Definition of Marketing
Marketing is not manipulating consumers to get them to buy products they do not want and it is not just selling and advertising. Marketing is a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. Marketing facilitates the exchange, the act of giving up one thing in return for something else. The central focus of marketing is to satisfy needs.
(Example) People is willing to exchange their “something of value-money or credit-for soft drinks, football tickets, or new shoes because you consider those product more valuable or more important than holding on to your cash or credit potential.
Functions of Marketing
Marketing includes many varied and interrelated activities; buying, selling transporting, storing, grading, financing, marketing research, and risk taking.
(Example) Fresh oranges are only available for a few months annually, but consumers demand juice throughout the entire year. Seller must arrange for cold storage of orange juice concentrate so that they can maintain a steady supply all of the time.
Creating Value with Marketing
Marketing creates value, which is an important element of managing long-term customer relationships and implementing the marketing concept. Value is a customer’s subjective assessment of benefits relative to costs in determining the worth of a product. (Customer Value = Customer Benefits – Customer Costs)
The Marketing concept
The marketing concept is the idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its goals. If a company does not implement the marketing concept by providing products that consumers need and want while achieving its own objectives, it will not survive.
(Example) McDonald’s faces increasing pressure to provide more healthful fast-food choices. To keep pace with the customers’ needs, it has...