MANAGEMENT

Detailed explanation-1: -“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 a social process where individual and group demands are met through the creating, offering and free exchange of goods and products with others. This social process occurs in a market, the forum of potential and actual consumers of a certain good or service.

Detailed explanation-4: -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.