{"id":1097,"date":"2022-04-10T13:39:00","date_gmt":"2022-04-10T11:39:00","guid":{"rendered":"https:\/\/support.centreforelites.com\/the-building-blocks-of-marketing\/"},"modified":"2024-03-14T19:01:01","modified_gmt":"2024-03-14T17:01:01","slug":"the-building-blocks-of-marketing","status":"publish","type":"post","link":"https:\/\/support.centreforelites.com\/en\/the-building-blocks-of-marketing\/","title":{"rendered":"THE BUILDING BLOCKS OF MARKETING"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p style=\"line-height: 120%; text-align: justify;\">We may view marketing generally as resting on six inter-connected platforms. These are the building blocks of marketing, which are: needs, wants, and demands; products; value and satisfaction: exchange, transactions and <span style=\"font-size: 14.0pt; line-height: 120%;\">relationships; market; marketing and marketers. <\/span>We shall attempt to run through each of <span style=\"font-size: 14.0pt; line-height: 120%;\">these platforms.<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 120%; text-align: justify;\">\n<div style=\"clear: both; text-align: center;\"><a href=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgMQx8mUfnvpOOFbrxv3RAXyzpjwnX96pSN2gkMiBf6HsR2mvaYbaDGsWQ9VV16s4YXzYyBEq7u04uxG3Z4JFeYz63kCkF8t1VDdm5BMQHzX2Vkb5AhVNx-OPCnPq7PF5BoQmjrjaWlswKz7djLshEbZEAKwW__lDm-GxUauLE5X-NMF3L_DuTGyJP_\/s262\/Need%2C%20Wants%20and%20Demands%20-%20The%20Inter-connected%20Platforms%20Of%20Marketing.png?ssl=1\" style=\"margin-left: 1em; margin-right: 1em;\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" alt=\"THE BUILDING BLOCKS OF MARKETING\" border=\"0\" data-original-height=\"192\" data-original-width=\"262\" height=\"293\" src=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgMQx8mUfnvpOOFbrxv3RAXyzpjwnX96pSN2gkMiBf6HsR2mvaYbaDGsWQ9VV16s4YXzYyBEq7u04uxG3Z4JFeYz63kCkF8t1VDdm5BMQHzX2Vkb5AhVNx-OPCnPq7PF5BoQmjrjaWlswKz7djLshEbZEAKwW__lDm-GxUauLE5X-NMF3L_DuTGyJP_\/w400-h293\/Need%2C%20Wants%20and%20Demands%20-%20The%20Inter-connected%20Platforms%20Of%20Marketing.png?resize=400%2C293&#038;ssl=1\" title=\"THE BUILDING BLOCKS OF MARKETING\" width=\"400\" \/><\/a><\/div>\n<p><span style=\"font-size: 14.0pt; line-height: 120%;\"><br \/><\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d4b595a43a5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d4b595a43a5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/support.centreforelites.com\/en\/the-building-blocks-of-marketing\/#NEEDS_WANTS_AND_DEMANDS\" >NEEDS, WANTS, AND DEMANDS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/support.centreforelites.com\/en\/the-building-blocks-of-marketing\/#PRODUCTS\" >PRODUCTS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/support.centreforelites.com\/en\/the-building-blocks-of-marketing\/#VALUE_AND_SATISFACTION\" >VALUE AND SATISFACTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/support.centreforelites.com\/en\/the-building-blocks-of-marketing\/#EXCHANGE_AND_TRANSACTION_AND_RELATIONSHIPS\" >EXCHANGE AND TRANSACTION AND RELATIONSHIPS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/support.centreforelites.com\/en\/the-building-blocks-of-marketing\/#_M_A_R_K_E_T_S\" >&nbsp;M A R K E T S<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/support.centreforelites.com\/en\/the-building-blocks-of-marketing\/#MARKETING_AND_MARKETERS\" >MARKETING AND MARKETERS<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"break-after: avoid; margin: 0cm 0cm 12pt; text-align: left; text-indent: 0cm;\"><span class=\"ez-toc-section\" id=\"NEEDS_WANTS_AND_DEMANDS\"><\/span><span style=\"mso-bookmark: bookmark64;\"><span style=\"mso-bookmark: bookmark62;\"><span style=\"mso-bookmark: bookmark61;\">NEEDS, WANTS, AND DEMANDS<\/span><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; mso-pagination: lines-together; page-break-after: avoid; tab-stops: 35.8pt; text-indent: 0cm;\"><a name=\"bookmark64\"><\/a><o:p><\/o:p><\/p>\n<p style=\"margin-bottom: 8.0pt;\"><span style=\"font-size: 12.0pt; line-height: 125%;\">Lets us start by differentiating between needs, wants and demands. The purpose of <\/span>this is to shed light on the frequent accusations by marketing critics that &#8220;marketers get people to buy things they don&#8217;t want&#8221;. We should get it clear that marketers do not create needs. In actual fact, needs pre-exist marketers. However, marketers, along with other influential in the society, influence wants. For Stance, they may suggest that a particular type of car such as a Mercedes Benz V-boot would satisfy a person&#8217;s need for social status. In this case, marketers do not create the need for social status, but try to point out how a particular good <span style=\"font-size: 12.0pt; line-height: 125%;\">would satisfy that need. Thus, marketers try to influence demand by making the <\/span>product attractive, affordable and easily available.<o:p><\/o:p><\/p>\n<p style=\"margin-bottom: 8.0pt;\">\n<p style=\"line-height: 112%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-pagination: lines-together; page-break-after: avoid;\"><a name=\"bookmark67\"><\/a><\/p>\n<div style=\"clear: both; text-align: center;\"><a href=\"https:\/\/i0.wp.com\/image.slidesharecdn.com\/abhinvkumar-121108233532-phpapp02\/95\/marketing-functions-3-638.jpg?ssl=1\" style=\"margin-left: 1em; margin-right: 1em;\"><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"NEEDS, WANTS, AND DEMANDS\" border=\"0\" data-original-height=\"479\" data-original-width=\"638\" height=\"481\" src=\"https:\/\/i0.wp.com\/image.slidesharecdn.com\/abhinvkumar-121108233532-phpapp02\/95\/marketing-functions-3-638.jpg?resize=640%2C481&#038;ssl=1\" title=\"NEEDS, WANTS, AND DEMANDS\" width=\"640\" \/><\/a><\/div>\n<p style=\"line-height: 122%;\">We now go to the distinction between needs, wants and demands:<o:p><\/o:p><\/p>\n<p style=\"line-height: 125%;\"><span style=\"font-size: 12.0pt; line-height: 125%;\">A human need is a state of felt deprivation of some basic satisfaction. Out of <\/span>necessity, people require food, clothing, shelter, safety, belonging, esteem, and a few other things for survival. Note that these needs are not created by the&nbsp;<span style=\"font-size: 12.0pt; line-height: 125%;\">society or by marketers. They naturally exist in the composition of human biology <\/span><span style=\"font-size: 14.0pt; line-height: 125%;\">and human condition.<o:p><\/o:p><\/span><\/p>\n<p style=\"margin-bottom: 10.0pt;\"><span style=\"font-size: 12.0pt; line-height: 125%;\">Human wants are desires for specific satisfaction of these deeper needs. For example, a man in the city might need food and wants fried rice and chickens; <\/span>needs clothing and wants a French suit; needs esteem and buys a Mercedes Benz car. In another environment, these needs are satisfied differently. For instance, in a typical rural environment, a man might satisfy his hunger with pap or eko or akamu; his clothing needs with simple buba and sokoto; and his esteem with a shell necklace. People&#8217;s needs maythe&nbsp; be few, but their wants are <span style=\"font-size: 12.0pt; line-height: 125%;\">many. These wants are continual y being shaped and re-shaped by social forces <\/span>and institutions such as churches, schools, families, and business corporations.<o:p><\/o:p><\/p>\n<p style=\"line-height: 122%; margin-bottom: 9.0pt;\">Demands are wants for specific products that are backed up by an ability and \u2022 <span style=\"font-size: 12.0pt; line-height: 122%;\">willingness to buy them. Hence, wants become demands only when backed up by <\/span>purchasing power. For example, many people desire Mercedes Benz cars, but <span style=\"font-size: 14.0pt; line-height: 122%;\">only a few<\/span><span style=\"font-size: 4.0pt; line-height: 122%;\">, <\/span>are real y able and willing to buy one. It is therefore imperative for companies to measure not only how many people want their product, but more <span style=\"font-size: 12.0pt; line-height: 122%;\">importantly, how many of them would actually be willing and able to buy it.<o:p><\/o:p><\/span><\/p>\n<h2 style=\"break-after: avoid; margin-left: 0cm; text-align: left; text-indent: 0cm;\"><span class=\"ez-toc-section\" id=\"PRODUCTS\"><\/span><span style=\"mso-bookmark: bookmark71;\"><span style=\"mso-bookmark: bookmark69;\"><span style=\"mso-bookmark: bookmark68;\">PRODUCTS<\/span><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"margin-left: 0cm; mso-list: l1 level1 lfo1; mso-pagination: lines-together; page-break-after: avoid; tab-stops: 34.1pt; text-indent: 0cm;\"><a name=\"bookmark71\"><\/a><o:p><\/o:p><\/p>\n<p style=\"line-height: 127%; margin-bottom: 9.0pt;\"><span style=\"font-size: 12.0pt; line-height: 127%;\">People normal y satisfy their needs and wants with products. Products can be <\/span>defined broadly to cover anything that can be offered to someone to satisfy a need <span style=\"font-size: 12.0pt; line-height: 127%;\">or want. Normal y, we conceive of a product as a physical object, such as a car, a radio or a television set. However, we often use the expression products and <\/span>services to distinguish between physical objects and intangible ones.<o:p><\/o:p><\/p>\n<p style=\"line-height: 122%;\">If one critically looks at physical products, one realizes that their importance lies not so much in owning them as in using them to satisfy our wants. For example, we don&#8217;t buy a car just to admire it, but because it is a source of service called <span style=\"font-size: 12.0pt; line-height: 122%;\">transportation. Hence, physical products are real y vehicles that deliver services to <\/span><span style=\"font-size: 14.0pt; line-height: 122%;\">us.<o:p><\/o:p><\/span><\/p>\n<h2 style=\"break-after: avoid; margin-left: 0cm; text-align: left; text-indent: 0cm;\"><span class=\"ez-toc-section\" id=\"VALUE_AND_SATISFACTION\"><\/span><span style=\"mso-bookmark: bookmark75;\"><span style=\"mso-bookmark: bookmark73;\"><span style=\"mso-bookmark: bookmark72;\">VALUE AND SATISFACTION<\/span><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"margin-left: 0cm; mso-list: l1 level1 lfo1; mso-pagination: lines-together; page-break-after: avoid; tab-stops: 34.1pt; text-indent: 0cm;\"><a name=\"bookmark75\"><\/a><o:p><\/o:p><\/p>\n<p style=\"line-height: 122%;\"><span style=\"font-size: 12.0pt; line-height: 122%;\">Very often, consumers face a wide variety of products and services that might <\/span>satisfy a given need. How then do they choose among these variety of goods and <span style=\"font-size: 14.0pt; line-height: 122%;\">services: Normally, consumers make buying choices based on their <\/span>perceptions of the value that various products and services deliver.<o:p><\/o:p><\/p>\n<p>Customer value is the difference between the values the customer gains from <span style=\"font-size: 12.0pt; line-height: 125%;\">owning and using a product and the costs of obtaining the product. For example, <\/span><span style=\"font-size: 14.0pt; line-height: 125%;\">DHL customers gain a number of benefits. The most obvious are fast and <\/span>reliable package delivery.<o:p><\/o:p><\/p>\n<p style=\"line-height: 127%;\">In addition, these customers may also receive some status and image values. For <span style=\"font-size: 12.0pt; line-height: 127%;\">example, using DHL usual y makes both the package sender and the receiver feel <\/span>more important. However, when deciding whether to send a package through <span style=\"font-size: 12.0pt; line-height: 127%;\">DHL, customers often weigh these and other values against the money, effort, and <\/span>psychic costs of using the service. Furthermore, they will compare the value of using DHL against the value of using other courier services such as EMS, Red <span style=\"font-size: 12.0pt; line-height: 127%;\">star and Fedex, and then select the one that gives them the greatest desired value.<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 120%; margin-bottom: 53.0pt;\">Customer satisfaction is the extent to which a product&#8217;s perceived performance matches a buyer&#8217;s expectation. If the products performance falls short of expectations, the buyer is dissatisfied. If performance matches or exceeds expectations, the buyer is satisfied or <span style=\"font-size: 14.0pt; line-height: 120%;\">delighted. Business-minded marketing companies usual y go out of their way to keep <\/span>their customers satisfied. You should note that satisfied customers make repeat purchases, and they tell others about their good experiences with the product. The key is to match <span style=\"font-size: 14.0pt; line-height: 120%;\">customer expectations with company performance. This is why smart companies aim <\/span>to delight customers by promising only what they can deliver, and then delivering more than they <span style=\"font-size: 14.0pt; line-height: 120%;\">promise.<o:p><\/o:p><\/span><\/p>\n<h2 style=\"line-height: 115%; margin-bottom: 9pt; text-align: left;\"><span class=\"ez-toc-section\" id=\"EXCHANGE_AND_TRANSACTION_AND_RELATIONSHIPS\"><\/span><span style=\"font-size: 14.0pt; line-height: 115%;\">EXCHANGE AND TRANSACTION AND RELATIONSHIPS<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"line-height: 127%; margin-bottom: 6.0pt;\"><span style=\"font-size: 12.0pt; line-height: 127%;\">The mere fact that people have needs and wants, and can place value on products is necessary, <\/span>but not sufficient to define marketing. You should realize that marketing exists when people decide to satisfy needs and wants in a certain way that is called exchange. Exchange is one of the four different ways in which a person can obtain a product he or she wants.<o:p><\/o:p><\/p>\n<p style=\"line-height: 127%; margin-bottom: 6.0pt;\">The first way is self-production. For instance, a hungry person can relieve hunger through hunting, fishing, or fruit gathering. The person does not have to interact with anyone else. In this particular case therefore, there is no market and no marketing.<o:p><\/o:p><\/p>\n<p style=\"line-height: 130%; margin-bottom: 6.0pt;\">The second way is coercion. Here, the hungry person can wrest food from another person <span style=\"font-size: 14.0pt; line-height: 130%;\">forcefully. Hence, no benefit is offered to the other party.<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 139%; margin-bottom: 12.0pt;\">The third way is begging. In this instance, the hungry person can approach someone and <span style=\"font-size: 12.0pt; line-height: 139%;\">beg for food. The supplicant has nothing tangible to offer except gratitude.<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 120%; margin-bottom: 12.0pt;\">The fourth way is exchange. Here, the hungry person can approach someone who has food and offer some resource in exchange, such as money, another good or some service (as in <span style=\"font-size: 14.0pt; line-height: 120%;\">trade by barter).<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 119%; margin-bottom: 12.0pt;\"><span style=\"font-size: 12.0pt; line-height: 119%;\">Marketing evolves from this last approach to acquiring products i.e. exchange. Formal y <\/span><span style=\"font-size: 14.0pt; line-height: 119%;\">stated, exchange is the act of obtaining a desired product from someone by offering something in return. Thus, exchange is the defining concept underlying marketing. For <\/span>exchange to take place, Kotler (1984), lists five conditions that must be satisfied:<o:p><\/o:p><\/p>\n<p style=\"line-height: 115%; margin-bottom: .0001pt; margin: 0cm; mso-list: l0 level1 lfo2; tab-stops: 20.95pt; text-indent: 0cm;\"><a name=\"bookmark76\"><\/a><!--[if !supportLists]--><span style=\"color: black;\"><span style=\"mso-list: Ignore;\">(i)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span><!--[endif]--><span style=\"font-size: 14.0pt; line-height: 115%;\">There are at least two parties;<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 115%; margin-bottom: .0001pt; margin: 0cm; mso-list: l0 level1 lfo2; tab-stops: 24.8pt; text-indent: 0cm;\"><a name=\"bookmark77\"><\/a><!--[if !supportLists]--><span style=\"color: black;\"><span style=\"mso-list: Ignore;\">(ii)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span><!--[endif]--><span style=\"font-size: 14.0pt; line-height: 115%;\">Each party has something that might be of value to the other party.<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 115%; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo2; tab-stops: 28.65pt; text-indent: 0cm;\"><a name=\"bookmark78\"><\/a><!--[if !supportLists]--><span style=\"color: black;\"><span style=\"mso-list: Ignore;\">(iii)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span><!--[endif]--><span style=\"font-size: 14.0pt; line-height: 115%;\">Each party is capable of communication and delivery<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: normal; margin-bottom: 10.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo2; text-indent: 0cm;\"><a name=\"bookmark79\"><\/a><!--[if !supportLists]--><span style=\"color: black;\"><span style=\"mso-list: Ignore;\">(iv)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span><!--[endif]--><span style=\"font-size: 14.0pt;\">Each party is free to accept or reject the offer.<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 150%; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo2; text-indent: 0cm;\"><a name=\"bookmark80\"><\/a><!--[if !supportLists]--><span style=\"color: black;\"><span style=\"mso-list: Ignore;\">(v)<span style=\"font: 7.0pt &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/span><!--[endif]-->(v) Each party believes it is appropriate or desirable to deal with the other <span style=\"font-size: 14.0pt; line-height: 150%;\">party<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 119%; text-indent: 34.0pt;\"><span style=\"font-size: 14.0pt; line-height: 119%;\">These five conditions make exchange possible. Whether exchange <\/span>actual y takes place however, depends on the parties coming to an agreement. If <span style=\"font-size: 14.0pt; line-height: 119%;\">they agree, it is often concluded that the act of exchange has left both of them <\/span>better off, or at least not worse off. This is in the sense that each was free to <span style=\"font-size: 14.0pt; line-height: 119%;\">reject or accept the offer. Hence, exchange creates value just as production <\/span>creates value. It gives people more consumption possibilities.<o:p><\/o:p><\/p>\n<p style=\"line-height: 127%;\">Whereas exchange is the core concept of marketing, a transaction consists of a trade of values between two parties. In a transaction, for instance, we should be able to say that one party gives X to another party and gets Yin return.<o:p><\/o:p><\/p>\n<p style=\"line-height: 122%;\"><span style=\"font-size: 12.0pt; line-height: 122%;\">Transaction marketing is pail of the larger idea of relationship marketing. Aside from <\/span>creating short-term transactions, marketers need to build long-term <span style=\"font-size: 12.0pt; line-height: 122%;\">relationships with valued customers, distributors, dealers, and suppliers. They need <\/span>to build strong economic and social ties by promising and consistently delivering high-quality products, good service, and fair prices. Marketing is rapidly shifting <span style=\"font-size: 14.0pt; line-height: 122%;\">from trying to maximise the profit on each individual transaction to <\/span>maximizing mutually beneficial relationships with consumers and other parties. Here, the operating assumption is: build good relationships and profitable transactions will follow<o:p><\/o:p><\/p>\n<h2 style=\"line-height: 132%; margin-bottom: 3pt; text-align: left;\"><span class=\"ez-toc-section\" id=\"_M_A_R_K_E_T_S\"><\/span><b><span style=\"font-size: 12.0pt; line-height: 132%;\">&nbsp;M A R K E T S<\/span><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"line-height: 122%;\">A market is the set of actual and potential buyers of a product. Generally, these buyers share a particular need or want that can be satisfied through the exchange. It is thus clear that the size of a market depends on the number of people who exhibit the need, have the resources to engage in exchange, and are willing to offer these resources in exchange for what they want.<o:p><\/o:p><\/p>\n<p style=\"line-height: 125%; margin-bottom: .0001pt; margin-bottom: 0cm;\">The term market originally stood for the place where buyers and sellers <span style=\"font-size: 12.0pt; line-height: 125%;\">gathered to exchange their goods, such as a village square. Economists often use <\/span>the term to refer to a collection of buyers and sellers who transact in a particular product class, as in the yam market, the cattle market or the grain market.<o:p><\/o:p><\/p>\n<p style=\"line-height: 124%;\"><span style=\"font-size: 12.0pt; line-height: 124%;\">However, marketers see the sellers as constituting an industry and the buyers as <\/span><span style=\"font-size: 14.0pt; line-height: 124%;\">constituting a market.<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 109%; margin-bottom: 35.0pt; mso-pagination: lines-together; page-break-after: avoid; text-indent: 17.0pt;\"><a href=\"https:\/\/i0.wp.com\/www.learnpick.in\/userfiles\/resources_conversion_files\/presentation_marketing_lect_1_1525880568_249019-6.jpg?ssl=1\" style=\"margin-left: 1em; margin-right: 1em; text-align: center;\"><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"Building Blocks of Marketing - Simple Marketing System\" border=\"0\" data-original-height=\"600\" data-original-width=\"800\" height=\"480\" src=\"https:\/\/i0.wp.com\/www.learnpick.in\/userfiles\/resources_conversion_files\/presentation_marketing_lect_1_1525880568_249019-6.jpg?resize=640%2C480&#038;ssl=1\" title=\"Blocks of Marketing - Simple Marketing System\" width=\"640\" \/><\/a><\/p>\n<\/p>\n<p style=\"line-height: 122%; margin-bottom: 6.0pt; text-indent: 22.0pt;\"><span style=\"font-size: 12.0pt; line-height: 122%;\">You can observe from the figure that sellers and buyers are connected by four <\/span>arrows. The sellers send products, services, and communications to the market: in <span style=\"font-size: 14.0pt; line-height: 122%;\">return, they receive money and information. The inner loop shows an <\/span>exchange of money for goods: the outer loop shows an exchange of information. This concept of markets finally brings us full circle to the concept of marketing.<o:p><\/o:p><\/p>\n<h2 style=\"break-after: avoid; line-height: 109%; margin: 0cm 0cm 6pt; text-align: left; text-indent: 0cm;\"><span class=\"ez-toc-section\" id=\"MARKETING_AND_MARKETERS\"><\/span><span style=\"mso-bookmark: bookmark87;\"><span style=\"mso-bookmark: bookmark85;\"><span style=\"mso-bookmark: bookmark84;\">MARKETING AND MARKETERS<\/span><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"line-height: 109%; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; mso-pagination: lines-together; page-break-after: avoid; tab-stops: 36.5pt; text-indent: 0cm;\"><a name=\"bookmark87\"><\/a><o:p><\/o:p><\/p>\n<p style=\"line-height: 120%; margin-bottom: 6.0pt;\">Marketing means managing markets to bring about exchanges for the purposes of <span style=\"font-size: 12.0pt; line-height: 120%;\">satisfying human needs and wants. If one party is more actively seeking an <\/span><span style=\"font-size: 14.0pt; line-height: 120%;\">exchange than the other party, we call the first a marketer, and the second <\/span>party a prospect. A marketer is someone seeking a resource from someone else and willing to offer something of value in exchange. Usually, the marketer is seeking a response from the other party, either to sell something or buy something.&nbsp;<\/p>\n<p style=\"line-height: 120%; margin-bottom: 6.0pt;\">Hence, the marketer can be a seller or buyer. Let us imagine that <span style=\"font-size: 12.0pt; line-height: 120%;\">several people want to buy a very attractive house that has just been put up for sale. <\/span>You will notice that each would-be buyer will try to market himself or herself to <span style=\"font-size: 14.0pt; line-height: 120%;\">be the one the seller selects. Thus, these buyers are doing the marketing. It <\/span>could so happen that both the seller and the buyer are actively seeking an exchange, and in this instance, it is said that both of them are marketers. This <span style=\"font-size: 14.0pt; line-height: 120%;\">situation is then referred to as one of mutual marketing.<o:p><\/o:p><\/span><\/p>\n<p style=\"line-height: 132%; margin-bottom: 18.0pt;\">Normally, exchange processes involve some work. For example, sellers need to search for buyers, identify their needs, design good products and services, set prices for them, promote these goods and services, as well as store and deliver them. Activities such as product <a href=\"https:\/\/support.centreforelites.com\/en\/definition-of-growth-and-development\/\">development<\/a>, research, communication, distribution, pricing and service are core marketing activities.<o:p><\/o:p><\/p>\n<p style=\"line-height: 130%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 13.0pt; margin-right: 0cm; margin-top: 0cm; text-indent: 2.0pt;\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; We may view marketing generally as resting on six inter-connected platforms. These are the building blocks of marketing, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":""},"categories":[139],"tags":[],"class_list":["post-1097","post","type-post","status-publish","format-standard","hentry","category-marketing"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":1027,"url":"https:\/\/support.centreforelites.com\/en\/instagram-marketing-business-mind\/","url_meta":{"origin":1097,"position":0},"title":"Introduction to Instagram Marketing. A Beginner&#8217;s Guide","author":"centreforelites","date":"May 31, 2022","format":false,"excerpt":"Unlock the untapped potential of Instagram Marketing with our power-packed video! \ud83d\ude80 Dive into the world of social media success as we guide you through the key steps to skyrocket your brand's growth.","rel":"","context":"In &quot;Instagram Marketing&quot;","block_context":{"text":"Instagram Marketing","link":"https:\/\/support.centreforelites.com\/en\/category\/instagram-marketing\/"},"img":{"alt_text":"Introduction to Instagram Marketing. A Beginner's Guide","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/05\/pexels-photo-4629841.jpeg?fit=800%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/05\/pexels-photo-4629841.jpeg?fit=800%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/05\/pexels-photo-4629841.jpeg?fit=800%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/05\/pexels-photo-4629841.jpeg?fit=800%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1763,"url":"https:\/\/support.centreforelites.com\/en\/unlocking-the-potential-a-guide-to-earning-with-indoleads-affiliate-network\/","url_meta":{"origin":1097,"position":1},"title":"Unlocking the Potential: A Guide to Earning with Indoleads Affiliate Network","author":"centreforelites","date":"June 25, 2023","format":false,"excerpt":"Looking to earn money through affiliate marketing? Look no further than Indoleads Affiliate Network! In this article, we'll introduce you to the network and show you how to join.","rel":"","context":"In &quot;Affiliate Marketing&quot;","block_context":{"text":"Affiliate Marketing","link":"https:\/\/support.centreforelites.com\/en\/category\/affiliate-marketing\/"},"img":{"alt_text":"Unlocking the Potential: A Guide to Earning with Indoleads Affiliate Network","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2023\/06\/indoleads-affiliate-network.webp?fit=1000%2C1000&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2023\/06\/indoleads-affiliate-network.webp?fit=1000%2C1000&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2023\/06\/indoleads-affiliate-network.webp?fit=1000%2C1000&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2023\/06\/indoleads-affiliate-network.webp?fit=1000%2C1000&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1078,"url":"https:\/\/support.centreforelites.com\/en\/customer-relationship-management-crm\/","url_meta":{"origin":1097,"position":2},"title":"Customer Relationship Management (CRM)","author":"centreforelites","date":"April 10, 2022","format":false,"excerpt":"Customers are becoming harder to please. They are smarter, more price conscious, more demanding, less forgiving and they are approached by many more competitors with equal or better offers. The challenge according to Jeffrey Gitomer as reported by Keller and Kotler (2006) is not necessary to produce satisfied customers, several\u2026","rel":"","context":"In &quot;Marketing&quot;","block_context":{"text":"Marketing","link":"https:\/\/support.centreforelites.com\/en\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1040,"url":"https:\/\/support.centreforelites.com\/en\/guerrilla-marketing\/","url_meta":{"origin":1097,"position":3},"title":"What is Guerrilla Marketing and How is it Done?","author":"centreforelites","date":"April 21, 2022","format":false,"excerpt":"The term Guerilla marketing is easily traced to guerilla warfare which utilizes unusual tactics to achieve a goal in a competitive and callous environment. The term, \u201cGuerilla marketing\u201d was coined by Jay Conrad Levinson (1983) in his book, \u201cGuerilla Marketing","rel":"","context":"In &quot;Fundamentals of Marketing&quot;","block_context":{"text":"Fundamentals of Marketing","link":"https:\/\/support.centreforelites.com\/en\/category\/fundamentals-of-marketing\/"},"img":{"alt_text":"The Concept of Guerrilla Marketing","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Guerrilla-Marketing-Mind-Map-Business-Concept.webp?fit=1200%2C900&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Guerrilla-Marketing-Mind-Map-Business-Concept.webp?fit=1200%2C900&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Guerrilla-Marketing-Mind-Map-Business-Concept.webp?fit=1200%2C900&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Guerrilla-Marketing-Mind-Map-Business-Concept.webp?fit=1200%2C900&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Guerrilla-Marketing-Mind-Map-Business-Concept.webp?fit=1200%2C900&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1094,"url":"https:\/\/support.centreforelites.com\/en\/marketing-management-philosophies\/","url_meta":{"origin":1097,"position":4},"title":"MARKETING MANAGEMENT PHILOSOPHIES","author":"centreforelites","date":"April 10, 2022","format":false,"excerpt":"\u00a0Marketing management philosophies involves carrying out tasks to achieve desired exchanges with the target market. The question then is, what philosophy do we use to guide these marketing effects?. 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The common impression people often have of the marketing manager is to stimulate demand for the company's\u2026","rel":"","context":"In &quot;Marketing&quot;","block_context":{"text":"Marketing","link":"https:\/\/support.centreforelites.com\/en\/category\/marketing\/"},"img":{"alt_text":"MARKETING AND DEMAND MANAGEMENT","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/MARKETING-AND-DEMAND-MANAGEMENT.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/MARKETING-AND-DEMAND-MANAGEMENT.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/MARKETING-AND-DEMAND-MANAGEMENT.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/MARKETING-AND-DEMAND-MANAGEMENT.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/MARKETING-AND-DEMAND-MANAGEMENT.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/posts\/1097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/comments?post=1097"}],"version-history":[{"count":2,"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/posts\/1097\/revisions"}],"predecessor-version":[{"id":2266,"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/posts\/1097\/revisions\/2266"}],"wp:attachment":[{"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/media?parent=1097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/categories?post=1097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/support.centreforelites.com\/en\/wp-json\/wp\/v2\/tags?post=1097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}