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Foundations of Marketing

"What is marketing"? Think back to your impressions before you started this class versus how you would answer now that you've started reading the textbook. Is marketing all about sales and profits, or is it about advertising or public relations, or is it about something else?

Share your point of view about the meaning and role of marketing and customer relationship management. To explain, try to think of examples of companies you have relationships with -- dry cleaners, a candy bar company, insurance company, or restaurant chain? Why do you keep going back (or why not)?

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The response addresses the queries posted in 1980 Words, APA Reference

Foundations of Marketing


For today's businesses, change is a very common phrase. What was in vogue yesterday is out of fashion today; what is in vogue today will not be in fashion tomorrow. This concept applies equally well to business. Firms which do not change their marketing activities and adjust themselves to market trends will go out of business in no time. In the words of Don Esslemont and Tony Lewis, theory of marketing has been emerged after the revolution of industrialization (Esslemont & Lewis, 1991, pg. 1). A young child tries to persuade his mother to buy a candy for him, a politician tries to convince people to cast their votes in his favor, or a person tries to persuade an employer to hire him are all practicing marketing.


In a moral formal setup, business and non-business organizations are also involved in marketing. The products that are marketed can be goods or services. A place, an idea, an individual or even a cause, can be marketed. Many management thinkers consider marketing to be most critical function of a business. In a business organization, the marketing division generates the revenues essential for the survival and growth of the firm, the finance department manages these revenues and the department like R&D, production or manufacturing uses them to create products and services. But the real challenge to the markets lies in generating those revenues profitably, by satisfying customers in a socially responsible manner (Esslemont & Lewis, 1991, pg. 1). High sales and revenue of Wal-Mart is mainly the result of its successful marketing. Relationship marketing strategy of Wal-Mart is one of the main reasons behind its success and its wide range of customer database.

In a simple manner, marketing can be defined as a procedure of planning and implementing conception, pricing, distribution, promotion of products, exchanges of ideas, goods and services in monetary terms to satisfy the goals of organizations and individuals (Rapacz & Reilly, 2008). Marketing deals with products. A product can be goods, services or an idea. Marketers must adopt different marketing approaches when selling intangible products as they have no physical form.

For example, Cherry Mash, a famous candy bar company of America produces its products (Candy Bar) according to taste and preference of the children. Marketing of these candy bars is also based upon the needs and demands of the people. A marketing transition is one in which the buyer and the seller, irrespective of the nature of the product, experience mutual satisfaction. They sell the product and make profits on the purchase of the buyer and subsequent consumption of the product.

Concept of Marketing

Different organizations have distinct perceptions of marketing. It has been analyzed by the researchers that the concept of marketing is not base on a single aspect of selling or exchange or production or product. It is the combination of these entire concepts. Marketing starts with identifying customers need and wants and ends with satisfying them through a coordinated set of activities that also allows a firm to achieve its own goals. Awareness of this fact gave rise to the marketing concept.

The marketing concept embraces all the activities of a firm. It aims at matching the companies offering with customer needs, to achieve the desired level of customer satisfaction in generating profits for the company (Rapacz & Reilly, 2008). The marketing concept is based on the belief that the companies planning and ...

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The response addresses the queries posted in 1980 Words, APA Reference