WHAT IS MARKETING? ³Marketing 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."
1|P a ge
From the above definition we are able to understand that a successful marketing deals with satisfaction of both the parties. The definition basically explains that there is a simple process i.e. is ³selling something to somebody´ however, the definition conveys that an exchange of goods and services without any barter system and having common currencies, that exchange is called a sale. So while achieving the goals of the marketing by selling, it is not compulsory that both the parties should agreed upon the transaction. Satisfaction of both parties is a hided in the exchange relationship. Marketing must understand the ³product, ideas and services´ along with the "Needs & Wants" of the consumers. Marketing must not only understand this equation but also establish the policy to maintain balance between both the sides, by implementing ³marketing strategy´.
MEANING OF MARKETING STRATEGY A Marketing strategy defines and describes the objectives or planning through which you are going to satisfy your consumer needs in the selected target market. It does not involve written work but, it includes communication between different departments of the business enterprise for example: sales department, managers, executives etc. In fact it is a set of strategies that implied by the organization in order to increase the growth and development of the business. Normally strategy deals with the manner in which your organization plan to achieve the consumer satisfaction and maximize the profit.
DEFINITION OF MARKETING STRATEGY y ³Marketing Strategy is a set of specific ideas and actions that outline and guide decisions on the best or chosen way to create, distribute, promote, and price a product or service (manage the marketing mix variables).´ 2|P a ge
y ³A marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.´ Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered on the key concept that customer satisfaction is the main goal. Business Advantages y y y y
y y y
identifies needs and wants of consumers determines demand for product aids in design of products that fulfill consumers needs...