Definitions of Marketing and How Marketers Strive to Create Customer Value Through Their Offerings

Marketing is a process which has changed and evolved over a period of time. One definition is that given by The Chartered Institute of Marketing which defines marketing as:
                      'The management process responsible for identifying, anticipating and satisfying customer requirements profitably'
This definition puts the responsibility for marketing at the management’s door. Marketing is definitely not to be left to junior members of staff. It demands responsibility, co-ordination and planning by competent managers with the right skills. This translates as increased customer value and thereby ensures success for the organisation.
In order to achieve this success, marketing objectives, goals and targets have to be recognized and different competitors’ methods are to be studied carefully and then anticipated. Through the use of marketing research, “an organisation should be able to identify the needs and wants of the customer”, while at the same time, this satisfaction of these needs would results in a turnover for the company.
Within this exchange transaction, if customers feel that their needs are being fully satisfied, they will exchange their money, resulting in a transaction for the organisation. “Value of a product within the context of marketing, means the relationship between the consumer's expectations of product quality to the actual amount paid for it.” The key to delivering high value lies in making customers believe that what you are offering is beyond their expectations. In real terms, you are helping them solve a problem, offering the solution, giving results, and ultimately making them happy. [continues]

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