Marketing is the process of communicating the value of a
product or service to customers. Marketing might sometimes be
interpreted as the art of selling products, but selling is only a small
fraction of marketing. As the term "Marketing" may replace "Advertising"
it is the overall strategy and function of promoting a product or
service to the customer.
From a societal point of view, marketing is the link between a
society’s material requirements and its economic patterns of response.
Marketing satisfies these needs and wants through exchange processes and
building long term relationships. The process of communicating the
value of a product or service through positioning to customers.
Marketing can be looked at as an organizational function and a set of
processes for creating, delivering and communicating value to customers,
and managing customer relationships in ways that benefit the
organization and its shareholders. Marketing is the science of choosing
target markets through market analysis and market segmentation, as well
as understanding consumer buying behavior and providing superior
customer value.
There are five competing concepts under which organizations can
choose to operate their business; the production concept, the product
concept, the selling concept, the marketing concept, and the holistic
marketing concept. The four components of holistic marketing are
relationship marketing, internal marketing, integrated marketing, and
socially responsive marketing. The set of engagements necessary for
successful marketing management includes, capturing marketing insights,
connecting with customers, building strong brands, shaping the market
offerings, delivering and communicating value, creating long-term
growth, and developing marketing strategies and plans.
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