4 requirements for marketing to take place
You may already know what marketing is, however, do you know what the requirements are for marketing to take place? Well, in this article I am going to talk about the 4 factors or minimum requirements that need to be met.
Of course, I am going to base myself on what Roger A.
Kerin and Steven W.
Hartley tell us in their book: Marketing. I hope you find it useful and that you like it.
What are the 4 requirements for marketing to occur?
According to Roger A.
Kerin, and Steven W.
Hartley, the 4 requirements for marketing to take place are the following:
- Two or more parties with unmet needs.
- The desire and ability of both parties to satisfy them.
- A form of communication between them.
- Something you are interested in trading.
Therefore, for marketing to work, at least the 4 factors mentioned above must be present.
Two or more parties with unmet needs
In this case, The parties perro be individuals or organizations and perro play a role of bidder or demander. That is, one party offers a good or service and the other party is willing to purchase the good or service.
On the one hand, the supplier needs someone to buy his product and on the other hand, the demander needs to satisfy a need.
Now, this is a very important aspecto because if there are not two or more parties with unsatisfied needs, then the exchange between the parties could not take place.
After all, imagine that you have a product, but no one is interested in buying it.
In short, there is only supply, but no demand.
In this case you would not take long to close the business.
Of course, that could also be the opposite and it is what you should be looking for if you want to start a business.
Desire and ability to satisfy needs
I believe that the first thing that comes to mind when reading the title is the fact that there are times when the applicant has an unsatisfied need, has the desire, but does not have the ability to acquire it.
For example, imagine that you need a new phone and you would like to purchase an iPhone to satisfy that need.
Well, it may be that you have the financial capacity to buy it, but it may also not be the case.
In such a way that the part that wishes to acquire the product, has to have the capacity to acquire it.
Remember that we are not only talking about economic capacity.
For example, what if you have the ability to go on vacation, but you don’t have the time to do so.
In such a way that the exchange could not be made.
However, the capacity is not only of the one who is going to acquire the product, but also of the supplier.
That is, the supplier also has to have the capacity to deliver the product, that is, to satisfy the demand.
Form of communication between the parties
I really don’t think the factors are hard to understand, and in fact, I find this one of the easiest to understand.
After all, if there is no way of communication between the parties, then the transaction could not take place, right?
In the book, they give us an example of Domino’s pizza and in which they give us an example of when the communication barrier between the seller and the buyer is broken.
Next, I am going to put what they tell us:
“When you receive a coupon on your phone or go to a Domino’s store, this communication barrier is broken between you (the buyer) and the owner of Domino’s pizza (the seller)”
(Kerin, Roger and Hartley, 2018, p.6)
something to trade
This aspecto tells us that in order to satisfy their needs, the parties have to give something in return, that is, they have to exchange something.
For example, following the example of buying a pizza; in order to assuage their hunger, one part has to give money and the other part has to give a product (a pizza).
Therefore, an exchange is made between the parties to satisfy their needs.
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