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What is marketing

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"What is Marketing?" Your answer should be at least 1,500 words and should incorporate key terms, as well as key concepts of the marketing process, strategic planning, relationships, tools and scope. For example, you might focus on and explain the difference between products and services, relationships such as B2C and B2B and buyer behavior, marketing research, integrated marketing communications, elements of the marketing mix, the digital age and global marketing, market segmentation and/or pricing.

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Solution Summary

An in-depth explanation of marketing is provided. Processes, strategy, relationships, tools, and scope are addressed. Other aspects of marketing such as a buyer behavior, research, and communications are touch upon as well.

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Marketing is all about meeting customer needs profitably. The overall process of making profits starts with the process of understanding customer needs/wants/demands. It is important that marketers adopt a structured process of marketing research to understand the needs of the customers so that they do not commit any error/mistakes in sampling or understanding customer requirements. Marketers need to understand the buying behavior of individual buyers/organizational buyers. Individual consumer's typically follow the buying process involving need recognition/felt need of deprivation, information search, evaluation of alternatives, selection and post purchase use/dissonance/recycle.

Some of these steps are not required depending upon the level of involvement in a particular product category. Marketers need to understand the factors that influence consumer buying behavior. Some of the major factors that need to be considered are cultural factors: culture, sub-culture, social class, social factors: reference groups, family, role and status, personal factors: age, stage in the lifecycle, occupation and economic factors, lifestyle factors: personality and self-concept, psychological factors: motivation, perception, learning, beliefs and attitudes. One of the most important factors that need to be considered in consumer buying behavior is that sources that customers use to search/evaluate information for decision-making. This can help marketers in planning their channel communication effectively. Business buyers follow a more structured process with a buying centre with problem description, general need description, defining product features, supplier search, inviting proposals, evaluation of vendors and selection, defining technical specifications and order routine specifications and doing a performance review of the vendors.

Organizations need to define their mission and goals keeping in mind the requirements/needs of the customers they serve and the financial goals that they would like to achieve. Organizations need to define their businesses based on three dimensions viz. customer groups, customer needs and technology. The mission of each business unit should be derived from the overall organization's mission. Each business unit should formulate a strategy of cost leadership, differentiation or focus by having product/ service alliances, promotional alliances, logistic alliances or pricing collaborations for effective implementation of the business unit's mission. The business unit should ensure that it consider different dimensions (using the 7S framework) : Strategy, Structure, Systems, Style, Skills, Staff and shared values for any program implementation and appropriately design ...

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