Marketing Management

Lesson

Part 1: marketing and selling, the functions of marketing, the five philosophies, the marketing mix and the product.

In this lesson you will

Part 1 at a glance

Concept

Market, marketer and marketing

A market today means all the actual and potential buyers of a product, not just a place.

Table of three terms: market means all actual and potential buyers; the marketer is the party that takes the initiative in the exchange; marketing is the process of identifying needs and creating and exchanging products of value
Term	Meaning today	Imagined example
Market	All actual and potential buyers of a product	Every family in Bhopal that may buy a water purifier
Marketer	The party that takes the initiative to create an exchange	A purifier company that studies needs and persuades buyers
Marketing	A social process of identifying needs and creating and exchanging products of value to satisfy them	Designing, pricing, distributing and promoting the purifier

Concept

Marketing is about exchange: each side gives something of value to get something it values more.

Conditions for an exchange