StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Definition and Scope of Marketing - Essay Example

Cite this document
Summary
This paper 'The Definition and Scope of Marketing' tells us that organizations produce goods and services that they offer to consumers in competitive environments. The environments identify many players and require initiatives for attracting and retaining customers for an organization’s sustainability and growth…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.6% of users find it useful
The Definition and Scope of Marketing
Read Text Preview

Extract of sample "The Definition and Scope of Marketing"

In addition, the scope of the definition of marketing identifies a dual approach to information transfer between an entity and its stakeholders (Taylor 2010, p. 152).

Many definitions however exist for marketing. CIM, for example, defined marketing as follows.

Marketing is ‘the management process of anticipating, identifying, and satisfying customer requirements profitably.’

This definition is valid because it identifies with the American Marketing Association’s (AMA’s) definition. The CIM’s definition of marketing focuses on customers’ utility and organizations’ profitability. Even though the AMA’s definition does not focus on profit motive for an organization’s engagement in marketing, this is trivial from the scope of corporate ventures that profit motive drives. Such a scope validates CIM’s definition of marketing as a strategy to profit optimization by a business organization and is consistent with organizations’ initiatives for efficiencies and effectiveness that can result in low production costs for higher profit margins and economies of scale advantage. CIM also identifies customer utility as a driver to marketing initiative and this is reflexive of the definition of marketing according to AMA. According to AMA, the focus of marketing is to meet customers’ needs, at individual and societal levels. The CIM’s definition of marketing also identifies, though not directly, associated activities with marketing that AMA outlines. Anticipating and identifying customers’ needs, for example, involves exploration of background information into customers’ needs for the creation of information or commodities while satisfying such needs relates to communication and transfer of utilities for customers’ satisfaction. CIM’s definition is further consistent with AMA’s previous definitions of marketing that identified focus on business undertakings and development of values for customers. With the reliability of AMA as an information source on marketing, the CIM’s definition is valid and reliable because it corresponds with AMA’s key features of the concept and meaning of marketing (Taylor 2010, p. 152).

Two aspects of the CIM’s definition of marketing explain the possible roles of marketing in helping businesses to create demand for products and services. Identification of customers’ needs is one of the ways and may occur through strategies such as market research or sensitivity to customers’ needs. Identifying non-necessity needs such as increased level of comfort in a car model, availing products and services for satisfying the needs, and communicating the presence and features of the products or services is an example of the role of marketing in creating demand. Ensuring that customers derive a satisfactory level of utility is another strategy through which businesses can create demand. Developing a smartphone with more features is an example and improves utility and not only retains customers but also attracts more customers towards higher demand.

Marketing refers to the set of organizations and activities that aim at satisfying consumers and ensuring profit optimization for organizations. CIM’s definition identifies these objectives and activities for achieving objectives and is, therefore, a valid definition for marketing. Identifying and satisfying customers’ needs are some of how businesses can create demand for their products and services.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Marketing is The management process of anticipating, identifying and Essay - 1”, n.d.)
Marketing is The management process of anticipating, identifying and Essay - 1. Retrieved from https://studentshare.org/marketing/1630142-marketing-is-the-management-process-of-anticipating-identifying-and-satisfying-customer-requirements-profitably-cim-2001
(Marketing Is The Management Process of Anticipating, Identifying and Essay - 1)
Marketing Is The Management Process of Anticipating, Identifying and Essay - 1. https://studentshare.org/marketing/1630142-marketing-is-the-management-process-of-anticipating-identifying-and-satisfying-customer-requirements-profitably-cim-2001.
“Marketing Is The Management Process of Anticipating, Identifying and Essay - 1”, n.d. https://studentshare.org/marketing/1630142-marketing-is-the-management-process-of-anticipating-identifying-and-satisfying-customer-requirements-profitably-cim-2001.
  • Cited: 2 times

CHECK THESE SAMPLES OF The Definition and Scope of Marketing

The nature and scope of marketing

The nature and scope of marketing Over the past years, the argument on marketing nature and scope has continued to build up.... The scope of marketing is classified to include; first, the study of the needs and wants of a consumer, the aim of production of goods is to satisfy different human wants.... The base of marketing is known to be production.... Production will lack purpose if the produced goods are not delivered to the targeted consumers using proper mechanisms of marketing....
10 Pages (2500 words) Essay

Ethics and Marketing

This paper is to delve on the existing and emerging definitions of marketing and the way they cater to the scope and need for an ethical conduct in the marketing operations and the ways and means in which the marketers can quantify and evaluate the ethical conduct in the strategies adopted by them.... It is essential to inculcate the concept of ethics in the area of marketing as it is a discipline that is directly connected with all facets of contemporary life....
12 Pages (3000 words) Essay

E-marketing: Advantages and Limitations

roadly viewed, the essence of marketing is a transaction - an exchange.... -marketing or electronic marketing refers to the application of marketing principles and techniques via electronic media and more specifically the Internet.... Marketing is the process of marketing a brand using the Internet.... hat is eMarketingeMarketing is essentially part of marketing.... The marketing activities of a company, because they act directly on the consumer, do most to shape this image and thus must be developed with great care....
9 Pages (2250 words) Essay

Relationship Marketing Theory

The rapidity of the evolutionary process experienced within the field of marketing and have furnished fertile grounds for a conceptual and ideological debate.... The first relates to whether the controversy is reflective of disagreement over the marketing concept and the functions embraced therein, and the second to whether the evolution of the marketing concept has been such that a disconnect between the original function and intent of marketing and its current purposes and ends have developed....
7 Pages (1750 words) Literature review

The Contribution that the Marketing Concept Can Make to the Overall Effectiveness of an Organisation

The aim of this paper is to outline the major changes in marketing management and the contribution of marketing to firm effectiveness.... Measuring the contribution of marketing to the overall firm performance has become a crucial part of the marketing management function.... During the last few decades marketing has been challenged to undertake a paradigm shift away from the view of marketing as an optimization problem with an emphasis on product, price, promotion, and distribution and toward a conceptualization of marketing as a set of activities focused on intra-firm and inter-organizational influence processes....
8 Pages (2000 words) Assignment

Ecotourism - Buzzword of the New Millennium

One example of regulation of a term is the use of the terms: recyclable and made from recycled materials are governed in the USA and Canada by strict definitions plus detailing the percentage of composition which must fit the definition before any company can use the words or internationally recognized logos on their labels or in their advertising.... Are the criteria for measuring the success or failure of the project to meet the definition (within the article) of eco-tourism carefully explained?...
15 Pages (3750 words) Essay

Four Dimensions of Social Responsibility

One such definition tells us that CSR is “a.... In another definition Watts and Holme defines CSR as “the continuing commitment by business to behaving ethically and to economic development while improving the quality of life of the work force and their family as well as the community and society at large” (cited in Sims, 2003)....
7 Pages (1750 words) Essay

Ethics and Marketing

The paper delves on the existing and emerging definitions of marketing, the way they cater to the scope and need for ethical conduct in the marketing operations, and the ways and means in which the marketers can quantify and evaluate the ethical conduct in the strategies adopted by them.... To usher in an ethical approach in marketing it is a must that the marketers scale over the traditional utilitarian notions of marketing and allow for a definition of marketing that accommodates non-business activities....
14 Pages (3500 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us