The objectives, goals and targets of marketing have to be monitored and met. The competitor strategies must be evaluated, estimated and exceeded. It is only through the effective use of market and its research that an organization can identify its customer’s needs and wants and try to deliver the value its customer wants .It is very important for the organization to ensure that its customers are satisfied.
Marketing uses the process of exchange to give the customers the value they desire on their products and services. Exchange transaction requires the customer to exchange value (money) for the product or services that completely satisfy their needs. Clearly, the greater the benefit provided the higher transactional value an organization can charge. It is thus the process by which companies create customer interest in their goods or services.
As an activity marketing can only take place where there is a market. It refers to the activity through which exchanges are undertaken. Marketing can be perceived as a social and managerial process through which the customers get what they want. They do it through the process of creating, offering and exchanging products of value for money.
Marketing can be considered as a function. It is a philosophy that has an impact on the over-all dealings of an organization with the marketplace. (David M. Reid. (1980). 19-23.) (Rick Wise, Niren Sirohi. (2005).8-13.)
The need for marketing rose as a result of the increasing needs, wants and demands of the customers. Needs are a basic requirement for human survival, while wants are the specific means by which individuals’ satisfy their needs.
The term, value is one of the most important notions in marketing. It is the difference between the total costs of making a purchase and the total benefits received.
