Define the term “MARKETING”
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.
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. It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organisation and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.
There are five competing concepts under which organizations can choose to operate their business; the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept. The four components of holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. The set of engagements necessary for successful marketing management includes, capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, creating long-term growth, and developing marketing strategies and plans.
Explain two (2) major trends and forces that can change the marketing landscape and challenging marketing strategy
Major Trends And Forces That Can Change The Marketing Landscape
As the world spins into the 21st century, dramatic changes are occurring in the marketing arena. The explosive growth in computer, telecommunications, information, transportation, and other technologies has had a major impact on marketing. The technology has created exciting new ways to learn about customers, and to create products and services tailored to individual customer needs.
In an increasingly smaller world, many marketers are now connected globally with their customers and marketing partners. Today, almost every company, large or small, is touched in some way by global competition. Thus, managers in countries around the world are increasingly taking a global, not just local, interest in the company's industry, competitors, and opportunities.
Today's marketers are also re-examining their social values and social responsibilities. As the worldwide consumerism and environmentalism movements mature, marketers are being called upon to take greater responsibility for the social and environmental impacts of their actions. Corporate ethics and social responsibility have become hot topics for almost every business. Few companies can ignore the renewed and very demanding environmental movement.
In the past, marketing has been most widely applied in the for-profit business sector. In recent years, however marketing has also become a major power of the strategies of many non-profit organizations, such as colleges, hospitals, museums, symphony orchestras, and even churches. Finally, the major new developments in marketing can be summed up in a single word: relationships.
Today, smart marketers of all kinds are taking advantage of new opportunities for building relationships with their customers, their marketing partners, and the world around them.
Challenging Marketing Strategy
Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives. Plans and objectives are generally tested for measurable results. Commonly, marketing strategies are developed as multi-year plans, with...
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