“Exchange – the act of obtaining a desired object from someone by offering something in return” (P. Kotler, 2005 p. 10)
Marketing as a matter occurs when people satisfy their needs through the process of exchanging a medium of exchange to the object of desire.
1.1.5Markets
“Market – the set of all actual and potential buyers of a product or service” (P. Kotler, 2005 p. 11)
This is the finalizing concept, bringing the circle together. From this point of view, marketing is a working process on or with the market, the main target of which is to satisfy customers’ needs and wants.
If the entrepreneur paid enough attention to discovery and investigation of customers’ needs, development of the product, settlement of the appropriate price and establishment of the stable distribution channels, the sales should conduct. Then where is the main focus? The definition of marketing stated above implies marketing’s contribution to organization and its demands.
Modern successful companies have one common distinctive feature – they are very customer-oriented and strongly committed to marketing. It is essential, as even the very best, innovative and quality product will not gain success if it is not bringing superior value and high level of satisfaction to the customers. Therefore, customers are one of the most important components of the marketing process – creating value and satisfaction for the customers is considered to be the basis of modern marketing.
“Today, marketing must be understood not in the old sense of making a sale – ‘telling and selling’ - but in the new sense of satisfying customer needs.” (P. Kotler, 2005 p. 6)
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