Towards a Contemporary Definition of Marketing - Assignment Example

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Towards a Contemporary Definition of Marketing

The researcher of this assignment aims to present and analyze the best definition of marketing in the current landscape, that is one taken from the UK Chartered Institute of Marketing, which says that ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.’ The researcher states that it is the best, because it suggests that marketing is a process involving management and other stakeholders and its purpose is to identify, anticipate and satisfy customer needs which are changing from time to time. The marketing efforts should not only deal with satisfying the needs of the consumers, but involving the consumers in the process by taking and getting feedback and opinions about the product or service, with a view to providing a more desirable or better and improved product or service the next time around. When customers are emotionally involved in the marketing process, and a firm genuinely uses the feedback to generate better and improved products and services, it will ultimately give the consumer a WOW experience. Modern and conscientious companies are today also considering the aspects of social responsibility, consumerism and environmentalism as they create products and services for a greener environment. In other words, a business exists to satisfy the needs of its customers and other stakeholders. The changing landscape of marketing today involving consumerism and environmentalism could also be incorporated within the meaning of this definition. ...Show more

Summary

This assignment discusses the contemporary definition of marketing, that is all about finding a customer’s needs and wants and designing, producing and delivering a product or service that satisfies that need or want, at a price that the customer can afford…
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