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Published by myloveapsa

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Published by: myloveapsa on Sep 09, 2011
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Marketing is a human activity directed at satisfying needs and wants throughexchange process. It has been reviewed as an on going process involving a set of interacting activities dealing with a market, adoring the product and services toconsumers on the bases of reliable market anticipation.Marketing involves a large number of activities such as market research, produce development, distribution, pricing, advertising and personal selling.Marketing combines several activities designed to sense, serve and satisfy consumer needs while meeting the goals of the organization.“Marketing is so basic that it can’t be considered a separate function. It is thewhole business seen from the point of view of its final result; that is from thecustomer’s point of view”.-Peter DruckersMarketing starts with identification of specific need on the part of consumer and ends with the satisfaction of that need. The consumer is found both at the beginning and at the end of the marketing process.Marketing is a societal process by which individuals and groups obtain whatthey need and want through creating, offering and freely exchanging products andservices of value with others. For managerial definition marketing has often beendescribed as “the art of selling products”, but people are surprised when they hear thatthe most important part of marketing is not selling! Selling is only the tip of themarketing iceberg. Peter Drucker, a leading management theorist, puts it this way:There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know andunderstand the customer so well that the product or service fits him and sells itself.Ideally, marketing should result in a customer who is ready to buy. All that should beneeded then is to make the product or service available.
The American Marketing Association offers the following definition:Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges thatsatisfy individual and organization goals. Coping with exchanges processes calls for aconsiderable amount of work and skill. Marketing management takes place when atleast one party to a potential exchange thinks about the means of achieving desiredresponses from other parties. Marketing management as the art and science of choosing target markets and getting, keeping and growing customers throughcreating, delivering and communicating superior customer value.
The marketing concept emerged in the mid-1950s and challenged the preceding concepts. Instead of a product-centred, “make-and-sellphilosophy weshift to a customer-centred, “sense-and-respond” philosophy. Instead of “hunting”,marketing is gardening”. The job is not to find right customers for your product, butthe right products for your customers. The marketing concept holds that the key to achieving its organizational goalsconsists of the company being more effective than competitors in creating, deliveringand communicating superior customer value to its chosen target markets. Theodore Levitt of Harvard drew a perceptive contrast between the sellingand marketing concepts:Selling focuses on the needs of the seller; marketing on the needs of the buyer.Selling is preoccupied with the seller’s need to convert his product into cash;marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering andfinally consuming it.The marketing concept rests on four pillars: target market, customer needs,integrated marketing and profits through customer satisfaction. The selling concepttakes an inside-out perspective. It starts with the factory, focuses on existing products
and calls for heavy selling promoting to produce profitable sales. The marketingconcept takes an outside-in perspective. It starts with a well-defined market, focuseson customer needs, coordinates all the activities that will affect customers and produces profits by satisfying customers.
Customer satisfaction depends on a product’s perceived performance indelivering value relative to buyer’s expectations. If the product’s performance fallsshort of the customer’s expectations, the buyer is dissatisfied. If performance matchesexpectations, the buyer is satisfied. If performance exceeds expectations, the buyer isdelighted. Outstanding marketing companies go out of their way to keep their customers satisfied. Satisfied customers make repeat purchases and they tell othersabout their good experiences with the product. The key is to match customer expectations with company performance. Smart companies aim to delight customers by promising only what they can deliver, then delivering more than they promise. Customer expectations are based on past buying experiences, the opinions of friends and marketer and competitor information and promises. Marketers must becareful to set the right level of expectations. If they set expectations too low, theymay satisfy those who buy but fail to attract enough buyers. If they raise expectationstoo high, buyers will be disappointed. The American Customer Satisfaction Index, which tracks customer satisfaction in more than two dozen U.S. manufacturing and service industries, showsthat overall customer satisfaction has been declining slightly in recent years. It isunclear whether this has resulted from a decrease in product and service quality or from an increase in customer expectations. In either case, it presents an opportunityfor companies that can deliver superior customer value and satisfaction.Today’s most successful companies are rising expectations-and delivering performance to match. These companies embrace total customer satisfaction. Theyaim high because they know that customers who are merely satisfied will find it easy

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