Elements of the marketing: the marketing thinking starts with the customer needs. Today each marketer wants to retain and satisfy the customer because of the intense competition. The marketing has the following elements:
Customers: customers provide payment to an organization in return for the delivery of goods and services and therefore form a focal point for an organization marketing activity. Customers can be described by many terms, including Clint, passengers, subscriber, reader, guest, and student. The customer is generally understood to be the person who makes the decision to purchase a product, and or who pays for it. In fact, products are often bought by one person for consumption by another, therefore the customer and consumer need not be the same person.
Needs: consumers are motivated by their desire to satisfy complex needs, and these should be the starting point for all marketing activity. Need refers to something that is deep rooted in an individual personality. How individuals go about satisfying that need will be conditioned by the cultural values of the society which they belong to, so in some cultures the need for self fulfilment may be satisfied by a religious penance, while other societies may seek it through a development of their creative talents. Wants are culturally conditioned by the society in which an individual lines. Wants subsequently become effective demand for a product where there is both willingness and an ability to pay for the product.
Value: for customers, value is represented by the ratio of perceived benefits to price paid. Customers will evaluate benefits according to the extent to which a product allows their needs to be satisfied. Customers also evaluate how well a product's add to their own well being as compared with the benefits provided by competitions offerings:
Customer perceived value = benefits driving from a product/ cost of acquiring the product
Exchange: societies have different ways in which they arrange for goods and services to be acquired. In modern market based economics, goods and services are acquired on the basis of exchange. Exchange implies that one party makes some sacrifice to another party in return for receiving something its values; the other party similarly makes a sacrifice and receivers something that it values.
Markets: the term "market" has traditionally been used to describe a place where buyers and sellers gather to exchange goods and services (for example a fruit and vegetable market or a stock market).
According to the Phillip Kotler, "A market consists of all the potential customers sharing a particular need or wants who might be willing and able to engage to satisfy the need or want". So the size of the market depends upon the number of persons who have the unsatisfied needs and are potentially capable of doing the exchange.
According to the Cournot: economists understand by the market not any particular piece in which things are bought and sold but the whole of any region in which buyers and sellers are in such free intercourse with one another that prices of the same goods tend to be at equality.
Marketers: According to the Phillip Kotler, "A marketer is someone seeking a resource from someone else and willing to offer something of value in exchange. It is clear, that marketer is not a producer, and marketer is one of the parities to exchange". In the normal situation, the marketer is the company serving a market of the end users. The company and the competitions send those respective products and messages directly and or through marketing intermediaries to the end users. The relative effectiveness is influenced by their respective intermediaries as well as major environmental forces.
Objectives of the marketing: the various objectives of marketing include the following:
1. Intelligent and capable application of modern marketing policies.
2. To develop the marketing field.
3. To develop the marketing field.
4. To suggest solutions by studying the problems relating to marketing.
5. To find sources for further information concerning, the market problems.
6. To revive existing marketing function, if shortcomings are found.