Unit-1

What is Marketing?

Marketing is the process of identifying and meeting human and social needs in a way that harmonizes with the goals of the organization.
- American Marketing Association Definition: "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."
- Marketing Management: The art and science of choosing targets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Goods: Physical products like bikes, smartphones, ice cream.
Services: Airlines, hotels, beauty salons, banking, legal, medical services, software.
Events: Trade shows, performances, sporting events, craft fairs, farmers' markets.
Experiences: Theme parks (Disneyland), water parks, unique travel experiences.
Persons: Artists, musicians, sports stars, celebrities (self-branding).
Places: Cities, countries marketed to attract tourists, residents, and businesses.
Properties: Real estate, financial properties (stocks, bonds) - intangible rights.
Organizations: To improve public image and attract donors/members.
Information: TV, radio, newspapers, magazines, online platforms.
Ideas: Social marketing campaigns, political campaigns, charitable causes.

Someone who seeks a response (attention, purchase, vote, donation) from another party (prospect).
Skilled at stimulating demand for their company's products.

Traditional: A physical place where buyers and sellers gather.
Economists: A collection of buyers and sellers negotiating transactions for a specific product.

Interacting Markets: Every economy consists of interconnected markets.
Marketers' Perspective: "Industry" refers to sellers; "market" refers to customer groups.
Types of Markets: Need markets (health-conscious), product markets (home décor), demographic markets (Gen-Alpha), geographic markets (Indian market).
Demand: Foundation of a company's operations.
Marketing's Value: Drives economic growth, introduces new products, creates jobs.

Marketplace: A physical store.
Marketspace: An online store (e.g., Amazon).
Metamarket: A cluster of complementary products/services related in consumers' minds (e.g., the automobile metamarket).
Metamediaries: Help buyers navigate metamarkets (e.g., travel agencies).

Technology: E-commerce, online/mobile communication, AI.
Globalization: Increased competition from global players.
Physical Environment: Climate change, global health issues.
Social Responsibility: Addressing poverty, pollution, climate change, social injustice.