DEFINITION and concept OF MARKETING
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Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer.
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." American Marketing Association.
My personal definition
Marketing is a set of activities, which will satisfy the objectives of both the organizations its stakeholders including customer.
Marketing is the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individuals and organizational goals. (www.wikipedia.com)
Thus there are two major aspects of marketing which is the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management).
The four general sets of activities are:
1st Products- Products management aspect of marketing deals with the specifications of the actual good or services, and how it relates to the end-user's needs and wants.
2nd Pricing- setting a price for a product, including discounts.
3rd Promotion- Advertising, sales, promotion, publicity and personal selling, and refers to the various methods of promoting the product, brand or company.
4th Placement (distribution) - How the product gets to the customer(example-point of sale placement or retailing).
These four P's models are useful when marking low value consumer products. (McCarthy)- http://en.wikipedia.org/wiki/Marketing www.answer.com
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