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Best Practice Approach in Marketing - Essay Example
Marketing is a very comprehensive and ever changing term. Its latest definition by the American Marketing Association is “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners.”…
Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a process in which an organization identifies the need of a customer and brings to the market a product which satisfied that need, the customer buys the product for satisfaction of the need which results in profit for the organization. It is mutually beneficial process. Marketing is very dynamic function and its definition has been evolving through time. In 1985, The American Marketing Association defined marketing as “Marketing is the process of planning and executing conception, pricing, promotion and distribution of goods, ideas and services to create exchanges that satisfy individual and organizational goals.” In 2004 the definition was changed to “Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” And again as marketing grew into a broader term in 2007 the AMA defined marketing as “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.” This definition defines marketing as a process that creates something of value for anybody who has a need of that value.
Target market is a very key marketing element. An organizational cannot produce enough to satisfy all the needs of all the people. It has to target the customers whom it feels it can satisfy through its organizational processes in a mutually beneficial way. ...