Marketing - Wikipedia

BSBMKG414B Undertake marketing activities - training



Marketing Activities: May 1949 (Classic Reprint)

130 E. Randolph St.,
22nd Floor,
Chicago, IL 60601
Tel:(800)AMA-1150 or
(312)542-9000
Fax:(312)542-9001

Marketing is the study and management of exchange relationships . [1] [2] Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. [3]

Marketing is defined by the American Marketing Association as "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." [4] The term developed from the original meaning which referred literally to going to market with goods for sale. From a Sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction. [5]

The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably." [6] A similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value . [7] In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage." [7]

Marketing practice tended to be seen as a creative industry in the past, which included advertising , distribution and selling . However, because the academic study of marketing makes extensive use of social sciences , psychology , sociology , mathematics , economics , anthropology and neuroscience , the profession is now widely recognized as a science, [8] [ not in citation given ] allowing numerous universities to offer Master-of-Science (MSc) programs. [9] [ not in citation given ]

The process of marketing is that of bringing a product to market. As such, the steps include, broad market research; market targeting and market segmentation ; determining distribution, pricing and promotion strategies; developing a communications strategy; budgeting; and visioning long-term market development goals. [10] Many parts of the marketing process (e.g. product design , Art direction , Brand management , advertising , Copywriting etc.) involve use of the creative arts.

The 'marketing concept' proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. This concept originated from Adam Smith's book  The Wealth of Nations,  but would not become widely used until nearly 200 years later. [11] Marketing and marketing concepts are directly related.

It takes a lot of time and effort to develop and maintain a marketing campaign that resonates with your intended audience. As a strategic thinker, however, the development of a marketing campaign takes even more consideration. After all, we're always searching for ways to gain the oh-so important competitive edge.

There are times, though, when we all hit the proverbial wall. If you find yourself in that situation, then you may want to check out these fifteen marketing strategies that will definitely spark your creative energy.

Marketing partnerships  have a number of benefits to push a marketing campaign. For starters, when you collaborate with someone else, you tend to deliver better content. On top of that, marketing partnerships are cheaper to create, see success more quickly, and expose your brand to a new audience.

For example, prior to being acquired by eBay, Half.com worked the town of Halfway, Oregon, to change its name to Half.com in exchange for stock, Internet access, and other giveaways. The tactic gained a lot of attention for the textbook rental company. Another example was when Converse teamed up with Guitar Center to record music entitled "Rubber Tracks." The content was then used to create a series of YouTube videos that focused on the musicians.

According to a  survey of 839 millennials , they spend "5.4 hours a day with content created by their peers. This represents 30 percent of their total media time and is rivaled only by all traditional media types combined (print, radio, and television, at 33 percent)." In the same survey, "Millennials reported that UGC is 20 percent more influential on their purchase decisions than other media."

You can achieve this by having customers share personal stories (Estee Lauder's international  breast cancer action campaign ), exchange ideas (Salesforce's  Idea Exchange ), and by giving them the tools to make an ad for you ( Nissan's VersaVid campaign  that was shared on Instagram and Vine) or through humor (Doritos Roulette bags).

130 E. Randolph St.,
22nd Floor,
Chicago, IL 60601
Tel:(800)AMA-1150 or
(312)542-9000
Fax:(312)542-9001

130 E. Randolph St.,
22nd Floor,
Chicago, IL 60601
Tel:(800)AMA-1150 or
(312)542-9000
Fax:(312)542-9001

Marketing is the study and management of exchange relationships . [1] [2] Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. [3]

Marketing is defined by the American Marketing Association as "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." [4] The term developed from the original meaning which referred literally to going to market with goods for sale. From a Sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction. [5]

The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably." [6] A similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value . [7] In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage." [7]

Marketing practice tended to be seen as a creative industry in the past, which included advertising , distribution and selling . However, because the academic study of marketing makes extensive use of social sciences , psychology , sociology , mathematics , economics , anthropology and neuroscience , the profession is now widely recognized as a science, [8] [ not in citation given ] allowing numerous universities to offer Master-of-Science (MSc) programs. [9] [ not in citation given ]

The process of marketing is that of bringing a product to market. As such, the steps include, broad market research; market targeting and market segmentation ; determining distribution, pricing and promotion strategies; developing a communications strategy; budgeting; and visioning long-term market development goals. [10] Many parts of the marketing process (e.g. product design , Art direction , Brand management , advertising , Copywriting etc.) involve use of the creative arts.

The 'marketing concept' proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. This concept originated from Adam Smith's book  The Wealth of Nations,  but would not become widely used until nearly 200 years later. [11] Marketing and marketing concepts are directly related.



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