ADM 2320 Lecture Notes - Lecture 1: Kraft Dinner, Dentures, Toothpaste

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Marketing: a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships. Marketing is about satisfying customers needs and wants in a profitable manner. Marketing can be performed by both individuals and organizations. Marketing is about satisfying customers needs and wants. Need: when a person feels deprived of basic necessities such as food, clothing shelter and safety. Want: the particular way in which a person satisfies a need, which is shaped by a person"s knowledge, culture and personality. Demand: needs and wants combined with buying power. Market: refers to the groups of people who need or want a company"s products or services and have the ability and willingness to get them. Marketers divide the market into subgroups or segments to whom the yare interested in marketing their products, services or ideas.

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