Principles of Marketing - 2346 Words

A.Definitions Of Marketing 1. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.[American Marketing Association(AMA) Board Of Directors] 2. Marketing is the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and qualifies the size of the identified market and the profit potential.[Dr. Philip Kotler] 3. Marketing is traditionally the means by which an organization communicates to, connects with and engages its target audience to convey the value of and†¦show more content†¦Marketers are responsible for a 360-degree experience. For example, in the social media world, a customer’s Twitter needs may differ from her needs to â€Å"play with the brand† in terms of a social game promotion. Every customer touch point from customer service to sales to accounting and more are part of the ‘new marketing.’ Marketing is the word we use to explain how we encourage people to buy our products. If it’s going to work in a big way, there needs to be a strategy or big idea to whet peoples’ appetites for what we’re selling. When we’re marketing, we begin with a plan; objectives, strategy and tactics (how we implement strategy). It is a process that helps companies to build relationships with prospects and customers and creates unique value for them when it is done right. B.Marketing Process Marketing process is a fundamental idea of marketing that organizations survive and prosper through meeting needs and wants of customers. This important perspective is commonly known as the marketing concept. The marketing concept is about matching a company’s capabilities with customer wants. This matching process takes place in what is called a marketing environment. Businesses do not undertake marketing activities alone. They face threats from competitors and changes in political economic, social andShow MoreRelatedMarketing Principles1212 Words   |  5 PagesMarketing principles: Task 2 2.1 Explain how the vacuum cleaner is developed to sustain a competitive advantage. To sustain competitive advantage for any company so for ACL company developing new vacuum cleaner was an important step. 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