ABSTRACTThis paper discusses Marketing and its overview, marketing concept and strategies. It aims to discuss the following: Major advantages of the marketing conceptThe key benefits of Michael Porter’s strategiesThe difference between differentiation and segmentation. The American Marketing Association (AMA) defines Marketing as: “The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods or services to create exchanges that will satisfy individual and organizational objectives. ”This definition focuses attention on the behavior of an organization and how it generates value for customers. It affects all organizational functions, whether the business is concerned with fast-moving consumer goods or services, industrial or business-to-business marketing.
It shows that marketing is a complicated process that involves many different people and organization. Marketing does not simply focus on selling and advertising. It is an approach that seeks to uncover what the customer requires and to convert this knowledge into products that are distributed and promoted in ways that will provide for the satisfaction of all concerned. MARKETING CONCEPTIt is important to look more closely at the core concepts or basic elements. It can be identified as: Needs and WantsA need is a deprivation of some basic satisfaction, for example the need for food, shelter, clothing and belonging.
Wants, on the other hand, are for specific items that can satisfy those needs, so that an individual may need to eat, but wants to consume either a certain type of food, or to eat at a certain restaurant. Unlike needs, which are a basic feature of all human society, wants are shaped by social forces and are influenced by such things as the peer group, the media and the business and political system. 2.
ProductsProducts are anything offered to an individual to satisfy a need or want – including intangibles such as services. Services are provided by persons, places, activities, organizations or ideas, and can be delivered through physical objects such as an aircraft that provides transportation. The term product can cover anything capable of delivering the satisfaction of a want or need, which is an important consideration as many firms may be tempted to concentrate on tangible products rather than services or benefits those products provide. This is marketing myopia, a failure to recognize the scope of the business through focusing too narrowly on the product. Value and SatisfactionMarketers will have to face up to this issue if the successful sale of a product that satisfies a particular need or want is to be realized.
All consumers have a series of alternatives to choose from, but this is best understood by looking at the value derived from the use of a product that satisfies a set of goals. Exchange utility and transactionFor marketing to come into its own, an understanding of needs, wants and value is not enough.
Exchange is the act of acquiring a product by offering something in return. Each party must, therefore, possess something of value that the other desires. The objective of marketing exchange is to receive something that is desired more than that which is given up. This concept focuses attention to customer satisfaction.