MGT301 Midterm Notes Themes 1-6 by Elon Musk

Them 1-6

Theme No.1: Understanding Marketing

Q. What is Marketing?

Marketing is a process of identifying customer need and full that needs.

Further term of marketing

Three Further term of marketing

• Need A need is something that is necessary for living a healthy live. E.g. Air, Water, Food
• Want Want is the form that a human need takes as shaped by culture and individual personality, wish for it become want.

e.g Mineral water, Fast food

• Demand

Them 1-6

Demand is the quantity of goods that consumers are willing and able to purchase at various prices.

e.g We have Rs. 2.5 lakh for purchasing a Car

Q. What is Exchange:

The process of getting what you want is called Exchange.

e.g we want to eat eggs in breakfast. So we go to the eggs shop and purchase some eggs.

Q. What is Transaction?

A transaction is an activity in which goods, services or money are transferred from one account to another.

Q. What is Marketing Offering?

A Marketing offering is any combination of products, services or information offered to the market to satisfy the need or want.

Virtual student support services provide academic (taleemi) services to the students throughout the world.

Q. What is Marketing mix?

Marketing is used not only by businesses but also political parties, and charity organizations as well. Actual task of marketing is to manage demand. The concept of marketing mix is very important in marketing. It includes four Ps:

• Product

Them 1-6

• Price
• Place
• Promotion

As demand of any product that is offered for selling is never ideal so marketers face different demand situations and resultantly make different strategies for different demand situations. Different demand situations are:

Q. What is Negative demand?

Negative demand is a demand situation in which your product is facing biased or negative views of potential customers.

For example the society in which you are dealing with frozen food items, consider that only fresh food is good. Frozen food is unhealthy. Q. What is No demand?