marketing-definition-and-justification

marketing is a constant course of action of finding and converting consumer requirements into products and solutions, generating demand for these products and solutions, serving the consumer and his/her demand using a multi-level of marketing channels and broadening the segment base in the face of levels of competition.

These days, marketing should not be learned in the old perception of generating a sale – “telling and selling” – but in the new perception of fulfilling customer needs.

American Marketing Association outlines marketing as “the performance of business activities that direct the flow of goods and services from producer to consumer or user”.

This specific definition appears to be rather narrow due to its main focus on flow of products that have already been produced.

If the marketer understands the fundamental activities of marketing, which consist of understanding consumer requirements, creating products that provide better value, pricing that product correctly and distributing and promoting the product effectively, then ultimately the chance of product success is much greater.

This particular interpretation is a lot more of a physical distribution targeted concept, which presupposes that there is nothing further than smooth flow of high quality products as well as services to customers.

Philip Kotler defines marketing as a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value to each other.

Marketing is a constant course of action of finding and converting consumer requirements into products and solutions, generating demand for these products and solutions, serving the consumer and his/her demand using a multi-level of marketing channels and broadening the segment base in the face of levels of competition.

From a larger social perspective, explanation of Paul Mazur is much more applicable.

Mazur defines marketing as the creation and delivery of a standard of living to society.

This approach is significantly broader, which in turn acknowledges the organization as an structured behavior system which is designed to produce outputs of value to consumers.

Accounting & Finance

Entrepreneurship

Human Resources

Leadership

Operations

Strategy

If the marketer understands the fundamental activities of marketing, which consist of understanding consumer requirements, creating products that provide better value, pricing that product correctly and distributing and promoting the product effectively, then ultimately the chance of product success is much greater.

Marketing hence features a “set of activities and steps for building, interacting, and delivering value to customers” in a mutually beneficial relationship between the organisation and all its relevant stakeholders.

Marketing Plan: Key Elements & Action Plan

Marketing Plan: A Clear Structure/ Criteria/ Outline
Marketing Mix: Background, Definition & Objectives of 4 P’s
The Marketing Mix: 4 P’s Policy
The Life Stages Of A Product:  Concept, Features, Phases & Choices
Product Life Cycle Extension Strategies
Product Diffusion Curve: Concept, Model & Determined Factors
The Diffusion of Innovation: Product Adoption Decision-Making Process & Influencing Factors
Market segmentation: Overview & Key Elements
Market Segmentation: Consumer & Business Markets
Segmentation, Targeting and Positioning (STP): Definitions, Nature & Stages