Marketing plays a significant role in a firm’s ability to succeed financially and to survive in an unforgiving economic environment. Successful marketers are constantly seeking new ways to satisfy their customers and beat the competition.
Marketing is defined 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. Selling is not the main focus of marketing; it is to identify and meet human and social needs. The goal is to know and understand the customer so well that the product or service fits them and sells itself.
A marketer is a person who seeks a response from another party. A market is described as a collection of buyers and sellers who transact over a particular product or product class. Marketers can market entities, such as goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. In addition they operate in four different marketplaces, which include consumer, business, global, and nonprofit. In order to understand the marketing function, we must understand the eight fundamental marketing concepts. These include needs, wants, and demands; target markets, positioning, and segmentation; offerings and brands; value and satisfaction; marketing channels; supply chain; competition; and marketing environment.
The marketplace has changed dramatically in the past 10 years. This is a direct result of major societal forces, new consumer capabilities, and new company capabilities.
Today marketers operate consistent with the holistic marketing concept. This concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. It acknowledges that everything matters in marketing and that it is necessary to have a broad, integrated perspective. It recognizes and reconciles the scope and complexities of marketing activities.
Four components make up the holistic marketing concept. Relationship marketing focuses on building mutually satisfying long-term relationships with key constituents in order to earn and retain their business. Integrated marketing occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers. Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. Performance marketing is the understanding of financial and nonfinancial returns to business and society from marketing activities and programs.
Marketing activities were classified into marketing-mix tools, which consists of four Ps of marketing. These components included product, price, place, and promotion. The updated set now encompasses the modern realities of the holistic marketing concept. The new four Ps are people, processes, programs, and performance. They apply to all disciplines within the company. People must be understood; processes can be used to guide activities; programs encompass the old four Ps as well as other marketing activities; performance reflects the range of possible outcomes that have financial and nonfinancial implications.
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