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"Introduction To Marketing" Definition Why Is It Studied How It Is Done

1092 words - 4 pages

MarketingMarketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. To be understandable and lively means that we need to communicate you. We start every chapter with learning objectives. The most important thing you will get out of this course is the basic skills required to succeed in today's competitive environment. Marketing is defined as a social and managerial process by which, individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor in business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment.Understanding Marketing:DefinitionMarketing: It is the process of creating consumer value in the form of goods, services, or ideas that can improve the consumer's life.Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably. Since consumers and business buyers face an abundance of suppliers seeking to satisfy their every need, companies and nonprofit organizations cannot survive today by simply doing a good job. They must do an excellent job if they are to remain in the increasingly competitive global marketplace. This is what we say that survival of the fittest. Many studies have demonstrated that the key to profitable performance is to know and satisfy target customers with competitively superior offers. This process takes place today in an increasingly global, technical, and competitive environment.What is Marketing?Marketing is not only restricted to selling and advertising as is perceived but is More than it advertising it is Identifying and satisfying customers needs it functions revolve around wide variety and range of tasks and activities mostly termed as functions related to 4ps i.e. Product, price, place and promotion. Marketing is:a. Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice.b. A very simple definition of marketing is that it is the delivery of customer satisfaction at a profit.c. Sound marketing is critical to the success of every organization.Marketing can also be defined as process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives."Simple Marketing SystemThe concept of Marketing System brings one full circle to the concept of marketing.Simple marketing system comprises of...

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