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What do you Understand by Terms Marketing and Marketing Orientation?
Pages 3 (753 words)
Marketing helps a company in searching appropriate markets, in building and sustaining competitive advantage in those markets and, and in managing the relationship with all the important stakeholders belonging to those markets.
According to silk(2006,pg.23) “In general terms marketing refers to what an organization must do to create and exchange value with customers”.To be successful in marketing, a deep knowledge of customers, competitors and collaborators is necessary. The central role of marketing in the enterprise stem from the fact that marketing is the process via which a firm creates value for its chosen customers. Having created the value for its customers, the firm is then entitled to capture a portion of that value through pricing. Marketing is both philosophy of business as well as business function, a state of mind concerning the optimum approach to business, and the activities whereby such ideas are translated into practice. As per Viardot ,(2004,pg 56)“Marketing means “putting on the market”. Therefore the purpose of marketing is to act in such a way that company places on the market products that correspond to demand and satisfy needs and wants of the customers at an acceptable return” For example in marketing for a hotel firm, the nature of tourist arriving to a particular city is analyzed first. According to that a survey is conducted as to the purpose of their visit .A hotel firm will design their products and services according to the needs and wants of their potential customer. ...
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