Theoretical Aspects Of Marketing Essay

1409 Words6 Pages
There are different kind definitions of marketing, being a human and social activity that continues from the stage of identifying the consumers' need to the time of distributing the product to the end user. For this purpose, the science of marketing plays an important and proper role in life of every organization.
1.1. The main concepts and importance of marketing
According to the American Marketing Association, marketing is "the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives." In a simply way it could be stated as creating and after promoting a product,
…show more content…
First fourth steps includes the importance of understanding customers, their needs, creation of the value and build strong relationships with the company (Kotler et. al., 2003: 15).
Customers’ needs, in a basic concept is underlying as a human needs, which includes physical needs, like food, clothing, warmth, and safety, as well as social needs, which are: affection, fun and relaxation. There are esteem needs, which are necessary for prestige, recognition, and fame, and individual needs for knowledge and self-expression. For example, if the guest in a restaurant is not satisfied with the food or service provided, he will try to look for another restaurant in the future to satisfy the need or try to reduce the need (Kotler et. al., 2003: 15).
The second basic concept to marketing is the customers’ wants the form of needs. Concerning the last significant part are demands, people have almost unlimited wants, but limited resources. They choose products that produce the most satisfaction for their money. When backed by buying power, wants become demands that is why customers’ needs, wants and demand have such a strong connection. Understanding customers’ needs, wants, as well, as demands in detail provides important input for designing marketing strategies (Kotler et. al., 2003:
Open Document