Marketing

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Marketing

By

Ghulam Mustafa Hajano

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Definition of marketing What is meant by the term marketing? Marketing is the management of process involved in identifying, anticipating and satisfying consumer requirements profitably. Marketing is the process by which companies create customer interest in products or services.

It generates the strategy that underlies sales techniques, business communication, and business development. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.

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Differences between marketing and selling or advertising

Marketing is not the same as selling. Selling is only one of many marketing functions, or is just one part of the marketing process.

Marketing and advertising are not the same thing, either.

Advertising is just one of a number of tactics used by marketing departments in a business.

4Important features of marketing

Marketing has at least the following characteristics:

1. Marketing is aimed at finding out consumer needs and meeting these needs.

2. Marketing must consider profit as its main objective.

3. Marketing is ongoing all the time. The marketing process has no start or end.

4. Businesses must be prepared to respond to the consumer reactions and changes all the time.

5Important features of marketing

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Importance of marketing Marketing is playing a more and more important role in the success of

a business.

It can be said that “no marketing means no business”.

There are generally some key factors which have made marketing so important for businesses today.

The factors can be seen as in the following table:

7Importance of marketingTable 9-1 Factors leading to the increasing importance of marketing

Factors Explain how

1. Economic Growth

Economic growth leads to an increase of consumers’ incomes. So demand for products and services will be increased. Through marketing, businesses can promote their new products and services.

2. Fashion

Considerable changes in fashion and consumer taste force businesses to produce more new products and services. Marketing makes it possible for businesses to reach these changing customers.

3. technology

New technology has helped the business to create new or high quality products. It is marketing that can makes customers be aware of these new products.

4. competition

Facing more and more fierce competition, businesses must rely on marketing strategy to win in the marketplace.

8Evolution of marketing

An orientation, in the marketing context, relates to a perception or attitude a firm holds towards its product or service, essentially concerning consumers and end-users.

Throughout history, marketing has changed considerably as consumer tastes are changing faster.

The marketing orientation evolved from earlier orientations namely the production orientation (1950s), the product orientation (1960s) and marketing orientation (1970s).

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Product orientation and market orientation Theories

What is product orientation?

Product orientation means that the business places the main focus of attention on the production process and the product itself. More emphasis on technology and quality, but less focus on meeting consumer needs in the market.

Many businesses in the past were product orientated when there were quite few competitors and when they produced the unique products in the world, such as the radios when just invented.

However, today there are still some businesses which are product orientated. For example, the Concorde airplane company (high technology, but expensive so not many customers taking their planes).

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What is market orientation?

Market orientation or consumer orientation means that the business places the needs or requirements of consumers at the center of the decision-making process.

Market orientation is perhaps the most common orientation used in contemporary marketing.

It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes.

The implication is that businesses should try best to meet the need of customers in marketing management.

A market orientation may have some advantages over product orientation.

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Some advantages of a market-orientated business over a product-orientated business:

1. More able to anticipate market changes

2. Respond quickly to market changes

3. More capable of meeting the challenges of new competition

4. More successful in new product development

5. Able to produce and sell the right product at the right time and the right place.

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