Chapter 1 Marketing Defined Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Needs are not created by marketers. Wants that are backed by resources and willingness to buy. The act of obtaining a desired object from someone by offering something in return.
Marketing occurs when people decide to satisfy their needs and wants through exchange.
The exchange does not have to involve money. The extent to which a product s perceived performance matches a buyer s expectations. Consumers will favor those products that are widely available and low in cost. Customers if let alone will not buy enough unless they are aggressively sold to. Sell what we make.