1.1 Define marketing.
Marketing is a social process which activities let all people to obtain need and want. In a long term they can develope exchange relationship.
1.2 What condition are necessary for an exchange to take place?
When people have their NEEDS and WANTS exchange becomes feasible.
1.3 Distinguish between a need and a want.
Need is what people or organisations have to had, and Want is a kind of desire or preference.
For a person, basic physical needs like water, food; social and emotional needs like security and belonging is his/her need and to have a beautiful cloth is what he/she want.
1.4 What is a market?
A market includes individuals or orginisations whom have resources(time, money) ,find their interest in something and willing to buy it.
1.5 What does strategic marketing involve?
I. TAs are not being satisfied.
II. Classify customers to market segments.
III. Classify products to market segments.
IV. Position a product to differentiate from competitors’. So the product can give a sustainable competitive advantage.
1.6 What flows are necessary for an exchange transaction to take place?
I. Collect information about market needs and wants.
II. Design goods and services base on info from I.
III. Promo products to customers.
IV. Sell products to customers and obtained money or something else of value.