VI. Read the text and give the definition of the term «marketing».Decide on suitable title for it. Using the chart below describe how the marketing process is developed.
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing refers to all the process involved in selling goods or services in the most efficient and profitable manner. It begins with an examination of what people want from a product or service (market research).
This is followed by an assessment of how to produce the product or service (product development) that will satisfy that requirement, and at the same time make a profit in the process.
The next stage is to develop a marketing strategy that will get the product to the appropriate market at a competitive price. This will involve creating an advertising campaign that is backed by selling and distribution procedures.
The following flow chart shows the way that the marketing process is developed:
Marketing in this sense is a two-way process. It connects those who produce goods and services with potential buyers. It also finds out what products and services consumers want and relays the information to the producers. This enables them to make the right things available.
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