Introduction to Business Study
Book 4
An Introduction to Marketing in Business
Session 1
What is marketing?
1.1 The marketing concept: • Marketing is a business philosophy of doing business which start with a focus on customer needs and expectations. • The UK Chartered Institute of Marketing (CIM) defined marketing as: "Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably". • In 2004, the American Marketing Association (AMA) defined the “Marketing” as: “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 2007, the AMA revised the official definition of “Marketing” as: “Marketing is the activity, conducted by organizations and individuals, that operates through a set of institutions and processes for creating, communicating, delivering, and exchanging market offerings that have value for customers, clients, marketers, and society at large.” • Marketing is the sum of all the activities involved in planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants. • Marketing seeks to: discover the needs and wants of prospective customers; and satisfy them.
Marketing Orientation:
|Orientation |Key ideas |
|Product |“An approach to business that centres its activities on continually improving and refining its products, assuming that |
| |customers simply want the best possible quality for their money.” |
| |Assumes consumers will favor those products that offer the most quality, performance, and
An Introduction to Marketing in Business
Session 1
What is marketing?
1.1 The marketing concept: • Marketing is a business philosophy of doing business which start with a focus on customer needs and expectations. • The UK Chartered Institute of Marketing (CIM) defined marketing as: "Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably". • In 2004, the American Marketing Association (AMA) defined the “Marketing” as: “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 2007, the AMA revised the official definition of “Marketing” as: “Marketing is the activity, conducted by organizations and individuals, that operates through a set of institutions and processes for creating, communicating, delivering, and exchanging market offerings that have value for customers, clients, marketers, and society at large.” • Marketing is the sum of all the activities involved in planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants. • Marketing seeks to: discover the needs and wants of prospective customers; and satisfy them.
Marketing Orientation:
|Orientation |Key ideas |
|Product |“An approach to business that centres its activities on continually improving and refining its products, assuming that |
| |customers simply want the best possible quality for their money.” |
| |Assumes consumers will favor those products that offer the most quality, performance, and