The definition of marketing varies from organization to organization. The Chartered Institute of Marketing (CIM) defined marketing as the "management process responsible for identifying, anticipating, and satisfying customer requirements profitably." This is a very broad definition of marketing…
Second, it stresses the aim of business organizations to generate profit from its operations. Thus, the definition of CIM involves assessing the marketing strategy which will be mutually beneficial for customers and companies. Business organizations as this definition implies are profit maximizing entities. Lastly, this definition highlight that marketing is not just about providing the current needs by "anticipating" the future requirements of the markets. In summary, the CIM's definition of marketing balances the satisfaction of customer and profit maximizing goal of business organizations.
According to the American Marketing Association (AMA), "marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals." Like the CIM, AMA also recognizes that main purpose of marketing which is to satisfy customers. However, it clearly elaborated that customers can be grouped into individuals and organizations. Thus, it indicates its deeper understanding that companies should market to individuals and organizations differently. Compared to the definition of CIM, AMA defines the functional aspect of marketing. The definition highlights the components of the marketing mix-product, promotion, price, and place. This specifically elaborates the function that marketing managers make, that is, to plan and execute a strategy through an integrated and complementary components of marketing mix. In comparison to CIM's definition, AMA focuses more on marketing as a management function.
B. Marketing Concept
Marketing is primarily concerned with the satisfaction of customers profitably. Marketing can be adequately understood through different marketing concepts such as the following:
1. Target market and segmentation. In order for business organization to create an effective marketing strategy, companies need to divide its market based on demographic, psychographic, and other factors (Kotler 2002). Target market is the segment that presents the greatest opportunity. In the case of Haagen Dasz, its customers are segmented based on their age. The company targets the adult market.
2. Marketplace, marketspace, and metamarket. These are where business organizations conduct their business operations. Marketplace refers to the traditional marketplace while marketspace is digital and is created through the internet technology (Kotler 2002). Metamarket is a complementary market of products and services which are related in the mind of customers.
3. Marketers and prospects. A marketer is an institution seeking the response of a prospect (Kotler 2002). In the case of Haagen Dazs, it is a marketer seeking the response of the adult market.
4. Needs, wants, and demands. Needs are basic human needs. Wants are the products where the needs are directed. Demand is a want backed by purchasing power. In the case of Haagen Dazs, food is a need and ice cream is a want. Demand is when an individual has the money needed to buy the ice cream.
5. Product, offering, and brand. Product is the value proposition in a physical form while brand is an offering from a known source. In the case given, Haagen Dazs is the brand ...
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(Marketing Concept Essay Example | Topics and Well Written Essays - 750 Words)
“Marketing Concept Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/miscellaneous/298789-marketing-concept.
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Marketing concepts refer to the philosophy of the management, through which the objectives and goals of a firm can be achieved. These concepts aid in the identification of customer needs, which may be stated or unstated. The marketing concept is also known as the customer relationship management
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