Marketing Definitions and Functions

Jun 27th, 2015
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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.

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The market environment is a marketing term and refers to all of the forces outside ofmarketing that affect marketing managements ability to build and maintain successfulrelationships with target customers. The market environment consists of both themacroenvironment and the microenvironment.The microenvironment refers to the forces that are close to the company and affect itsability to serve its customers. It includes the company itself, its suppliers, marketingintermediaries, customer markets, competitors, and publics.The company aspect of microenvironment refers to the internal environment of thecompany. This includes all departments, such as management, finance, research anddevelopment, purchasing, operations and accounting. Each of these departments has animpact on marketing decisions. For example, research and development have input as tothe features a product can perform and accounting approves the financial side ofmarketing plans and budgets.The suppliers of a company are also an important aspect of the microenvironmentbecause even the slightest delay in receiving supplies can result in customerdissatisfaction. Marketing managers must watch supply availability and other trendsdealing with suppliers to ensure that product will be delivered to customers in the timeframe required in order to maintain a strong customer relationship.Marketing intermediaries refers to resellers, physical distribution firms, marketingservices agencies, and financial inter

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