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Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through
Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchan...
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Marketing Involves Consumers to Make Unecessary Purchases
Marketing as both a process and a philosophy has developed as society has developed. When man first realised the benefits of trade, markets were both local and relatively independent. The relationship between producer and consumer was direct and personal. The Industrial Revolution lead to changes in production and consumption. Mechanisation, mass production, and labour specialisation lead to dramatic increases in production, and with it, a need for distribution. The relationship between producer and consumer had become relatively indirect.
Since the first production surplus, marketing has been based on the principle of exchange – interested parties exchanging something of value. In 1776, when Adam Smith said, “Consumption is the sole end and purpose of production” he was describing what in recent times has become known as the marketing concept (McDonald & Keegan, 1997, pg. 1).
In marketing terms, the consumer can be defined as any individual, group of individuals or organization. The role of the consumer is expanded to include the categories of payer, user and buyer, be it an individual, a household or an organization. Products are also generalised to include all goods, services, places, people and ideas.
In recent times, the broad nature of marketing has lead to acceptance of the following definition. “Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational goals” (Czinkota et. al, 2000, pg. 8). Simply, modern marketing includes everything from conception to consumption of an idea.
Marketing stimuli consis...
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...ding`. Marketing is a process of exchange, an exchange between interested parties to satisfy consumer needs and wants.
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Reference List
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Czinkota, M.R., Dickson, P.R., Dunne, P., Griffin, A., Hoffman, K.D., Hutt, M.D., Lindgren Jnr, J.H., Lusch, R.F., Ronkainen, I.A., Rosenbloom, B., Sheth, J.N., Shimp, T.A., Siguaw, J.A., Simpson, P.M., Speh, T.W. & Urbany, J.E. 2000, Marketing: Best Practices, Dryden Press, Orlando.
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Marketing has evolved since the olden days when people used to trade with goods for goods. This led to the introduction of the trading centers where people could go and exchange their goods with others and mostly the agricultural products. The theory of marketing explains how the market came into existence and the various means in which the marketers, the producers, the sellers and the consumers ensure total satisfaction. In this essay different subjects concerning the fundamentals of marketing theory have been discussed and how they affected the traditional market and the present market.
Marketing is the process of influencing voluntary exchange transaction in which one party to the transition can be envisioned or a customer of the other markets the marketing process involves communication requires a mechanism or system to carry out the exchange of the marketers product for something of value The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the marketing
Czinkota, M.R. and Ronkainen, I.A. (1995), International Marketing, 4th ed., The Dryden Press, Hinsdale, IL.
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Kotler, P., & Keller, K. (2012). A Framework for Marketing Management (Fifth ed.). Harlow: Pearson Education Limited.
The text states that marketing is both an art and a science where constant tension exists between the formulated and creative sides. At its essence, marketing is about "identifying and meeting human and social needs". It encompasses both a set of actions which seek to identify customers' needs as well as a social process of establishing a relationship with the customer to buy their products; this relationship is vital to the long term success for a company and a critical part of the marketing equation (Kotler & Keller, 2006).
Before the marketing strategy lecture for week one I had a basic knowledge of market-led and strategic market planning (Wilson and Gilligan 2005).However, my understanding of marketing before the lecture was that marketing is all about selling products. Nevertheless, after the lecture I discovered that marketing was more than I imagined; that it involves communicating, delivering and exchange of offering that have value for customers, client, partners and society (Piercy 2008).
Lamb W. Charles, F. Hair, Jr. Joseph and McDaniel Craig. 2014. The Principles Of Marketing. 7th ed. Mason, OH: South-Western.
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
Marketing is the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. Many people believe that marketing is just about advertising or sales. However, marketing is everything a company does to acquire customers and retain a relationship with them. Even the small tasks like writing appreciation letters, bringing a client for lunch, returning calls quickly and meeting with a past client for coffee can be thought of as marketing. The ultimate goal of marketing is to match a company's products and services to the people who need and want them, thereby ensuring profitability. (Anon., n.d.) The term consumer behaviour refers to the behaviour