We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Marketing Concept - Essay Example

Comments (0) Cite this document
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…
Download paper
Marketing Concept
Read TextPreview

Extract of sample
Marketing Concept

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 ... Read More
Cite this document
  • APA
  • MLA
(“Marketing Concept Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/298789-marketing-concept
(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.
  • Cited: 0 times
Comments (0)
Click to create a comment
Marketing concept
With the passage of time, the definition of marketing has changed as it has included a pre-manufacture tilt to its basis with regards to a product and/or service. The marketing concept revolves around the premise that marketing shall bring in success if products and/or services are made available in a quantifiable manner to the target audiences.
2 Pages(500 words)Essay
Marketing Concept
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
7 Pages(1750 words)Essay
The Marketing Concept

This research will begin with the statement that there are various ways of defining marketing as a subject or concept. According to Kotler, marketing has been considered as a social or managerial process wherein different groups of individuals get hold of their desired products through the creation and exchange of various products and value amongst each other.

5 Pages(1250 words)Essay
IKEA marketing concept
The IKEA Company brand is a strong brand. This is mainly due to its unique cultural branding that portrays the fashionable design and value to ensure the creation of affordable and contemporary furnishing products. The brand symbolizes the unique and tasteful household products that offered at an affordable price that inspires customers.
8 Pages(2000 words)Essay
Marketing concept of British Gas
The Marketing concept is significantly important for the companies today to sustain the intense competition (Boone, 2012). The company already has a competitive edge. It has a cost advantage and it also sells its services to the high value markets. British Gas has sustained the markets very competitively.
8 Pages(2000 words)Essay
Marketing Concept of Coca Cola
The author gives recommendations which can improve the existing customer relationship management system of Coca Cola. The marketing concepts will help an organization to identify the local competitors and manage their marketing campaigns effectively. The goals would be achieved through the identification of various resources.
8 Pages(2000 words)Essay
Societal marketing concept
This is because it’s an age of creating a customer rather than selling a product. As the entire concept of marketing or business mainly depend on customer satisfaction and reliability that might prove effective in enhancing the brand image and reputation of the organization in the market among others.
4 Pages(1000 words)Essay
Marketing concept
However, pricing strategies are not necessarily mutually exclusive (Drummond & Ensor 163). Each single pricing strategy adopted by a given firm or company is directly linked to a marketing strategy. In this regard, consistency is a
2 Pages(500 words)Essay
Explain a Marketing Concept
Right product offering creates new demands from the customers. For that one needs to focus not on existing wants of the customers but it becomes important to understand the underlying needs of the
1 Pages(250 words)Essay
Marketing concept and marketing orientation
For an organisation to have a marketing orientation, it means it has concentrate on delivering goods that meet the needs and wants of the target market (Almquist, 2014). This is pivotal for a
4 Pages(1000 words)Essay
Let us find you another Essay on topic Marketing Concept for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us