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Main Activities covered by Marketing - Essay Example

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This study, Main Activities covered by Marketing, declares that the aim of marketing is to create a need and pave the way for selling while managing profitable customer relationships. The marketing process consists of five major steps: understanding the market and customers’ needs…
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Main Activities covered by Marketing
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Download file to see previous pages The first step in this process is to understand the market and customers’ needs, which includes exploring the market offerings of competitors, observing the exchanges and relationships in the market, and evaluating the needs, wants and demands of the customers. The second step is to devise a customer-oriented marketing strategy, which entails a selection of customers to serve, a preference of a value proposition and a choice of marketing management orientation. The third step of planning an integrated marketing program is aimed at creating superior value through a product and services marketing mix. The fourth step is to forge profitable relationships with the customers through customer value, which is a set of benefits that are reckoned by the customers. It includes the functional, social, economic and aesthetic value of the product or service offered. The final step is to create profit and generate customer equity by extracting value from the customers. Thus all the activities involved in the marketing process are in-keeping with the American Marketing Association’s definition of marketing as “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create exchanges that satisfy individual and organizational goals.”
The concept of marketing has evolved over a period of several decades. Prior to 1920’s the businesses followed a production orientation that defined business success solely in terms of production scale. This was followed by the era of sales orientation in the 1950’s which relied on personal selling and advertising to convince the customers to buy. Thereafter, the marketing concept emerged post-1950s and focussed on satisfying the customers’ needs rather than push-selling.  ...Download file to see next pages Read More
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