This essay discusses the peculiarities of marketing and its main strategies. It is mentioned in the text that market, in simple words, can be defined as a place where the buyers and sellers meet each other and transact their business…
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The market, in simple words, can be defined as a place where the buyers and sellers meet each other and transact their business. Classification of markets can be done on various bases like classification according to the area, classification according to time and classification according to competition. The most prominent among this classification is the classification according to competition. According to this markets are classified as perfect competition, monopolistic competition, and monopoly. Perfect competition is a place where there are many buyers and sellers in a market and sellers will sell similar goods at same prices. In a monopoly, there is only a single seller selling the goods in the market and there are no close substitutes for the goods which he sells. Monopolistic competition is a market structure where there are many sellers selling goods which are close substitutes of one another.
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A marketing concept embraces the philosophy that good marketing strategy always has the needs and wants of the target market in mind. Marketing concepts are formed as creative approaches to the problem of how to get a product needed and desired by a group of consumers to be selected and purchased by this group.
The Marketing Teacher (2000) cited Barwell to expound on the term by indicating that “the marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires” (Marketing Teacher, par.
Hence marketing becomes one of the most crucial aspects of a business. Kotler et al (2007:7) has defined market as ‘a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others’.
The guerilla marketing campaign of the T-Mobile company was run for five consecutive months by sponsoring near to 25 events in the local festivals, state, and county fairs. T-Mobile has very well comprehended the importance of such marketing initiatives for the company’s success by activating 5,000 new accounts at such events and organizing more than 26,000 “Mobile Makeovers” (Chipps 1).
This is because the objectives of the issues involved can have resemblance. Whether large or small, most marketers if not all, always struggle to meet customer requirements and at the same time meeting their own commercial and marketing objectives. The marketing planning process needs the harmonization of open- based decisions at the peak of the commercial level with more closely distinct actions at the bottom.
It is in this reason that the proponent of this paper tries to gather information about the basic concept of marketing and the probable impacts of internet on the dominant logic of marketing. Considering that the traditional-based marketing has