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Larry Steven Londre

Marketing, IMC, Advertising, Promotion, Media and More.

2012 Edition

Several Concepts, Terms and Useful Definitions to Help in Explaining and Understanding Marketing and Related Activities, including Defining Marketing, the Marketing Concept, Marketing Mix (4P’s), and the Nine P’s (9P’s) ©2007 There are a number of important strategic philosophies and practices that guide Marketing planning, efforts and/or Marketing relationships/partnerships: Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (Principles of Marketing, 14e, Kotler and Armstrong, 2012)

Marketing: The activity , set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.. (Marketing Management 14e, Kotler and Keller, 2012)

The aim of Marketing is to know and understand the customer so well that the product or service fits him (her/it) and sells itself. (Peter F. Drucker) Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The previous definition: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. (In 2008, the American Marketing Association unveiled their new, revised definition of marketing, used as the official definition in books, by marketing professionals and taught in universities.) The American Marketing Association revisits the definition for marketing every five years in a disciplined effort to reflect on the state of the marketing field. This process, as laid out in the Association's bylaws, is guided by a committee whose members represent a cross-section of the marketing industry; the committee was formed in late 2006, under the leadership of Donald R. Lehmann, the George E. Warren Professor of Business at Columbia Business School in New York. (www.ama.org; http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx) The Marketing Concept is a philosophy. It makes the customer, and the satisfaction of his or her needs, the focal point of all business activities. It is driven by senior managers who are passionate about delighting their customers. Marketing is not only much broader than selling; it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer's point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise. (Peter F. Drucker) Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. (Philip Kotler) Marketing is getting the right product or service to the right people (target market), at the right time, at the right place, at the right price with the right communications and promotion. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy the perceived needs, wants, and objectives of individuals and organizations. (Contemporary Advertising, 13e, Arens, Weingold, Arens, 2011)

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Larry Steven Londre

Marketing, IMC, Advertising, Promotion, Media and More.

2012 Edition

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives. (Understanding Business, Nickels, McHugh, McHugh, 2008) Marketing is...
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