Promotion The firm attempts to generate a positive response in the target market by blending these four marketing mix variables in an optimal manner. Product The product is the physical product or service offered to the consumer.
Definition[ edit ] Marketing is defined by the American Marketing Association 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.
From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction.
The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably. However, because the academic study of marketing makes extensive use of social sciences Marketing products, psychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science,  [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.
Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Something necessary for people to live a healthy, stable and safe life.
When needs remain unfulfilled, there is a clear adverse outcome: Needs can be objective and physical, such as the need for food, water and Marketing products or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.
Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups. When needs and wants are backed by the ability to paythey have the potential to become economic demands.
A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality. Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing.
Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible. A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation.
The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries. Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing.
It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes.
A firm in the market economy can survive by producing goods that persons are willing and able to buy. As an example, a marketing department could ascertain via marketing research that consumers desired a new type of product, or a new usage for an existing product.
The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc.
Inter-departmental conflicts may occur, should a firm adhere to the marketing orientation. Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product. Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization.
As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals.
Societal marketing A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value. Marketing organisations that have embraced the societal marketing concept typically identify key stakeholder groups such as employees, customers, and local communities.
They should consider the impact of their activities on all stakeholders. Companies that adopt a societal marketing perspective typically practice triple bottom line reporting whereby they publish social impact and environmental impact reports alongside financial performance reports.
Sustainable marketing or green marketing is an extension of societal marketing. Marketing mix The four Ps, often referred to as the marketing mix or the marketing program,  represent the basic tools which marketers can use to bring their products or services to market.Marketing refers to the activities of a company associated with buying, advertising, distributing or selling a product or service.
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Product marketing is a process of promoting and selling a product to a customer. Also product marketing is defined as being the intermediary function between product development and increasing brand awareness.
Plato () opined that petroleum products marketing is that part of management activity which seeks to direct the flow of petroleum products profitably to selected customers. Fully Promo is the Minneapolis choice for Marketing Services.
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