Definition Of Marketing Essays Examples
What is marketing?
Marketing is derived from the word ‘market’ which means a group of sellers and buyers that coordinate to exchange goods and services in a particular place. Marketing is defined as a management process of identifying, anticipating and satisfying customer requirements in a profitable manner. According to Philip Kotler, marketing is the process of satisfying needs and wants through an exchange process.
The Role of Marketing
It helps to create awareness of products existing in the market. Some of the ways which can be used as marketing strategies are social media, E-mail marketing, broadcast and print media, classifieds Ad posting, search engine optimization, link and banner exchange and text banner video advertising.
It helps boost product sales. Companies which use various modes of advertising stand a higher chance of making huge profits through increased sales.
It helps build company reputation. A company’s products can be globally known due to its marketing strategies and this increases the possibility of getting a higher market share.
Types of Marketing
There are three types of marketing namely online marketing, off line marketing and word of mouth marketing. On- line marketing involves the use of internet to create awareness about a product. Off-line marketing is the use of articles such as newspapers, magazines among others. Word of mouth involves moving from one person to another telling them about a product. It can also be done by using loud speakers which can reach many people at the same time to pass information regarding a product.
Since the main aim of marketing is to produce products which satisfy the needs of customers, there are five marketing concepts that must be strictly adhered to. This is because they guarantee high quality products at a reasonable cost and available at the right place. These concepts are:
Production concept – The organization produces and sells its products to customers. Low costs will attract more customers hence huge revenues through volume sales.
Product concept – The organization must produce products of high quality because customers have a preference for high quality products. This will in turn lead to high profits for the organization.
Selling concept – This is done by use of aggressive selling and promotion. Customers tend to buy heavily advertised products.
Marketing concept – This is done by learning what a customer wants and providing a product that meets a customer’s specifications. Loyalty among customers is built which leads to large market shares.
Societal concept – This is done through aligning the needs of customer, the needs of the society with the organizations goals.