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Marketing Basics

In: Business and Management

Submitted By abhichamp28
Words 4186
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Marketing is the process by which companies determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development (market survey). It generates the strategy that underlies sales techniques, business communication and business developments. It is an integrated process through which companies build strong customer relationships and create value for their customers (value for money products) and for themselves (profits).
Marketing is used to identify the customer (target market), satisfy the customer (customized product), and keep the customer (quality products). With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable.
The term marketing concept means that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than its competitors.
Further definitions:
Marketing is further defined by the AMA as 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. The term developed from an original meaning which referred literally going to a market to buy or sell goods or services. Seen from a systems point...

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