Evolution of marketing
- Determine what is the marketing?
- Self-sufficiency: each sees to own needs. Therefore each has to spend time doing other tasks.
- Decentralized Exchange: each person sees the other as potential “buyer” who makes up market.
- Centralized Exchange: a new person called a merchant appears and sets up a central area called a market place.
Reduces number of transactions required and increases efficiency. As the number of people and transaction in a society increase, the number of merchants and marketplace also increase.
Ex: DARA-market has appeared as the number of student increase. The market can grow up around a product, a service or anything else of value.
Ex: A labor market consist of people who are willing to offer their work in return for wages or products. The market is the set of actual and potential buyer of products.
- Definitions of market
Market is the set of actual and potential buyer of products.
Definition of market
- Marketing is the management process that identifies, anticipates and satisfies customer requirement profitably.
- Marketing means human activity that take place in relation markets.
- Marketing means working with markets to allow the exchange of goods or service with the purpose of satisfying our needs or wants.
- Marketing the process of planning and executing the concept, pricing, promotions, distributions, of ideas goods and service to create exchanges that individual and organizational objectives.
- Marketing the process of identifying needs and satisfying theses needs and wants with suitable goods or services, through product design, distribution and promotion and either as a business or non-profit making organization.