GENERAL KNOWLEDGE

Detailed explanation-1: -definition is that marketing is: A social and managerial process by which individuals and. groups obtain what they want and need through creating, offering, and exchanging products of value with others.

Detailed explanation-2: -Through marketing, individuals and groups obtain what they need and want by exchanging products and services with other parties. Such a process can occur only when there are at least two parties, each of whom has something to offer.

Detailed explanation-3: -Marketing is called a social process due to its concern for the long-term welfare of the society. It builds the long-term relationship between buyers and sellers through an integrated marketing program which involves customer satisfaction, research, product planning and development, etc.

Detailed explanation-4: -Marketing – According to Philip kotler marketing as ‘satisfying needs and wants through an exchange process’ this means that marketing means selling of goods and services to consumer and satisfying their needs. Starbucks is a coffee shop company. It is one of the most popular coffee shops in U.S. and other countries.