Marketing Definitions

Jun 29th, 2015
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Marketing is communicating the value of a product, service or brand to customers, for the purpose of promoting or selling that product, service, or brand.

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Marketingiscommunicatingthe value of a product, service or brand tocustomers, for the purpose of promoting or selling that product, service, or brand.Marketing techniques include choosingtarget marketsthrough market analysis andmarket segmentation, as well as understandingconsumer behaviorand advertising a product's value to the customer.From a societal point of view, marketing is the link between a society's material requirements and itseconomicpatterns of response.Marketing satisfies these needs and wants through exchange processes and building long-term relationships.Marketing blends art andapplied science(such asbehavioural sciences) and makes use ofinformation technology.Marketing is applied in enterprise and organizations throughmarketing management.A firm in themarket economysurvives by producinggoodsthat persons are willing and able to buy. Consequently, ascertainingconsumer demandis vital for afirm's future viability and even existence as agoing concern. Many companies today have a customer focus (or market orientation). This implies that the company focuses its activities and products on consumer demands. Generally, there are three ways of doing this: the customer-driven approach, the market change identification approach and the product innovation approach.[5]In the consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions. No strategy is pursued until it passes the test of

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