work in customer market is carried out by:
· Sales manager.
· Sales people.
· Advertising and promotion managers.
· Marketing researchers.
· Customer-service managers.
· Product and brand managers.
· Market and industry managers. AND
· The marketing vice president.
Each job carries well-defined tasks and responsibilities.
The popular image of Marketing Manager is to stimulate demand for the company’s products so that objectives of enterprise achieved. Then marketing manager manage demand by carrying out:
· Marketing research.
· Planning.
· Implementation.
· Control.
· Buying and assembling.
· Packaging and storage.
Within the marketing plan, marketing managers must make decisions on:
· Target markets.
· Market positioning.
· Product development.
· Pricing.
· Distribution channels.
· Physical distribution.
· Communication.
· Promotion and advertising.
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