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Definition of marketing
Definition of marketing
Definition of marketing
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Marketing is the main foundation in business and society. The ability to recognize the needs and desires of consumers and combine it with market conditions is a key activity for a company to be able to maintain the viability of the company to remain exist. Marketing is not like any other business function. In this case, marketing deals with customers. Although a detailed explanation on the marketing definitions will be further discussed, perhaps the simplest definition of marketing is: Marketing is managing profitable customer relationship. The twofold goal of marketing is to attract new
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customers by promising superior value and keep and grow of current customers by delivering satisfaction (Kotler and Amstrong, 2012: 4).
American Marketing
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For example, Jaguar hinted durable, expensive, high quality design, high value, prestigious, fast, etc.
2. Benefit
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A brand is not just a collection of attributes because what consumer‟s buy is the benefit of the product instead of the attribute. Attribute is supposed to be interpreted into functional and emotional benefit or psychological benefit. For example, the expensive attribute can be told as emotional benefit as “Jaguar increases my prestige.”
3. Values
A brand also states the values adopted by the producer. For example, Jaguar reflects high performance, security, and prestige.
4. Culture
There are certain cultures contained within a brand. For example, Jaguar is well-organized, efficient and high quality car.
5. Personality
A brand can project a certain personality. If a brand is visualized as person, animals, or an object, what can be imagined? Mercedes gives an impression of an authoritative leadership (person), a ruling lion(animal), or a magnificent palace (object).
6. User
A brand also implies the types of consumers who buy or use the product. For example, Mercedes is often perceived as top executive car midlife.
2.3.2 Role of a Brand
According to Kotler (2007:332), a brand has significant roles for a company. They are as
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Organizations can generate brand awareness by, firstly having a broad sales base, and secondly becoming skilled at operating outside the normal media channels. Brand awareness is measured according to the different ways in which consumers remember a brand, which may include unaware brand, recognition, brand recall, top of the mind brand (Aaker, 1997).
a) Unaware brand is the lowest level in the pyramid brand awareness, where the consumer is not aware of the existence of a brand which is done by the aid of recalling (aided recall).
b) Brand recognition is related to consumers‟ ability to confirm prior exposure to that brand when given the brand a cue. It requires that consumers can correctly discriminate the brand which has been previously seen or heard.
c) Brand recall: Brand recall relates to consumers‟ aptitude to retrieve the brand from memory given the product category, the needs fulfilled by the category or a purchase or usage situation as a cue. It requires consumers to correctly generate the brand from memory when given a relevant cue.
d) Top-of-mind brand is the brand name that first comes to mind when a consumer is presented with the name of a product
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
4Ps was created in the 1960’s by E. Jerome McCarthy, used across the world as the foundation of the marketing mix, these are described as:
Marketing is that broad area of business activity that directs the flow of services provided by the carrier to the customer in order to satisfy customers’ needs and wants and to achieve company objectives. Marketing is more than selling: it involves a number of business activities, including forecasting, market research and analysis, product research and development, price setting, and promotion, including advertising. Marketing also involves the finance activities such as credit and collection that are associated with ticket sales. Marketing is customer oriented…Without marketing and sales, there would be no airlines. (p. 274)
Marketing in a lay man's language is about matching the needs of your target market to what your business is offering in the right place, with the right price and at the right time. It is not possible for the business to get close to the customer without good marketing. Good marketing will involve a good understanding of the target customer and tailoring of your product and services to meet their need. This is then communicated through your marketing efforts. Selling ensures the offering is translated to paying customers.
The major components of the 4Ps approach are product, price, place, and promotion. That means that the first step in the marketing plan is a product.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
Marketing you business is about how you position it to satisfy your market needs. There are four critical elements in marketing your products and business. They are
Dr. Philip Kotler’s definition of marketing is “The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services” (Philip Kotler Marketing, 2012, February 29).
As shown in Figure 1 there are many different definitions for Marketing. The key is that they all share a common theme, marketing is: “Meeting the needs and wants and providing benefits for customers.”
The marketing mix is a term used to describe the four main marketing tools, Price, Product, Promotion and Place (EStartup business blog, 2010). An example of each of the 4P’s are: which products are well received, what prices consumers are willing to pay, what TV programs, newspapers and advertising consumers read and view and which restaurants and businesses are visited (EStartup business blog, 2010).... ... middle of paper ... ... Marketing strategies are the most important part of any business, once the marketing strategy is in place the business will be successful in the future.
The 4 p’s are a vital part in which the product goes from the factory
It involves the vital process of researching, promoting and offering products or services to a company’s target market. Marketing is an important business process where the company can inform, attract and convince people that its products or services are of value to them. Without Marketing, many businesses would be unable to exist or operate well in the market. They could offer the most amazing product or service in the market, but if nobody knows about its existence or understands its value, these companies are unable to make a single sale thus they may have to be out of
“Marketing” aim has to be understanding the consumers needs and acting in the true moment with a suitable “marketing approach”