In the present day, the motive behind production is no more about searching customer but delighting customers through path of customization and research.
According to the American Marketing Association, Marketing is “an organizational function and a set of process for creating, communicating, and delivering value to customers and managing customer relationship is a way that benefits the organization and its stakeholders” (AMA, 2004).
Financial success fully depends upon right marketing. Corporate goals are achieved through meeting customer needs and delighting customer expectancy and right marketing is the way to it. Right marketing is obtained through research oriented planning and execution of those marketing strategy effectively.
Ten types of entities can be marketed by marketers to these categories of market. These entities include properties, services, organization, events, place, goods, information, experiences, persons, and ideas. All organizations that work under this umbrella need marketing to sustain in ever rising competitive market of the present day. Due to the affects of globalization, changing technology, deregulations, privatization, customer empowerment, customization, increasing competition, there has been a remarkable change in behavior of market. It is facing new challenges and new opportunities with changing environment. Even market leaders like GE, Microsoft, Walt Mart, Intel, and Nike are kept on their toes. In order to ensure sustainable development, the companies need to remain flexible and adaptable to the external situations.
Marketing function survives on its fundamental core concepts as well as changing trends. Its fundamental concepts include needs which are basic requirements of an individual and can comprise of stated needs, unstated needs, real needs, secret needs, and delighted needs, whereas want and demand are specific needs towards a particular object (Kotler & Keller,