Contemporary Overview Of Marketing

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Pages: 14

Contemporary Overview of Marketing
Prepared For Emmanuel Mensah Asiedu Guildhall College

PREPARE BY SAMSUL HUSSAIN ID: 0011799

Submission Date: 22 September, 2010

Table of Contents
INTRODUCTION..................................................................................................................................... 3 P1. Comparison of alternative definition of marketing ..................................................................... 4 P2. Main characteristics of marketing oriented organisations ....................................................... 6 P3. Various elements of the marketing concept ............................................................................... 7 P4. Benefits and costs of a marketing approach ............................................................................... 9 P5. Macro and micro environmental factors that influence marketing decisions........................ 10

1. Macro Environment........................................................................................................... 10 2. Micro Environment ........................................................................................................... 11
P6. Segmentation criteria for two products in different markets .................................................. 12 P7. Factor that influence the choice of targeting strategy ............................................................ 13 P8. Buyer behaviour in two different buying conditions ............................................................... 15 P15. Marketing products and services to organisations rather than consumers ....................... 16 P16. International marketing differ from domestic marketing ....................................................... 17 REFERENCES ...................................................................................................................................... 18

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INTRODUCTION
Marketing is the process by which companies create customer interest in products or services. It generates the strategy that underlies sales techniques, business communication, and business development. Marketing is a management process through which goods and services move

from concept to the customer. As a philosophy, it is based on thinking about the business in terms of customer needs and their satisfaction. As a practice, it consists in coordination of four elements called 4P's: (1) Identification, selection, and development of a product, (2) Determination of its price, (3) Selection of a distribution channel to reach the customer's place, and (4) Development and implementation of a promotional strategy.

Marketing differs from selling because (in the words of Harvard Business School's emeritus professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to

discover, create, arouse, and satisfy customer needs.

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P1. Comparison of alternative definition of marketing

According to the Chartered Institute of Marketing the definition of marketing is as below: In the fast-moving world of business, definitions rarely stay the same. Marketing has been described as “The management process responsible for identifying, anticipating and satisfying customer requirements profitably”

The following definitions were approved by the American Marketing Association Board of Directors: “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”. (Approved October 2007 Understanding customer needs will help to define new market opportunities and…