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-sell” philosophy 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
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