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We often hear people talk about marketing and some of its functions. But what does the term ‘marketing’ actually mean? Various definitions have been suggested. In 1976, the Chartered Institute of Marketing described marketing as ‘’the management process that identifies, anticipates and satisfies customer requirements profitably’’ (Watkis 2008). This definition suggests that research is vital in determining market necessities. Marketers must be in a position to predict what future consumer needs and wants will be to be in a better position to offer products and services which offer complete customer satisfaction.
A more recent definition states that ‘’Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others’’ (Kotler & Armstrong 2004). This definition incorporates a number of core marketing concepts, namely needs, wants, values, exchange and transactions.
Even though marketing is time consuming and increases the costs incurred by an organisation, it yields a number of significant advantages. Marketing practices help in achieving the recognition and attention of your previously identified market segments or of other parts of the market. In addition, marketing aims to increase profits through an increase in sales (Willings 2010). Organisations practicing marketing also successfully identify real customers through research as well as retaining them by building long-term relationships based on trust (Juliett 2011).
Emerging in the early 1900s, marketing has gone through various developments before it became as we know it today. Prior the 1950s, marketers put an emphasis only on production and selling, put...
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...ingtips.com/2011/03/21/what-is-relationship-marketing/
The Alternative Business Philosophies, 2007. [image online] Available at: http://courses.unt.edu/kt3650_1/sld004.htm [Accessed 11 December 2011].
The Marketing Mix, n.d. [image online]. Available at: http://howtomarkettoday.com/marketing-mix-1/ [Accesses 17 November 2011.
Watkis, N 2008, So what is marketing?, Marketingweb, viewed 8 November 2011, http://www.marketingweb.co.za/marketingweb/view/marketingweb/en/page71654?oid=100694&sn=Marketingweb%20detail
White, S 2010, The Evolution of Marketing, viewed 10 November 2011, http://dstevenwhite.com/2010/06/18/the-evolution-of-marketing/
Willings, A 2010, Advantages and Disadvantages of Marketing, The Company Warehouse, viewed 9 November 2011, http://blog.thecompanywarehouse.co.uk/2010/11/02/advantages-and-disadvantages-of-marketing/
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Kotler, P., Keller, K.L. (2012). Marketing Management (14th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
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.
Kotler, Philip, and Kevin Lane Keller. Marketing Management 12e. Upper Saddle River: Pearson Prentice Hall, 2006.
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)
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Armstrong G. & Kotler P. (2007) Marketing: An Introduction 8E Upper Saddle River, NJ Pearson Prentice Hall Publishers
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.
... P.H. (1988). Marketing Management: Analysis, Planning, Implementation and Control. (6th ed.). Prentice-Hall: Englewood Cliffs.
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
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.”
Kotler, J., & Keller, K. (2012). A framework for marketing management. Essex: Pearson Education Ltd.
Philip Kotler; Kevin Lane Keller (2009): “Marketing Management”, 13th edition, Pearson Prentice Hall, pg 61-62