For instance, prolific marketing author and educator, Philip Kotler has evolved his definition of marketing. Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing. The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct the flow of goods, and services from producers to consumers". The interests of "society at large" were added into the definition in 2008. The AMA reviews this definition and its definition for "marketing research" every three years. However, the definition of marketing has evolved over the years. Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large". The term marketing, what is commonly known as attracting customers, incorporates knowledge gained by studying the management of exchange relationships and is the business process of identifying, anticipating and satisfying customers' needs and wants. Once these factors are determined, marketers must then decide what methods of promoting the product, including use of coupons and other price inducements. The marketing mix, which outlines the specifics of the product and how it will be sold, is affected by the environment surrounding the product, the results of marketing research and market research, and the characteristics of the product's target market. Known as market orientations, they determine how marketers approach the planning stage of marketing. Regardless of who is being marketed to, several factors apply, including the perspective the marketers will use. Marketers can direct their product to other businesses ( B2B marketing) or directly to consumers (B2C marketing). It is one of the primary components of business management and commerce. Got Milk?), food from a specific area, or a city or region as a tourism destination. More rarely, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. Marketing is typically done by the seller, typically a retailer or manufacturer. Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services potentially including selection of a target audience selection of certain attributes or themes to emphasize in advertising operation of advertising campaigns attendance at trade shows and public events design of products and packaging attractive to buyers defining the terms of sale, such as price, discounts, warranty, and return policy product placement in media or with people believed to influence the buying habits of others agreements with retailers, wholesale distributors, or resellers and attempts to create awareness of, loyalty to, and positive feelings about a brand. For the British magazine, see Marketing (British magazine).Īdvertising boards behind a rugby union match, showing the logos of the companies Nike, Peugeot, and Pétrole Hahn For the Canadian magazine, see Marketing (magazine).
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