Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because selling has to do with getting people to exchange their cash for the product. Marketing is not about getting customers to pay for the product as it does developing a demand for that product and fulfilling the customers needs. Marketing is the management process through which goods and services move from concept to the customer. It includes the coordination of four P's of the marketing : 1) The identification and development of a Product 2) The determination of its Price 3) Selection of a distribution to reach the customers Place 4) Development of a Promotional strategy. For example new Apple products of high quality which are developed, are set at different …show more content…
A firm in the market economy provides goods that are in demand by consumers. Human beings have numerous wants but resources are limited in the world. Wants can be converted into demands when then consumer gains power. 4. Explain the term market offerings: Market offerings is the product or service that is sold into the marketplace. Consumers needs and wants are satisfied through the market offerings. Market offerings include physical products , services, activities or even benefits offered for sale that are essentially and don’t cause in the ownership, for example: banking, airline and also home repair services. Organisations and entities such as places, information and ideas are also part of market offerings. 5.Define Customer value, satisfaction, exchange and markets. Customer value is the satisfaction a consumer feels after making a purchase for goods or services. A consumer doesn’t think through value just in terms of money spent, but can also reflect on the time it takes to obtain a purchased product and the interactions with customer service