Marketing can come in many terms depending on which product is marketed. It is my assertion that marketing is basically an activity used to sell a product which requires sells techniques, business communication, and business development. The marketing process Includes strong customer relationships and a commitment to the business customers. Businesses both large, and small desire to retain their customers; therefore, to make customers happy businesses will make customers the focal point of the product.
During the entire marketing process, the organization will incinerate on building, and maintaining good customer relationships. According to the American Marketing Association (MAMMAL marketing Is the activity, the set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (American Marketing Association, 2012). The AMA In Justifying Its 2007 deflation of marketing, declared that marketing is an activity instead of a function, and marketing is a broader activity in an organization, not Just a department.
Additionally, the AMA took the viewpoint in its 2007 definition that marketing revives long-term value rather than an exchange of money for the benefit of the shareholders (American Marketing Association. 2012). In the past, marketing was looked upon as a creative industry that included distribution, advertising, and selling. The marketing process, which includes: business planning, pre, and post sales promotional activities are part of the marketing segmentation. Marketing has a relationship between the suppliers and customers, whose goal is to provide the best customer service possible, and to build customer loyalty.
Marketing is more than selling products; it is a process that starts tit discovering new and unknown customer needs. Marketing includes researching the prospective new markets; producing a good capable of satisfying the targeted customers, promoting, pricing, and distributing the goods and services. As a result of the stagnant United States economy, and technological advances there have been many changes to most industries; customers have become better Informed and more demanding, closely comparing competing goods and services.
Business should find new ways of relating to customers If they want to maintain long- term success, such as relationship marketing. This particular marketing develops and maintains long-term, cost-effective exchange relationships with other organizations. Kettle and Armstrong (2011) defines marketing as the process by which companies create value for customers, and build strong customer relationships In order to capture value from customers in return.
They further simplify their definition of marketing as “managing profitable customer relationships” (Armstrong & Kettle, I OFF success of Wall-Mart and its ability to deliver upon their promise to its customers to “Save money. Live better” (Wall-Mart, 2012). The challenging economy as provided Wall-Mart a valuable opportunity to showcase its pricing strategy that in their words assist their customers with saving money, stretching their paychecks, and providing a better life for their customers families (Wall-Mart, 2012).
A third point of view of marketing provided by Perpetual, Cannon, and McCarthy (201 1), which summarizes the fore mentioned three definitions, defines marketing as the performance of activities that seeks to accomplish the organization’s objectives by anticipating the customer’s needs and directing a flow of need-satisfying goods and revives from the producer to the client or customer. Every organization, from for profit companies, such as Cataracts and Proctor and Gamble to not-for-profits as the American Red Cross, and Interfaith Community Services must serve all the customers’ needs to be successful.
The best marketers not only give customers what they want but also they anticipate consumers’ needs before those needs surface. Nontraditional marketing, such as not-for-profit organizations often engage in one or more major areas; person marketing, place marketing, event marketing, cause marketing, and organization marketing. Each of these types of marketing, an organization seeks to connect with the customers most likely to offer time, money, or other resources. In some cases, the effort may reach the market the organization intends to serve.
The Cataracts Corporation, the American Cancer Society, and Proctor and Gamble are examples of organizations that engage in marketing. For example, Proctor and Gamble has been in business for 175 years, recently updated its slogan to “Inspired by purpose. ” Proctor and Gamble serves 4. 6 billion customers in 180 countries, spends 75 million dollars annually to understand the needs of its customers P&G, 2012). Also Proctor and Gamble initiates its own charitable projects, such as Live, Learn and Thrive, which assisted 75 million children in 2011 (P&G, 2012).
In addition, Proctor and Gamble supports projects of not-for-profits such as Habitat for humanity and the Boys and Girls Clubs of America. Not-for-profit organizations must engage in marketing Just as for-profit firms do. Not-for-profit organizations operate in both the public and private sectors and use marketing to obtain volunteers and donations, make the people aware of their existence, and achieve certain goals for society. All organizations must have a plan to market strategies to reach customers.
This method may involve studying the market, choosing a target market, and developing a marketing mixture that can combine the elements related to products, distribution, promotions, and pricing decisions. Most of the time, organization may market a plan that expresses their marketing strategy. Marketing always has been a part of business since the 21st century and organizations have been producing and selling complex goods and services since then. Overtime, marketing has evolved through sales, production, marketing eras, ND the current relationship era.
