What is Marketing

The American Marketing Association defines marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organisational objectives.
Marketing activities are required for many differgent kinds of products. Product is not only tangible goods. Those that can be held or touched such as health care services.

Ultimately the purpose of marketing activities is to bring about exchanges. Exchange is the process by which parties provide something of value to one another to satisfy the needs of each.
Through activities that enables exchanges to take place, marketing adds value to products. This value is known as utility, the ability of a product to satisfy a customer need. There are four types of utility: form, time, place, and possession.

Marketing directly creates three types of utility. By marketing products available when costumers want and need them, marketing creates time utility. Publishing company print and distribute morning newspaper early so readers can read them at breakfast or while commuting to work.
Marketing products available where consumers need or want to obtain them creates place utility. Newspaper are delivered to homes and business; sold in supermarket , and bookstores. Marketing creates possession utility when the ownership of a product is transferred from seller to buyer. To obtain newspaper, costomers pay the publishing company for home delivery, or pay clerks in stores.

Marketing is important to organisations are consumers alike. It touches the lives of all members of society. Through the cost of what we purchase, each of us supports the costs of marketing. Most people would agree that marketing costs are worth it because the many and varied marketing ectivities enable us to satisfy our needs and wants. A need is something required for human survival, such as food, water, shelter, and clothing. A want is something desired but not necessary for basic survival. Without marketing, many needs and wants would go unsatisfied.
The efforts of marketing are directed at a market. It is a group of potential customers with the authority and ability to purchase a particular product or service that satisfies their collective demand. There are two major markets: consumer and industrial. The consumer markets is composed of individuals who buy products for their personal use. The industrial market consists of businesses that buy products to use in making other products.

The large industrial and consumer markets need to be divided into smaller markets. This process of the dividing markets into subgroups with similar characteristics is called market segmentation.
A management philosophy stating that an organisation should strive satisfy the needs of consumers through a co-ordinated set of activities to achieve its objectives is known as marketing concept the marketing concept calls for all departments to be committed to satisfying consumers. To put the marketing concept into action, a firm must decide on the appropriate marketing activities to satisfy consumer needs and achieve its goals.

Give your complete answer to the following questions.
1. What is the definition of marketing?
2. What is the purpose of marketing activities?
3. What is utility?
4. What are the four types of utility?
5. Why marketing is important to organisation and consumers alike?
6. What are the two major market?
7. What is marketing concepts?
8. What is market?


Choose the correct answer according to the reading passage

1. It is required for many different kinds of products.
a. Marketing assosiation
b. Marketing activities
c. Products value

2. The ability of a product to satisfy a consumer need.
a. utility
b. Exchange
c. Conception

3. Semething required for human survival
a. Want
b. Need
c. Utility
4. Something desired but not necessary for basic survival
a. Want
b. Need
c. Utility

5. A group of potential customers that can buy a particular product
a. Market
b. Purchasers
c. Individuals