Core concept of marketing.
Company orientations towards the market place.
The rapid adoption of marketing management.
Building customer value through quality, service and value.
What is the scope of marketing?
What are some fundamental marketing concepts?
Why is marketing important?
How has marketing management changed?
What are the tasks necessary for successful marketing management?
Formally or informally, people and organizations engage in a vast number of activities that could be called marketing. As a consequence, good marketing has become an increasingly vital ingredient for business success. •
Good marketing is no accident, but as result of planning and execution. Marketing practices are continually being refined and reformed in virtually all industries to increase the chances of success. •
Sound marketing is critical to the success of every organization, small or large, for profit or not for profit, domestic or global. •
Organizations gain market leadership by understanding customer needs and finding solutions that delight customers through superior value, quality and service. •
If customer value and satisfaction are absent, no amount of advertising or selling can compensate. This is the reason why marketing is more than selling. •
Marketing is the business function that identifies customer needs and wants, determines which target market the organization can serve best and design appropriate products, services and programs to serve this market. It is a philosophy that guides the entire organization.
The simplest definition of Marketing is “the delivery of customer satisfaction at a profit”. Marketing is a human activity directed at satisfying needs and wants through exchange process. 2)
“Social managerial process by which individuals and groups obtain what the need and want though creating and exchanging products and value with others”. I.e. marketing involves the satisfaction of human needs and wants through exchange process. Kotler & Keller, 2007 3)
According to American marketing association, marketing refers to “performance of business activities that direct the flows of goods and services from producers or sellers to the customer or user”. 4)
The revised American Marketing Association (2007) offers the following formal 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 stake holders.
According to Stanton, “Marketing comprises a system of business activities designed to plan, price, promote and distribute want satisfying products and services to present and consumer segments”.
All the definitions seem to agree that the marketing process:
Requires two sets of actors-the giver and the taker. I.e. there must be producers or sellers on one hand and the consumers and users on the other. b)
Involves giving up and simultaneously receiving something of value. c)
Therefore marketing as an exchange process precludes activities such as robbing, stealing, begging and production for own consumption. d)
Another point worth noting is that the buyers have a multitude of needs and only a limited income with which to satisfy their needs and wants. Hence, they are involved in choice process.
The marketing process is also being applied to non-business situation. Thus:
a) Political and election candidates have to market themselves to voters b) A job-seeking individual has to market himself to a prospective employer c) Different religions have to market themselves to potential followers.
This being the case a more encompassing definition of the term marketing has to incarnate non-business activities. Such definition states that:
“Marketing is the performance of those activities that attempts...
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