Understanding Key Concepts of Marketing

What is marketing? Contrary to what a layperson thinks there is more to marketing than just running ads and selling products (Perreault, Cannon & McCarty, 2014). The American Marketing Association defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (para. 1). Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful.

The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again. In order to ensure the marketing process does well, the marketing manager should have a good understanding of the marketing concept. The marketing concept refers to a company aiming all its efforts to satisfy its customers. Companies must use a total company effort to satisfy customers. Total company effort includes a company offering superior customer value to attract customers, satisfy those customers, and retaining those customers. This will increase sales and build a profitable relationship with customers. Much like the marketing concept, the marketing strategy is vital to the marketing plan.

The marketing strategy involves finding attractive opportunities and developing profitable marketing strategies (Perreault et al., 2014). A marketing strategy entail...

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...ct, place, promotion, price, customers, and target markets. While a comprehensive marketing plan does not guarantee marketing success, it is essential to a company’s overall success. A well-prepared marketing plan identifies the company’s customers, the demand for the company’s products, the company’s competitors, potential new customers, new products, and new opportunities.

Works Cited

American Marketing Association (AMA). (2014). Definition of marketing. Retrieved from https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx

McGraw-Hill Higher Education (2009). Detailed Outline. Retrieved from: http://www.mhhe.com/business/marketing/Perreault13e/marketing_coach/LA/DetailedOutline.html.

Perreault, W. D., Jr., Cannon, J. P., & McCarthy, E. J. (2014). Basic marketing: A marketing strategy planning approach (19th ed.). New York, NY: McGraw-Hill Irwin.