EMKT503 Unit 1 Introduction Summary
EMKT503 Unit 1 Introduction Summary
Marketing is a customer-oriented business process focused on creating, communicating and delivering value. Unit 1 explains market versus marketing, exchange process, selling, marketing, nature and scope of marketing, need, want, demand, Maslow need hierarchy and major marketing functions.
Key Points
- Market is a place or arrangement where buyers and sellers meet.
- Marketing is a wider process that identifies and satisfies customer needs.
- Selling focuses on product push, while marketing focuses on customer satisfaction.
- Need, want and demand are basic concepts of marketing.
- Maslow theory explains human needs from physiological needs to self-actualization.
Important Keywords
EMKT503, Marketing Management, LPU MBA, Unit 1, market, marketing, need want demand, Maslow