Core Marketing Concept
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.
Marketing techniques include choosing target markets through market analysis and market segmentation, as well as understandingconsumer behavior and advertising a product's value to the customer. From a societal point of view, marketing is the link between a society's material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. Marketing blends art and applied science (such as behavioural sciences) and makes use of information technology.
Marketing management is a business discipline which focuses on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Globalization has led firms to market beyond the borders of their home countries, making international marketing highly significant and an integral part of a firm's marketing strategy.[1] Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. In part, this is because the role of a marketing manager can vary significantly based on a business's size, corporate culture, and industrycontext. For example, in a large consumer products company, the marketing manager may act as the overall general manager of his or her assigned product.[2] To create an effective, cost-efficient marketing management strategy, firms must possess a detailed,objective understanding of their own business and the market in which they operate.[3] In analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.
Core 1
Orientation
Profit driver
Western European timeframe
Description
Production[2]
Production methods until the 1950s
A firm focusing on a production orientation
Marketing techniques include choosing target markets through market analysis and market segmentation, as well as understandingconsumer behavior and advertising a product's value to the customer. From a societal point of view, marketing is the link between a society's material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. Marketing blends art and applied science (such as behavioural sciences) and makes use of information technology.
Marketing management is a business discipline which focuses on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Globalization has led firms to market beyond the borders of their home countries, making international marketing highly significant and an integral part of a firm's marketing strategy.[1] Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. In part, this is because the role of a marketing manager can vary significantly based on a business's size, corporate culture, and industrycontext. For example, in a large consumer products company, the marketing manager may act as the overall general manager of his or her assigned product.[2] To create an effective, cost-efficient marketing management strategy, firms must possess a detailed,objective understanding of their own business and the market in which they operate.[3] In analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.
Core 1
Orientation
Profit driver
Western European timeframe
Description
Production[2]
Production methods until the 1950s
A firm focusing on a production orientation