Marketing
Essay title: Marketing
The American Marketing Association suggests that Marketing is “the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals.” Another definition, perhaps simpler and more universal, is the process of moving people closer to making a decision to purchase, use, follow, refer, upload, download, obey, reject, conform, become complacent to another persons, societys or organizations value. Simply, if it doesnt facilitate a “sale” then its not marketing.
However, the most widely accepted definition of marketing on a global scale comes from the Chartered Institute of Marketing (CIM) [1] in the UK, which is the largest marketing body in the world in terms of membership. The definition claims marketing to be the “management process of anticipating, identifying and satisfying customer requirements profitably”. Thus, operative marketing involves the proccesses of market research, product development, product life cycle management, pricing, channel management as well as promotion. However, marketing is more of a process-oriented cross function, not a direct decision maker in these processes. It is one of the companys management tools to ensure that products and services are developed according to market requirements, and that they are profitable.
Prior to the advent of market research, most companies were product-focused, employing teams of salespeople to push their products into or onto the market, regardless of market desire. A market-focused, or customer-focused, organization instead first determines what its potential customers desire, and then builds the product or service. Marketing theory and practice is justified on the belief that customers use a product/service because they have a need, or because a product/service has a perceived benefit.
Two major aspects of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management).
An emerging area of study and practice concerns internal marketing, or how employees are trained and managed to