Marketing is a function that begins with a “Product”, followed by an objective to direct its flow.
Its Selling, Advertising, Promotion –either one or all. The American Marketing Association defines marketing as “Marketing is the performance of business activities that directs the flow of goods and services from producers to consumer or user.”
Philips Kotler:
” A human activity directed at satisfying needs and wants through exchange processes.”
The human need is a state in which feels deprived of something.
Scientifically this statement is divided into:
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Food |
Belonging |
Marketing is then a technique that is tuned to satisfying a certain dormant need and satisfying the user. Man is known as a bundle of dormant wants. It’s the Marketing Strategy to convert these human needs to “wants”
In marketing these wants and needs are further grouped and called market segment, this being the philosophy, is known as the marketing concept.
Demand, for one’s product is created when the want/need of the buyer is matched by their ability to pay. This is when the exchange takes place. The people decide to satisfy their needs and wants.
The process oriented definition of marketing:
“The process of ascertaining consumer needs, converting them into products or services, and then moving the product or service to final consumer or user to satisfy certain needs and wants of specific consumer segment or segments with the emphasis on profitability, ensuring the optimum use of the resources available to the organization.”
According to Peter Drucker “The Concerns and Responsibilities of marketing must permeate all areas of the enterprises.”
That means your hospitality, smiles, uniforms, manners, etiquette and also the operational aspects.
Also do share with me feedback and opinions.
|Cover Pic Source: Wired Article: This Guy Turns OCD Hoarding Into Amazing Photos |