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What is Marketing

What is Marketing

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Published by: saeedqkj on Aug 01, 2009
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06/07/2012

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Marketing and Marketing EnvironmentWhat is Marketing?
The term marketing has changed and evolved over a period of time, today marketing is based around providing continual benefits to the customer, these benefits will be providedand a transactional exchange will take place.The Chartered Institute of Marketing define marketing as
‘The management processresponsible for identifying , anticipating and satisfying customer requirements profitability’ 
If we look at this definition in more detail Marketing is a management responsibility andshould not be solely left to junior members of staff. Marketing requires co-ordination, planning, implementation of campaigns and a competent manager(s) with the appropriateskills to ensure success.Marketing objectives, goals and targets have to be monitored and met, competitor strategies analysed, anticipated and exceeded. Through effective use of market andmarketing research an organisation should be able to identify the needs and wants of thecustomer and try to delivers benefits that will enhance or add to the customers lifestyle,while at the same time ensuring that the satisfaction of these needs results in a healthyturnover for the organisation.Philip Kotler defines marketing as
‘satisfying needs and wants through an exchangeprocess’
Within this exchange transaction customers will only exchange what they value (money)if they feel that their needs are being fully satisfied, clearly the greater the benefit provided the higher transactional value an organisation can charge.P.Tailor of www.learnmarketing.net suggests that '
Marketing is not about providing  products or services it is essentially about providing changing benefits to the changing needs and demands of the customer’ (P.Tailor 7/00)' 
 
Business Objectives
All businesses need to set objectives for themselves or for the products or services theyare launching. What does your company, product or service hope to achieve?Setting objectives are important., it focuses the company on specific aims over a periodof time and can motivate staff to meet the objectives set.
 
A simple acronym used to set objectives is called
SMART objectives.
SMART standsfor:1. Specific – Objectives should specify what they want to achieve.2. Measurable – You should be able to measure whether you are meeting the objectives or not.3. Achievable - Are the objectives you set, achievable and attainable?4. Realistic – Can you realistically achieve the objectives with the resources you have?5. Time – When do you want to achieve the set objectives? 
Some Business Objectives:
There are a number of business objectives, which an organisation can set:
Market share objectives
: Objectives can be set to achieve a certain level of market sharewithin a specified time. E.g. obtain 3% market share of the mobile phone industry by2004.
To increase profit
: An objective maybe to increase sales 10% from 2003 – 2004.
To survive
: The hard times the business is currently in.
To grow:
The business may set an objective to grow by 15% year on year for the nextfive years.To increase
brand awareness
over a specified period of time. 

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