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Best Practice Approach in Marketing - Coursework Example

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The "Best Practice Approach in Marketing" paper argues that a marketing process involves targeting a market, evaluating its needs with the help of a product mix, organizing a process for it which results are mutually beneficial. Microenvironmental factors affect the decisions of organizations a lot…
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Best Practice Approach in Marketing
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Download file to see previous pages If some changes are made in theses factors the course of action of the organization has to be changed. Buying behavior is also very important as if the customer has some conflict with and attribute of the product he may not buy it and this will result in a loss to the organization.

Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. (Kotler, 1997). Marketing is a process in which an organization identifies the need of a customer and brings to the market a product which satisfied that need, the customer buys the product for satisfaction of the need which results in profit for the organization. It is a mutually beneficial process. Marketing is a very dynamic function and its definition has been evolving through time. In 1985, The American Marketing Association defined marketing as “Marketing is the process of planning and executing conception, pricing, promotion, and distribution of goods, ideas and services to create exchanges that satisfy individual and organizational goals.”1 In 2004 the definition was changed to “Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” And again as marketing grew into a broader term in 2007 the AMA defined marketing as “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” This definition defines marketing as a process that creates something of value for anybody who has a need for that value.

The target market is a very key marketing element. An organization cannot produce enough to satisfy all the needs of all the people. ...Download file to see next pages Read More
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