The Concept and Process of Marketing - Essay Example

Download file to see previous pages Producers fully understand the value of their products but the consumer has no idea about that product’s value. Due to this producers have to come up with strategies of creating awareness to customers about the existence to the product, as well as going a step further of making its value known to the customers (Khonat, 2012, p.22). Moreover, marketing can also be understood from the organization perspective. Here it can be said to be a process of the management through which they are able to recognize, anticipate as well as satisfy customer needs in a profitable way. This definition has three main elements: first management has to be aware of customer needs, then come up with ways of satisfying them and finally they need to foresee customer needs. Upon the production of a particular product, the producers need to have a comprehensive understanding of their customers in order to have a long-term relationship with them (Houston, 2006, p.81). However, producers cannot overlook their objectives in business thus the whole process of marketing has to reap maximum profits to the producer. Customers are very important in business since it is through them that business objectives are accomplished. According to Khonat (2012, p.22), the main aim of business is profit making and this can only be achieved through two processes buying and selling. Customers participate in the process of buying, however they have to gain value for their money; this is called customer satisfaction (CS). CS is very important in business as it is able to retain customers as well as attract more customers. When customers are satisfied with the products they buy, a good exchange relationship is created between the two parties. Houston (2006, p.82) explains that marketing evolved in the early 1990s when business scholars realized the importance of understanding the relationship between sellers and potential buyers. Before its evolution, marketing was considered to be enclosed in the greater spheres of economics concepts. As buyers sought to come up with ways of establishing a stronger buyer/seller relationship, marketing emerged. In the early stages of marketing, organizations were less concerned about customer satisfaction but rather concentrated all their efforts into the philosophy of “selling-as-much-as-we-can.” With deeper studies into the marketing field, producers came to realize the importance of customer satisfaction in attracting and retention of customers (Brody, 2001, p.20). Today marketing is among the most pursued fields in the world of business. The main objective of marketing is creating a good relationship between the buyer and the seller (Khonat, 2012, p.22). Hence buyers should get satisfied with what they buy, at the same time sellers should earn a profit from what they sell. Marketing is important to both the seller and the customer when done effectively. It makes the sellers’ products known to the market and through this the seller is able to increase sales. On the other hand, buyers are able to know the existence of new products in the market, increasing their buying variety. Unfortunately, the persuasive nature of marketing has lead to the making of wrong choices by buyers (McDonald & Roberts, 2003, p.18). As such marketers should not exaggerate their product value rather they should convince customers using the exact value properties of the product. Let us consider the Coca cola Company in its internal and external environment. ...Download file to see next pagesRead More