MANAGEMENT

Detailed explanation-1: -Boiled down to its essence, the role of marketing is to identify, satisfy, and retain customers. Before you can create anything of value, first you must identify a want or need that you can address, as well as the prospective customers who possess this want or need.

Detailed explanation-2: -In marketing, satisfying customer needs and wants is the easiest way to increase profits and sell more products and services. The definition of desire in marketing is finding what the consumer is longing for and needing. Marketing strategies look to fulfill different needs to get the consumer to buy the product.

Detailed explanation-3: -The needs wants and demands are a very important component of marketing because they help the marketer decide the products which he needs to offer in the market. Thus the flow is like this: Market » Identify needs wants and demands » Offer products to satisfy either needs wants or demands.

Detailed explanation-4: -The purpose of marketing is to communicate with the consumer, deliver information, and create value for the consumer. Companies determine how to best market to consumers by discovering what their consumers want and need, then delivering it to them through the products and services they offer.

Detailed explanation-5: -Marketing involves the satisfying customers’ needs and wants. Marketing has a value creation and delivery sequence that consists of three parts. That is choosing the value, providing the value, and communicating the value.