Marketing is the process by which companies create customer interest in products or services. It generates the strategy that underlies sales techniques, business communication, and business development.[1] It is an integrated process through which companies build strong customer relationships Customer relationship management is a broadly recognized, widely-implemented strategy for managing and nurturing a company’s interactions with clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and and create value for their customers and for themselves.[1]
Marketing is used to identify the customer A customer is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services. However, in certain contexts, the term customer also includes by extension any entity that uses or experiences the, to keep the customer A customer is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services. However, in certain contexts, the term customer also includes by extension any entity that uses or experiences the, and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Rapidly emerging forces of globalization have compelled firms to market beyond the borders of their home country making International marketing highly significant and is one of the major components of business management Management is the art of getting things done through people." —Mary Parker Follett. It is the process of leading and directing all or part of an organization, often a business, through the deployment and application of resources. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities Capacity utilization is a concept in economics which refers to the extent to which an enterprise or a nation actually uses its installed productive capacity. Thus, it refers to the relationship between actual output that 'is' produced with the installed equipment and the potential output which 'could' be produced with it, if capacity was fully in the last 2-3 centuries.[citation needed] The adoption of marketing strategies requires businesses to shift their focus from production Manufacturing is the use of machines, tools and labor to make things for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be used for manufacturing to the perceived needs and wants of their customers as the means of staying profitable In accounting, profit is the difference between price and the costs of bringing to market whatever it is that is accounted as an enterprise in terms of the component costs of delivered goods and/or services and any operating or other expenses.[citation needed]
The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions.[2] It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.[2]
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Further definitions
Marketing is defined by the American Marketing Association (AMA The American Marketing Association is a professional association for marketers. As of 2008 it had approximately 40,000 members. There are collegiate chapters on 250 campuses) 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."[3] The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Seen from a systems point of view, sales process engineering Sales process engineering has been described as “the systematic application of scientific and mathematical principles to achieve the practical goals of a particular sales process". Selden pointed out that in this context, sales referred to the output of a process involving a variety of functions across an organization, and not that of a “ views marketing as "a set of processes that are interconnected and interdependent with other functions,[4] whose methods can be improved using a variety of relatively new approaches."
The Chartered Institute of Marketing The Chartered Institute of Marketing is a professional marketing body based in UK with over 50,000 members worldwide. Based in Cookham near Maidenhead, CIM offers professional development to marketing practitioners across the world. The objective of CIM is to raise the status of marketing onto a more professional and strategic level around the defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably."[5] A different concept is the value-based marketing Value of a product within the context of marketing means the relationship between the consumer's expectations of product quality to the actual amount paid for it. It is often expressed as the equation : which states the role of marketing to contribute to increasing shareholder value Shareholder value is a business buzz term, which implies that the ultimate measure of a company's success is to enrich shareholders. It became popular during the 1980s, and is particularly associated with former CEO of General Electric, Jack Welch. In March 2009, Welch openly turned his back on the concept, calling shareholder value "the.[6] In this context, marketing is defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage."[6]
Marketing practice tended to be seen as a creative industry in the past, which included advertising Advertising is a form of communication intended to persuade an audience to purchase or take some action upon products, ideals, or services. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade a target market to purchase or to consume that particular brand. These brands are usually, distribution Physical distribution is one of the four elements of the marketing mix. An organization or set of organizations (go-betweens) involved in the process of making a product or service available for use or consumption by a consumer or business user and selling. However, because the academic study of marketing makes extensive use of social sciences The social sciences are the fields of academic scholarship that explore aspects of human society. "Social science" is commonly used as an umbrella term to refer to a plurality of fields outside of the natural sciences. These include: anthropology, archaeology, economics, geography, history, linguistics, political science, international, psychology Psychology is the study of human or animal mental functions and behaviors. In this field, a professional practitioner or researcher is a psychologist. Psychologists are classified as social or behavioral scientists. Psychological research can be considered either basic or applied. Psychologists attempt to understand the role of mental functions in, sociology Sociology is the study of society. It is a social science—a term with which it is sometimes synonymous—that uses various methods of empirical investigation and critical analysis to develop and refine a body of knowledge about human social activity, often with the goal of applying such knowledge to the pursuit of social welfare. Subject matter, mathematics Mathematics is the study of quantity, structure, space, and change. Mathematicians seek out patterns, formulate new conjectures, and establish truth by rigorous deduction from appropriately chosen axioms and definitions, economics Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic, anthropology Anthropology is the study of humanity. Anthropology has origins in the natural sciences, the humanities, and the social sciences. The term "anthropology", pronounced /ænθrɵˈpɒlədʒi/, is from the Greek anthrōpos , "human", and -logia (-λογία), "discourse" or "study", and was first used by Franç and neuroscience Neuroscience is the scientific study of the nervous system. Traditionally, neuroscience has been seen as a branch of biology. Nevertheless, it is currently an interdisciplinary science that involves other disciplines such as psychology, computer science, mathematics, physics, philosophy, and medicine. As a result, the scope of neuroscience has, the profession is now widely recognized as a science, allowing numerous universities to offer Master-of-Science (MSc) programmes. The overall process starts with marketing research and goes through market segmentation Market segmentation is a concept in economics and marketing. A market segment is a sub-set of a market made up of people or organizations sharing one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function. A true market segment meets all of the following, business planning and execution, ending with pre and post-sales promotional activities. It is also related to many of the creative Creativity is the ability to generate innovative ideas and manifest them from thought into reality. The process involves original thinking and then producing arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times and the culture.
Evolution of marketing
Main article: History of marketing This article discusses the history of marketing as a recognized discipline, along with concomitant changes in marketing theory and practiceAn orientation, in the marketing context, related to a perception or attitude a firm holds towards its product or service, essentially concerning consumers and end-users. Throughout history marketing has changed considerably as consumer tastes are changing faster.[7]
Earlier approaches
The marketing orientation evolved from earlier orientations namely the production orientation, the product orientation and the selling orientation.[7][8]
| Orientation | Profit driver | Western European timeframe | Description |
|---|---|---|---|
| Production Manufacturing is the use of machines, tools and labor to make things for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be used for manufacturing[8] | Production methods | until the 1950s | A firm focusing on a production orientation specializes in producing as much as possible of a given product or service. Thus, this signifies a firm exploiting economies of scale Economies of scale, in microeconomics, are the cost advantages that a business obtains due to expansion. They are factors that cause a producer’s average cost per unit to fall as scale is increased. Economies of scale is a long run concept and refers to reductions in unit cost as the size of a facility, or scale, increases. Diseconomies of scale, until the minimum efficient scale Minimum efficient scale is a term used in industrial organization to denote the smallest output that a plant (or firm) can produce such that its long run average costs are minimized. This concept is useful in determining the likely market structure of a market. For instance, if the minimum efficient scale is small relative to the overall size of is reached. A production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes do not rapidly alter (similar to the sales orientation). |
| Product The noun product is defined as a "thing produced by labor or effort" or the "result of an act or a process", and stems from the verb produce, from the Latin prōdūce '(to) lead or bring forth'. Since 1575, the word "product" has referred to anything produced. Since 1695, the word has referred to "thing or things[8] | Quality of the product | until the 1960s | A firm employing a product orientation is chiefly concerned with the quality of its own product. A firm would also assume that as long as its product was of a high standard, people would buy and consume the product. |
| Selling Selling is offering to exchange something of value for something else. The something of value being offered may be tangible or intangible. The something else, usually money, is most often seen by the seller as being of equal or greater value than that being offered for sale. Another person or organization expressing an interest in acquiring the[8] | Selling methods | 1950s and 1960s | A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, and not determining new consumer desires as such. Consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible.
Such an orientation may suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, with little likelihood of changes in consumer tastes diminishing demand. |
| Marketing[8] | Needs and wants of customers | 1970 to present day | The 'marketing orientation' is perhaps the most common orientation used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes. As an example, a firm would employ market research to gauge consumer desires, use R&D to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure persons know the product exists. |
Contemporary approaches
Recent approaches in marketing is the relationship marketing Relationship marketing is a form of marketing developed from direct response marketing campaigns conducted in the 1970s and 1980s which emphasizes customer retention and satisfaction, rather than a dominant focus on point-of-sale transactions with focus on the customer, the business marketing Business Marketing is the practice of individuals, or organizations, including commercial businesses, governments and institutions, facilitating the sale of their products or services to other companies or organizations that in turn resell them, use them as components in products or services they offer, or use them to support their operations or industrial marketing Industrial marketing is the marketing of goods and services from one business to another. Industrial goods are those which are used in Industry for producing a Different end product from one or more rawmaterials. The word "industrial" means machinery run by power to produce goods and services. But "industrial marketing" is not with focus on an organization or institution and the social marketing Social marketing is the systematic application of marketing, along with other concepts and techniques, to achieve specific behavioral goals for a social good. Social marketing can be applied to promote merit goods, or to make a society avoid demerit goods and thus to promote society's well being as a whole. For example, this may include asking with focus on benefits to the society.[9] New forms of marketing also use the internet The Internet is a global system of interconnected computer networks that use the standard Internet Protocol Suite to serve billions of users worldwide. It is a network of networks that consists of millions of private, public, academic, business, and government networks of local to global scope that are linked by a broad array of electronic and and are therefore called internet marketing Internet marketing, also referred to as i-marketing, web-marketing, online-marketing or e-Marketing, is the marketing of products or services over the Internet or more generally e-marketing, online marketing, search engine marketing, desktop advertising or affiliate marketing Affiliate marketing is a marketing practice in which a business rewards one or more affiliates for each visitor or customer brought about by the affiliate's marketing efforts. Examples include rewards sites, where users are rewarded with cash or gifts, for the completion of an offer, and the referral of others to the site. The industry has four. It tries to perfect the segmentation strategy Market segmentation is a concept in economics and marketing. A market segment is a sub-set of a market made up of people or organizations sharing one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function. A true market segment meets all of the following used in traditional marketing. It targets its audience more precisely, and is sometimes called personalized marketing Personalized marketing is an extreme form of product differentiation. Whereas product differentiation tries to differentiate a product from competing ones, personalization tries to make a unique product offering for each customer or one-to-one marketing.
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Thu, 02 Sep 2010 21:34:28 GMT+00:00
settlement Baltimore Sun The state of Maryland will get $152547 for its Medicaid program under a settlement with the maker of Botox for marketing the drug for unapproved uses, ... Wrinkle Free! Botox Maker Pays $600M to Settle Marketing Charges Wall Street Journal (blog) Allergan Settles Charges It Went Too Far Marketing Botox NPR (blog) Allergan agrees $600m settlement for unapproved Botox marketing Irish Times MarketWatch (press release) - Bloomberg - Times of India
Thu, 18 May 2006 12:04:06 PDT
That's why I have merchandise before a record.. youtube.com.
Zach Marburger
hu, 02 Sep 2010 13:10:17 GM
Search . Marketing. isn't all that different than traditional . marketing. . And, just like the physical market, you have a plethora of vehicles from which to.
