The American Marketing Association(AMA) defines marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectives. People have wants and needs that they satisfy by obtaining products. A product is all the physical features and psychological satisfactions received by the customer. Marketers use the term products to refer to both goods and services.
Goods are products grown or manufactured and prepared for sale. They are tangible, which means they can be physically touched. Cameras, books, magazines, televisions and automobiles are all goods. Services are benefits or satisfactions that improve the personal appearance, health, comfort, or peace of mind of their users. Services are intangible, which means they can not be physically touched. Services include, health care and insurance, haircut or styling, auto-repair. Services can not be separated from the organization or person giving the service.
A customer is anyone who buys or rents goods or services. A consumer is the person who uses the goods or services. Often, the customer and the consumer are the same person, but sometimes they are separate people. When parents buy baby food and infants clothing, for example they are the customers but the infants are the consumers. Customers and consumers may be individuals, or institutions such as hospitals, schools and governments.
Marketing begins with the people. Both the customer and the consumer are considered in the development and marketing of any product. For example, a great deal of breakfast cereal is marketed to young consumers. Yet adults do most of the food purchasing and their purchases are strongly influenced by their children's preferences. This scenario is why businesses must take into account what consumers as well as what customers want. As a result, manufacturers develop their goods with potential target markets in mind. A market is all the potential customers and consumers for a product. In order to reach everyone in that market, manufacturers create an array of goods at all different price levels and design to meet the needs of potential customers.
The combined result of all this product specialization and market competition promotes great market diversity. We Americans enjoy a wide range of choices in selecting products. Behind each of these products are marketing researchers, product planners, warehouse and trucking companies, and professional buyers and sellers. There are also stores of every sizee and description, advertising specialists and a host of others dedicated to serving the public through the marketing process.
Goods are products grown or manufactured and prepared for sale. They are tangible, which means they can be physically touched. Cameras, books, magazines, televisions and automobiles are all goods. Services are benefits or satisfactions that improve the personal appearance, health, comfort, or peace of mind of their users. Services are intangible, which means they can not be physically touched. Services include, health care and insurance, haircut or styling, auto-repair. Services can not be separated from the organization or person giving the service.
A customer is anyone who buys or rents goods or services. A consumer is the person who uses the goods or services. Often, the customer and the consumer are the same person, but sometimes they are separate people. When parents buy baby food and infants clothing, for example they are the customers but the infants are the consumers. Customers and consumers may be individuals, or institutions such as hospitals, schools and governments.
Marketing begins with the people. Both the customer and the consumer are considered in the development and marketing of any product. For example, a great deal of breakfast cereal is marketed to young consumers. Yet adults do most of the food purchasing and their purchases are strongly influenced by their children's preferences. This scenario is why businesses must take into account what consumers as well as what customers want. As a result, manufacturers develop their goods with potential target markets in mind. A market is all the potential customers and consumers for a product. In order to reach everyone in that market, manufacturers create an array of goods at all different price levels and design to meet the needs of potential customers.
The combined result of all this product specialization and market competition promotes great market diversity. We Americans enjoy a wide range of choices in selecting products. Behind each of these products are marketing researchers, product planners, warehouse and trucking companies, and professional buyers and sellers. There are also stores of every sizee and description, advertising specialists and a host of others dedicated to serving the public through the marketing process.
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