This website uses cookies to ensure you have the best experience. Learn more

Explaining Marketing Essay

2126 words - 9 pages

Explaining Marketing

Marketing is based on the concept that the customer is the most
important person to the company. In order to prosper or even survive,
every company must work hard to retain its existing market and
continually strive to secure new and profitable customers. The
marketing concept puts the emphasis on customer and the identification
and satisfaction of customer requirements.

Although the concept of "marketing" is relatively straightforward, the
term "marketing" often means different things to different people.
This confusion is not restricted to the ordinary person in the street.
There are still many business people who have not fully grasped the
importance of the marketing concept.

As far back as 1775, Adams Smith, the father of modern economics,
wrote the following passage in his famous work: The Wealth of Nations:

"Consumption is the sole end and purpose of all production and the
interests of the producer ought to be attended to, only so far as it
may be necessary for promoting that of the consumer".

The word "consumer" in his statement has given the essence of what
modern marketing is all about. It is the identification and
satisfaction of a consumer's requirements which forms the basis of
modern marketing.

Because marketing is such a wide-ranging topic, different people often
look on the subject from different viewpoints or give the subject a
particular emphasis. To some extent, such different viewpoints result
from the academic background or the area of employment of the person
giving the definition. Many people go into marketing after studying
different subjects like economics or mathematics…ect.

The following is a sample of wide range of definitions given for the
marketing concept:

"Marketing is a social process by which individuals and group obtain
what they need and want through creating and exchanging products and
value with others."

"Marketing consists of individual and organizational activities that
facilitate and expedite satisfying exchange relationships in a dynamic
environment through creation, distribution, promotion and pricing of
goods, services and ideas."

"Marketing is selling goods that don't come back to people who do"

"Marketing is the identification, establishment, maintenance and
enhancement of relationships with customers and other stakeholders, at
a profit, so that the objectives of the parties are met."

"Marketing is the process of planing and executing the conception,
pricing, promotion and distribution of ideas, goods and services to
create exchanges that satisfy individual and organizational

"Marketing involves the integrated analysis, planning and control of
the marketing mix variables (product, price, promotion and
distribution) to create exchanges and satisfy and satisfy...

Find Another Essay On Explaining Marketing

Marketing Research Essay

925 words - 4 pages around gathering and presenting facts about customer attitude, products, and sales trends. After the information is gathered, then the diagnostic function can take place by explaining what the data or actions mean. The last role of marketing research is the predictive function. During this function, companies try to foreshadow the best opportunities as the market changes (McDaniel & Gates, p. 7, 2006). Types of Marketing Research Used H&R Block

Marketing Mix Paper

1294 words - 5 pages aimed towards young children, or be offensive to any member of the target audience.ConclusionThe main function of the marketing mix is to help develop a strategy that will satisfy the current customer as well as to recruit and retain new customers. Marketing professionals use the marketing mix as a means to assist in explaining the marketing plan of an organization. Marketing professionals use this blend to create a favorable response from the

Is Marketing a Science?

3292 words - 13 pages ABSTRACT.The common perception of marketing is that of an interdisciplinary field comprising knowledge from diverse fields of science, like business administration, sociology and mathematics. Despite - or probably because of this diversity - there have been extensive complaints about a deficit concerning the scientific status and the theoretical foundation of marketing. Marketing is still in a state of unresolved coexistence of theories, and in

There Is An Evident Difference Between The Kind Of Work

916 words - 4 pages There is an evident difference between the kind of work marketing practitioner involved in everyday managerial decision making does and the work a marketing scientist is involved in. Whereas the first one is concerned with the optimization of a set of variables that may maximize a performance measure, the second attempts to generate scientific knowledge in marketing related issues.Most of the definitions of Science differ in depth or scope and

Things You Need to Know About Content Marketing Before You Get Started

770 words - 4 pages explaining how you can help them. Moreover, this strategy allows you to show your expertise in your chosen niche. As Jon Chernov shared in a blog post on Content Marketing Institute: It’s not just because you offer content for free, but because you’re showcasing to them that you know what you’re talking about. Retaining Your Existing Customers Content Marketing is also a great way to help retain your existing customers. That’s because when you

Marketing Mix

1503 words - 6 pages that specific area is doing. Starbucks also bases its pricing on manufacturing, and distributing play a role in determining the price for each product that the company offers.ConclusionThe main function of the marketing mix is to help develop a strategy that will satisfy the current customer as well as to recruit and retain new customers. Marketing professionals use the marketing mix as a means to assist in explaining the marketing plan of an


1094 words - 4 pages Marketing PAGE \* MERGEFORMAT 1 IntroductionMarketing is simply stated as the process a business takes to introduce product(s) and or service(s) in to the marketplace to potential consumers. In this paper I will describe Marketing and the philosophy behind it while explaining the important role Marketing plays in the success of an organization. I will also give some examples of how marketing can be used by a business by introducing what is

Hospitality Marketing

1940 words - 8 pages fundamental differences and give some comparisons/contrasts examples for each issue either among various parts of the hospitality industry or between some part(s) of the hospitality industry and non-hospitality industries. After explaining these differences, bring the paper to a conclusion by suggesting some implications these differences may have for managers in this hospitality industry. ----------------------------- Marketing strategies

Marketing Mix

1358 words - 5 pages Minnesota. Like any company prices are based on the level of economy in each area. Starbucks prices are also based on manufacturing. Distribution also plays a role in how the product is priced at each company.ConclusionIn conclusion the main purpose of the marketing mix is to develop strategies that will help to satisfy current and potential consumers. Professionals in marketing use these elements to assist the company in explaining a marketing plan

Marketing Mix of Common Wealth Bank

2477 words - 10 pages Executive Summary Marketing Mix of Common Wealth Bank in the time of global financial crisis . Analysis of bank marketing mix in the time of GFC is the main objective of the study. The Theoretical framework presents a glimse of selected theories of marketing and crisis management used. To get empirical data, interview and secondary data research are used. Introduction The global financial crisis has its origin in the US, but its effect was

Marketing Research

982 words - 4 pages I am now going to be explaining the limitations of marketing research. Limitations are restrictions that the business has to face; these can affect market research and market planning. Primary research compared to secondary research is expensive as preparing and carrying out research is high. Research is further time consuming, to be done right it requires a plan. Researching start to finish is longer for getting the results they need. This

Similar Essays

Explaining And Evaluating Marketing Strategies For Musicians

655 words - 3 pages As a Musician Myself, I believe that All musicians who wants to make it big in the music industry needs to have a marketing strategy to get their name out there. For me, the top three social media Marketing sites that I believe all musicians must use are YouTube, Facebook and SoundCloud and I will explain to you the pros and cons and why these are great to use. YOUTUBE • It’s Free - The Cheapest way of advertising your band/yourself

Explaining The Role Of 'suppliers' In An Organization's Microenvironment. Discuss The Impact The Supplier Environment Might Have On The Marketing Of Soft Drinks

1003 words - 4 pages Written SummaryQuestion: Explaining the role of 'suppliers' in an organization's microenvironment. Discuss the impact the supplier environment might have on the marketing of soft drinks.Definition of suppliers: Firms and individuals that provide the resources needed by the company to produce its goods and services (lecture 3, p10). This includes materials and parts, capital items, supplies and service. (Diagram 1.4)The Role of suppliersSuppliers

Philip Kotler Essay

713 words - 3 pages ”. Similarly the word market is also said to be an old idea. It can be traced back to when people use to market on the streets by selling some of their products. Kotler contributes to marketing here by explaining the history of both sales and marketing and when they came about. It is very interesting to know that marketing didn’t properly become a word until 1910. This came about because some economists at universities felt that marketing wasn’t

Business Research Synopsis Essay

730 words - 3 pages What Makes Marketing More Effective?This research project paper will consist of a brief synopsis explaining the research conducted by Gordon A. Wyner. His article provides information to guide decisions and describes his methods as far as what makes marketing more effective. This synopsis will define the research, state its purpose, explain the problem under investigation, identify the parties involved, and describe the methods used to conduct