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Journal - Assignment Example

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According to Kotler “Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”.(What is marketing?). Marketing encompass accomplishment of customer’s demand for a product or…
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Has the Definition of Marketing Changed?” According to Kotler “Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”.(What is marketing?). Marketing encompass accomplishment of customer’s demand for a product or services. It involves social interaction and also the ethical values. Thus, according to Bartles “Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems composed of participants, who, interacting under constraints- technical (economic) and ethical (social)- create the transactions or flows which resolve market separations and result in exchange and consumption” (What is Marketing?).
A skilled manpower has potential to raise the business in the market but if the skill is not sufficient to convince and persuade the customer’s need then the business finds it difficult to excel in the competitive market. With the advances in technology and development of communication skills, advertisements trends in markets are changing. The good marketing skill requires a deep understanding for the philosophy of the trend and also the customer’s requirement. Thus marketing concept encompasses the customer focused philosophy (What is marketing?).
Futuristic view is the hallmark of the good marketing strategy. A successful business always gives a keen insight to the customer’s orientation and tries to cover long range of customers with deep and thorough understanding as well as anticipation of the requirements (What is marketing?).
Advent of computerization and globalization in the marketing trends is changing the perspectives of the marketing. The world has come closer in terms of economics, availability of funds, availability of raw material and also the finished products along with the promotion of sales through advertising. This has raised the demands of the consumers and has given a new twist in the marketing strategies. The world markets are connected through internets and are updated about the latest trends (Has the Definition of Marketing Changed?).
This has proved to provide both, positive and negative implications on the customers. Every business strive to provide helpful commodities to the customer, to prove its supremacy and dominance in the market they adopt different marketing strategies along with the price tags and various schemes and offers that were not prevalent in the past. Different companies endeavor different policies to retain their customers. This changing scenario is providing opportunities to the skilled potentials to thrive in the growing competitive environment while creating lacunae for others (Has the Definition of Marketing Changed?).
Innovation in every aspect is the key requirement of the survival. It is essential for the marketer to persuade the buyer for their products, although it requires lot of skills and practice to stay as a rock in the cut-throat competition. Innovation should bring customer satisfaction and therefore feedback from the customers has become the prime requisite of the present marketing trend. For this it is essential that the product must be introduced with a good communication skill with promotion of the benefit it is capable of providing to the consumers. The trend has changed from the seller to the buyer’s market (Has the Definition of Marketing Changed?).
The feedback from the customer is becoming vital criterion for the endurance of the business. This was not prevalent in the past. Customer satisfaction is becoming the holistic approach for the business. This has thrown impact not only on the economy of the nations but also on the world trade and world market. The repercussion of this aggressive and ruthless competition and changing trends in business is witnessed in terms of environmental hazards and also the demolition of ethics/ morals and humane (Has the Definition of Marketing Changed?).
References:
1. What is marketing?
http://www.marketingteacher.com/Lessons/lesson_what_is_marketing.htm
2. Has the definition of Marketing Changed?
http://www.captureplanning.com/articles/69961.cfm? Read More
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