Marketing
Marketing is the process of communicating the value of a
product or service to customers, for the purpose of selling that product or service.
From a societal
point of view, marketing is the link between a society’s material requirements
and its economic patterns of
response. Marketing satisfies these needs and wants through exchange processes
and building long term relationships. Marketing can be looked at as an
organizational function and a set of processes for creating, delivering and
communicating value to customers, and managing customer relationships in ways
that also benefit the organization and its shareholders. Marketing is the science of choosing target markets through market
analysis and market segmentation, as well as understanding consumer buying behaviour
and providing superior customer value.
Organizations
may choose to operate a business under five competing concepts: the production
concept, the product concept, the selling concept, the marketing concept, and
the holistic marketing concept. The
four components of holistic marketing are relationship marketing, internal
marketing, integrated marketing, and socially responsive marketing. The set of
engagements necessary for successful marketing management includes capturing
marketing insights, connecting with customers, building strong brands, shaping
the market offerings, delivering and communicating value, creating long-term
growth, and developing marketing strategies and plans.
Features of marketing
·
Marketing of product and services
·
Trade beyond boundaries
·
Multinational corporations
·
Barriers of trade
·
Trading blocs
·
Competitions
·
Documentations
·
Competition
·
Foreign exchange
·
Political entities