Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals. (Kotler, Keller, ‘05) 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. (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 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 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. 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. (Arens, Weigold, Arens: 12th edition, 2009) Marketing is both a set of activities performed by organizations and a social process. Micro-marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client. (Perreault and McCarthy ’05) The purpose of Marketing is to sell more stuff to more people more often for more money in order to make more profit. (Sergio Zyman) Marketing Mix is the combination of four elements, called the 4P’s (Product, Price, Promotion and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy. 9 P’s
Planning or Marketing Process: To develop and transform marketing objectives to marketing strategies to tactics, marketing management must make basic decisions on marketing targets, marketing mix, marketing budgets/expenditures and marketing allocations. Dividing the total marketing budget among the various tools in the marketing mix and for the various products, channels, promotion, media and sales areas.
People/Prospects (Target Market)
A product focusing on a specific target market contrasts sharply with one following the marketing strategy of mass marketing. •
Defining a target market requires market segmentation, the process of segmenting the entire market as a whole and separating it into manageable units based on demographics, geographics, psychographics and behavior characteristics. The market segmentation process includes:
Determining the characteristics of segments in the target market. •
Then separating these segments in the market based on these characteristics. •
Checking to see whether any of this market segments are large enough to support the organization's product. •
Once a target market is chosen, the organization can develop its marketing strategies to target this market.
Product: The goods and...