Marketing Specializations and Target Markets

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

Needs are basic requirements of human beings like hunger and shelter, while wants are shaped by culture and individual personality.

Demand is when wants are backed by willingness and purchasing power.

<p>A product is a tangible item that can be touched, seen, felt, and satisfies a need.</p> Signup and view all the answers

<p>Customer satisfaction is when the expectations of customers match with the actual performance of the product.</p> Signup and view all the answers

<p>Traditionally, market referred to a physical place for buyers and sellers. In modern marketing, it includes actual and potential buyers of products or services.</p> Signup and view all the answers

<p>Organizations buying for producing other goods and services for earning profits or fulfilling objectives.</p> Signup and view all the answers

<p>To produce goods and services for either earning profits or fulfilling other objectives, or both.</p> Signup and view all the answers

<p>The industrial market involves organizations buying for production purposes, while the consumer market involves individuals and households buying for consumption.</p> Signup and view all the answers

<p>Organizations purchasing goods and services to use in the production of other goods and services.</p> Signup and view all the answers

<p>By understanding the production needs and objectives of organizations to provide tailored solutions.</p> Signup and view all the answers

<p>Rival firms' marketing activities, products, distribution channels, prices, and promotional efforts.</p> Signup and view all the answers

<p>The word 'market' originates from the Latin word 'MARCUTUS', which means a place where buyers and sellers meet for business.</p> Signup and view all the answers

<p>In earlier times, buyers and sellers gathered at specific places like 'haats' or 'melas', but with the passage of time, they can now meet virtually through e-commerce platforms.</p> Signup and view all the answers

<p>Social marketing involves creating awareness on important societal issues like Family Planning, AIDS awareness, discouraging smoking, child labour, domestic violence, wearing helmets while driving, blood and eye donation, etc.</p> Signup and view all the answers

<p>Marketers make profits from society but should also give back to society.</p> Signup and view all the answers

<p>Social marketing campaigns include promoting ideas such as Family Planning, AIDS awareness, discouraging smoking, child labour, domestic violence, wearing helmets while driving, blood and eye donation, etc.</p> Signup and view all the answers

<p>Technology has enabled buyers and sellers to conduct transactions virtually through e-commerce platforms, eliminating the need for face-to-face meetings.</p> Signup and view all the answers