Overview of Marketing

Overview of Marketing

Marketing is a very interesting, lively dynamic and wide field of endeavour, its philosophy and activities are contemporary and persuasive. There are so many definitions as we have different authors and practitioner. According to Adirika (1990:3) marketing could be defined as al important set of creative human activities aimed at identifying, anticipating and satisfying the needs and want of consumers through exchange as efficiently and effectively as possible. He noted further that marketing is located in the realm of human activities.

To order the Complete Project Material, Pay thr Sum of N3,000 to:

BANK NAME: FIRST BANK PLC

ACCOUNT NAME:  CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 3066880122

Then send the Project Topic, Your Email Address and Full Name to 07033378184.

 

Kotler (2000: 567) sees marketing as a societal process by which individuals and groups obtain what they need and want through creating offering and freely exchanging products of value with others.

However, Etzel et al (1997:101) defined marketing as a total system of business activities designed to plan, price, promote and distribute want satisfying products to target market, to achieve organizational objectives this definitions has two significant implications according to them.

The entire system of business activities should be customers oriented, customer want must be recognized and satisfied, marketing should start with an idea about want satisfying product ad should not end until the customers want are completely satisfied. From the above definitions, one can deduce that the focus of all marketing activities is satisfying the customer and of the same time making profit.

According to Strafford and Grant (1986:280) defined marketing as looking at the business through the customers eyes. They looked at the concept of marketing ass more than just a department. It is rather the whole question of which way the firm is oriented and is one of the various factors that can make the difference between success and failure.

According to American marketing association (AMA) also defined marketing as the performance of business activities that direct the flow of goods and services from the producers to the customer.

Collaborating the above Olakunor, (2000:36) stated that no organization can prosper without giving customers a place of pride in its affairs. Not only must customers be regarded as very important they must also be seen as real business or focuses at any point in time. Once customers are genuinely satisfied, attracting and retaining them becomes an easy thing to do. So marketing is the identification and satisfaction of peoples needs and want through exchange process. In order words a lucky or successful marker is the one who identifies great needs and satisfies it effectively and efficiently.

Kotler (1991:323) defined marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating offering and exchanging product values with others. He went on to explained that marketing rests on the following core concepts needs wants and demands, products values, cost and satisfaction, exchange, transactions, relationships, markets and marketing, and markets.

According to him human needs wants and demands are the starting point of the discipline of marketing while identification of these needs leads to the finding of products to satisfy these needs and want.

Koe via chartered institute of marketing defined marketing as the management process responsible for identifying, anticipating and satisfying customer, requirements profitably, they also defined marketing as a the process of planning and executing the conception, pricing, promotion and distribution of goods, services and ideas to create exchanges that will satisfy individual and organizational objective.

Kotler (2002:8) defined marketing as a societal process by which individuals and groups obtained what they need and want through creating offering and freely exchanging, products and service of value with others.

He went on to expound that human needs and demands are the starting point of the discipline of marketing while identification of these needs leads to finding of products to satisfy these needs and want.

From the various definition from different authors, it could be seen that marketing is an exchange process which starts with identifying, the needs and wants of consumers and using all available company resources to satisfy these wants profitably.

And for marketing to occur, at leaf four factors are required.

  • Two or more parties (Individuals or organizations with unsatisfied needs).
  • A desire and ability on their part to satisfy them
  • A way for the parties to communicate
  • Something to exchange.

OVERVIEW OF MARKETING CONCEPT

As customers become more sophisticated and knowledgeable so were also their needs and want and with the increasing activities of close competitors, producers were forced to start really looking at consumer.

According to Iwuozor (1995:5) sees marketing concept as a new ideology or philosophy of business concept coming to take the place of and product oriented philosophy which is known as the market concept. This author explained this concept saying that the attention of the producer was focussal on the priority to concentrate on production and sell to the consumers what ever is made available without taking into consideration the consumers want that is the consumers are forced to take (accept) what is available.

The modern marketing concept came to reverse the product oriented philosophy whereby it calls for the re-orientation of these firms to try to find out the customer really want.

According to Agbo (2000:41) sees marketing concept as the philosophy of the business which states that the consumer (customer) want satisfaction is the economic and social justification for a firms existence.

This author stated that for a firm to exist it is based on three fundamental beliefs.

  • All company planning and operations should be consumer oriented.
  • Profitable sales, volume should be the goal of the enterprise
  • All marketing activities in the enterprise should be organizationally coordinated.

Kotler (1991:4) sees marketing concept as a business philosophy that arose to challenge the previous concepts.

The marketing concept holds that the key to achieving organizational goals consist in determining the needs and wants of targets markets and delivering the desired satisfaction more efficiently than competitors. He said hat the marketing concept rests on four main pillars namely:-

  • Market focus
  • Customer orientation
  • Coordinated marketing
  • Profitability

Coming together with others William et al (2000:18) being marketing oriental means adopting the philosophy known as the marketing concept.

Schewe (1987:24) see marketing concept as the management philosophy that recognizes that the consumer should be the focal point of all activities within the organization. It recognizes the consumer as the king. It is not what you want to sell but what your customer wants to buy.

This concept recognizes sales as just one aspect of marketing.

In his definition he said that it is very important that the whole company (that us all the departments including sales) should be customer oriented. Every person in the organization should understand that the key customer retention is customer satisfaction not only to satisfy but to delight the customer as a customer who is both satisfied and delighted will buy again and also develop brand loyalty.

Kotler (2002:19) said that marketing concept holds that the key to achieving its organizational goals consist of the company being more effective than competitors in creating delivering and communicating superior customer value to its chosen target market.

It crystallized in the mid – 1950s and has been expressed in making colourful ways.

  • Meeting needs profitably
  • Find want and fill them
  • Have the customer not the product

Have its your way “(Burger King) you’re the boss” (united airway) putting people first (British airway) partners for profit” (Milliken and company).

He said marketing concept rest on four pillers

  • Target market
  • Customer needs
  • Integrated marketing
  • Profitability

Kotler (2004:12) sees marketing concept in another way as the marketing philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivery the desired satisfactly than competitors do.

Onyeka and Nebo sees marketing concept as a management philosophy which assume that the ultimate aim of a business is to satisfy the target markets at a profitable volume, in the most effective and efficient manner. Through proper identification of the needs and want of such target markets.

Ifezue (1990:40) sees marketing concept as a philosophy of business that states that the customers want satisfaction is the economic and social justification for a firm’s existence. Consequently, all company activities must be devoted to finding out what the customers want and then satisfying those wants while still making profit over the long run.

THE MARKETING MIX

The term is used to refer to a set of decision areas in the management of marketing. This is going to be seen by different authors in their own perspective.

The term marketing mix refers to as unique blend of product, distribution, promotion and pricing strategies designed to produce mutually satisfying exchanges with target market. Successful marketing mixes require careful tailoring by the marketing manager to satisfy the target markets).

By Ejionueme (2000:23) product – marketing mix beings with the product offering it is difficult to devise a distribution system or set a price without knowing the product to be marketed. Thus, the heart of the marketing mix is a firm’s product offerings.

A product includes not only the physical unit but also the package, warranty, service subsequent to sale, brand and company image, and many other factors people buy things not only for what they do but also for what they mean.

Place – the place concerned with marketing products available when and where customers want them. Wholesalers and retailers participate in what is called a marketing channel or channel of distribution. Physical distribution consist of all business activities concerned with storing and transporting products so that they arrive in usable condition at designated places when needed.

Promotion – this includes personal selling, advertising, sales promotion and public relations its role is to help bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and/or reminding them about the benefits an organization offers or the products it markets. Each element of promotion is coordinated and managed with the others to create a promotional blend or mix.

—This article is not complete———–This article is not complete————
This article was extracted from a Project Research Work/Material Topic

“THE PLACE OF MARKETING IN THE SERVICE INDUSTRIES.

(A CASE STUDY OF SELECTED LAUNDRY AND DRY CLEANING FIRMS IN ENUGU METROPOLIS).”

Click Here To get the full Project Research Work/Material

To purchase complete Project Material, Pay the sum of N3, 000 to our bank accounts below:

BANK NAME: GUARANTY TRUST BANK (GTB)

ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 0044056891

OR

BANK NAME: FIRST BANK PLC

ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 3066880122

After paying the sum of N3, 000 into any of our bank accounts, send the below details to our Phone: 07033378184

  1. Your Depositors Name
  2. Teller Number
  3. Amount Paid
  4. Project Topic
  5. Your Email Address

Send the above details to: 07033378184 or on/before 24hours of payment. We will send your complete project materials to your email 30 Mins after payment.

Articlesng.com will only provide papers as a reference for your research. The papers ordered and produced should be used as a guide or framework for your own paper. It is the aim of Articlesng.com to only provide guidance by which the paper should be pursued. We are neither encouraging any form of plagiarism nor are we advocating the use of the papers produced herein for cheating.

Speak Your Mind

*