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What are the basics of marketing?

February 14, 2020

What are the basics of marketing? The marketing is a department essential in all companies, regardless of the product offer or of the size of the organization. Thanks to the tools provided by marketing to study consumers. The company can adjust its products to the needs of its customers, establishing a bilateral relationship between both parties. Therefore, in this article, we will explain what the basic concepts of Marketing are.

Marketing

Among business science scholars. There is no unified definition of Marketing, as this can be understood from many points of view. As a global definition. We can understand as marketing the set of tools that the company owns and organizes strategically, in order to know what the wishes and needs of consumers are, in order to satisfy their needs with their products, services or ideas.

Market

The market is create when there is a group of consumers (whether individuals or companies) who have a need to meet, have sufficient economic capacity to buy what satisfies them and are willing to buy it. Within the market would be the potential market, formed by all those consumers who could satisfy their need with the product offered by the company, if appropriate marketing strategies are used.

Market study

market study is an investigation carried out, usually by the marketing department of a company, which aims to determine what are the needs of the population with the study of various variables such as buying habits or elements that influence consumers, in order to create or modify products that fit your needs and desires.

Marketing mix

The marketing mix is the basic instrument available to the company to carry out an effective marketing strategy. So they are variables that the company can greatly modify. It consists of the product, the price, the promotion, and the distribution. Normally that decides how each of the variables will be after conducting a market study.

Needs and wishes

These two concepts are usually repeat in the study of marketing but do not mean the same.  So it is convenient to clarify them.

The needs are create by the absence of a good or service basic, common to all human beings regardless of factors such as age or race. They are physiological or psychological, such as the need to feed or feel safe, innate to the human being.

The desires are the way to express the desire to meet a need, according to the personal circumstances of each and which are not applicable to all human beings. For example, someone who lives in a tribe of the Amazon will have different clothing desires than someone who lives in a large city.