Four requirements for marketing to occur
1. Two or more parties with unsatisfied needs
2. A desire and ability on their part to be satisfied
3. A way for the parties to communicate
4. Something to exchange
Definition of marketing
The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
Marketing mix (4 P's)
Product, Price, Promotion, Place
Five environmental forces
Social, Economic, Technological, Competitive, Regulatory
One or more specific groups of potential consumers toward which an organization directs its marketing program
The unique combination of benefits received by target buyers that includes quality, convenience, on-time deliver, and both before-sale and after-sale service at specific price.