Marketing And Sales
Quick Notes
➢ Market: A set-up where two or more
parties engage in exchange of goods,
services and information is called a
market. Ideally, a market is a place
where two or more parties are involved
in buying and selling.
➢ Marketing: It is the process of
identifying a group of potential
customers and finding out ways to
convince them to buy the company’s
product. It refers to the activities of a
company associated with buying and
selling a product or service. It includes
advertising, selling and delivering
products to people.
➢ Definitions:
, • Philip Kotler has defined marketing as,
“a social process by which individual
groups obtain what they need and
want through creating offers and
freely exchanging products and
services of value with others”.
• According to the American Marketing
Association (AMA) Board of Directors,
“Marketing is the activity, set of
institutions and processes for
creating, communicating, delivering
and exchanging offerings that have
value for customers, clients, partners
and society at large.”
➢ Features of Marketing:
(i) Identification needs and wants.
(ii) Creation of market offering.
(iii) Customer value.
(iv) Exchange mechanism.
Quick Notes
➢ Market: A set-up where two or more
parties engage in exchange of goods,
services and information is called a
market. Ideally, a market is a place
where two or more parties are involved
in buying and selling.
➢ Marketing: It is the process of
identifying a group of potential
customers and finding out ways to
convince them to buy the company’s
product. It refers to the activities of a
company associated with buying and
selling a product or service. It includes
advertising, selling and delivering
products to people.
➢ Definitions:
, • Philip Kotler has defined marketing as,
“a social process by which individual
groups obtain what they need and
want through creating offers and
freely exchanging products and
services of value with others”.
• According to the American Marketing
Association (AMA) Board of Directors,
“Marketing is the activity, set of
institutions and processes for
creating, communicating, delivering
and exchanging offerings that have
value for customers, clients, partners
and society at large.”
➢ Features of Marketing:
(i) Identification needs and wants.
(ii) Creation of market offering.
(iii) Customer value.
(iv) Exchange mechanism.
