Marketing
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What is it?
• Marketing is the process of communicating
the value of a product or service to customers.
Marketing might sometimes be perceived as
just selling products, but selling is only a small
fraction of marketing. As the term
"Marketing" can also be in place of
"Advertising“, it is the strategy and function of
promoting a product or service to the
customer.
What does it do?
• From a societal point of view, marketing is the link between
the consumers needs and meeting demand as producers.
Marketing satisfies these needs and wants through exchange
processes and building long term relationships. Marketing is
the science of choosing target markets through analysis of a
particular market and market segmentation, as well as
understanding consumer buying behaviour and providing
superior customer value compared to rivals. Marketing can be
looked at as an organizational function that must create,
deliver and communicate value to its customers, and manage
customer relationships in ways that benefit the organization
and its shareholders.
Common Features
• There are five concepts which organizations can choose to
operate their business by. The production concept, the
product concept, selling concept, marketing concept, and
organizational image concepts. The four components of
holistic marketing are relationship marketing, internal
marketing, integrated marketing, and socially responsive
marketing. It is necessary for successful marketing
management to include capturing marketing insights,
interacting with customers, strong branding, shaping market
offerings, delivering value, creating long-term growth, and
developing marketing strategies.
How is it used?
• A business in the market survives by producing goods that
people are willing and able to buy. Therefore, consumer
demand is vital for a firm's future viability and even existence.
Many companies today have a customer focus department,
which shows how important the focus on consumer demand
and it’s products. Generally, there are three ways of
approaching this. The customer driven, the market change
identification and the product innovation approach
Who uses it?
• A firm's marketing department is often seen as of prime
importance within the functional level of an organization.
Information from an organization's marketing department
would be used to guide the actions of other departments
within the organisation. As an example, a marketing
department could find through marketing research, that
consumers desire a new type of product, or new usage for an
existing product. With this in mind, the marketing department
would inform the R&D department to create a prototype of a
product/service based on consumers' new desires.