In Business and Economics: What is marketing?

Here are the various definitions and descriptions of marketing coming from various sources:

1. It is a human activity directed at satisfying needs and wants through an exchange process.
2. It is working with markets attempting to actualize potential exchanges, a human activity directed at satisfying needs and wants through the exchange process.
3. It is a dynamic system and the most up to date activity, it being present in everywhere we go.
4. It is a system concerned with planning and development of products and services, determination of prices, creation of promotional programs and distribution system to present and prospective market for satisfaction of their existing needs and wants, thus, maximizing profit in the long run.
5. It referred to as distribution by businessman including all those that help facilities the flow of goods from the producer to the consumer.
6. It is the process in a society by which demand structure for economic goods and services is anticipated and enlarged and satisfied through the conception, promotion, exchange and physical distribution of goods and services.
7. It is the analyzing, organizing, planning and controlling of the firm's customers and activities with a view to satisfying the needs and wants of chosen consumer group at a profit.
8. It is the process of continuously and profitably satisfying the target customer's needs, wants, and expectations more superior than others.

The four stages of Economic Development:

1. Self-sufficiency stage - People look for their own goods by hunting, fishing or planting.

2. Simple barter - It is done through exchanging of own goods to others for the reason that they are not contented of what they have now.

3. Local market/Talipapa - A place where people put the surplus goods and then sell them.

4. Mass production - It is what we are practicing now. It is done in order to satisfy the needs and consumption of large consumers.

The Elements of Marketing:

1. Company - it distributes the product.

2. Market - it uses the product.

Components of Market:

1. Customers

2. Competition

Marketing Variables:

1. Marketing mix variables

• product
• prices
• place
• promotion

2. Marketing environment

• political forces
• legal and regulatory laws
• societal forces
• consumer movement forces
• economic forces
• technological forces

Market

It is a place where buyers and sellers met. It is a group of people with needs to satisfy, have money to spend, and the willingness to spend that money.

5 types of market:

1. Consumer market - people buy the product for consumption

2. Industrial market - companies buy the product in order to produce another product.

3. Reseller market - companies buy other product from others and sell it.

4. Global market - it is the other name for globalization. It is going beyond the domestic market.