Best Practice Approach in Marketing Essay Example | Topics and Well Written Essays - 2000 words

Best Practice Approach in Marketing - Essay Example 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. 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 mutually beneficial process. Marketing is very dynamic function and its definition has been evolving through time. In 1985, The American Marketing Association defined marketing as â€Å"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.† In 2004 the definition was changed to â€Å"Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing custo mer 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 â€Å"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 of that value. Target market is a very key marketing element. An organizational cannot produce enough to satisfy all the needs of all the people. It has to target the customers whom it feels it can satisfy through its organizational processes in a mutually beneficial way.... ting 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 of that value. Elements of the Marketing Concept (200) Target market is a very key marketing element. An organizational cannot produce enough to satisfy all the needs of all the people. It has to target the customers whom it feels it can satisfy through its organizational processes in a mutually beneficial way. It has to evaluate itself and the market to find who it can cater too The second key element of the marketing concept is trying to satisfy the needs and wants of the customers of the selected target market. For this purpose 4 elements are identified and called the marketing mix. (Frederick Crane, 2003) These are controllable variables which are used to increase the level of satisfaction for the customer. These elements are: 1- Product- It is what the organization wants to sell to the customer considering the value and benefits it will produce for the customer. 2- Price- It is the price that the customer will have to pay to attain the product to satisfy his needs. 3- Place- It is where the product is going to be sold, in retail stores, in exclusive stores, what distribution channel will be used to make the product accessible. Place should always be selected as per the convenience of the customer. 4- Promotion- It is the type of promotional tools used to promote the product, like advertising, package design, sales techniques and personal relations tactics. Promotion should be able to communicate things that needed to be told to the customer, very well. Coordinated