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Marketing is the unique process of performing market research, selling products, goods and or services to customers and promoting them through advertising to strategically enhance sales. It provides the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and creates value for their customers and also for themselves.
The American Marketing Association (AMA) defined marketing as the activity, set institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing is a set of processes that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new approaches.
Marketing is the driving force of every successful business. The concept of Marketing connotes that achieving organizational goals depends on knowing the needs and wants of target market and giving them the desired satisfaction. In order to satisfy organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.
Marketing is used to identify the customer, to satisfy the customer and also to keep the customer. In view of this, customer should be the focus of marketing. Therefore, marketing management is one of the empirical components of business management. The adoption of marketing strategies requires businesses to make a fundamental shift from production to seek ways of adequately satisfy the perceived needs and wants of their targeted customers. It is in doing this that they can achieve a level of profit maximization.
The institute of marketing defines marketing as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably”.
There is different definition of marketing, each giving an understanding of the diverse perspective of marketing. In addition to the above definition, there is the value-based marketing which defines marketing as, “the management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage”.
In the light of the unique role of marketing in achieving success in business it is important that managers and CEOs take it seriously. Marketing should not be left in the hands of subordinate staffs. This does not mean that top managers and CEOs should take the marketing task from subordinate employees. However, they should be in the fore front of marketing decisions, policy formulation, and marketing plan formulation and implementation. CEOs and managers should be directly involved formulating marketing strategies and ensure that they are effectively and efficiently executed as planned.
In the past marketing practices was seen as a creative industry included distribution, selling and advertising. However, because the scholastic study of marketing dive into extensive use of psychology, sociology, social sciences, neuroscience, mathematics, economics and anthropology, the profession is now globally regarded as Science allowing several universities to offer Master of Science(MSc) programmes. The marketing process now involves marketing research, market segmentation, business planning and execution, and culminates in pre and post sales promotional activities.
It is my commitment to offer you quality information to enable you builds your business to success. Stay with me and explore the various contents in this site and you will surely find it a reliable source helpful resource for business, financial, personal, career and educational transformation.
Marketing is surely the driver of all successful business. Great entrepreneur like Bill Gate, Donal Trump, Warren Buffet, etc, have all used it to maximize profit. If their business succeeded by understanding and applying marketing, you too will grow your business to success by understanding applying the principles of marketing. I will like to recommend that you watch the movie titled, "the apprentice" You will learn a lot about the importance of marketing in growing successful business. Take your time top explore all the information that are available under this session, apply them to drive your business to profit maximization.
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To your success!
