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What is a Marketing ?
‘’Marketing is defined as the process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants. .’’
Marketing includes all of the activities necessary to move a product from the producer to the consumer.
OR
‘’The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.’’
Marketing is not just about selling but its also about knowing and understanding your customer.
Concept of Needs, Wants and Demands
1) Needs:
Needs describes the basic human requirements such as food, air, water, clothing, shelter, recreation, education and entertainment.
2) Wants:
Needs becomes wants when they are directed to specific objects that might satisfy the need.
3) Demands:
Demands are wants for specific products backed by an ability to pay
