1) Define marketing and marketing management and discuss the scope of marketing.
The formal definition of marketing according to the American Marketing Association is that “marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and stake holders.” Kotler and Keller define marketing management as “the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior value.” In short, they define it as “meeting needs profitably.”
Most people usually assume that marketing means selling a product but according to Peter Drucker that is only one aspect. He looks at marketing in a more holistic manner. Marketing is art of understand the consumer needs and cater to them in the form of products and services. A marketer’s goal should be to look for what a consumers needs in his life. For example who ever came up with the idea of making ice trays capitalized on the need that people already had. People like cold water; who ever caught onto that first and was able to develop a product that fulfilled that need appropriately was basically creating something that would sell as a guarantee.
In consumer driven economies today the scope of marketing is endless. Goods, services, events, experiences, persons, places, properties, organizations, information, and ideas are all marketed. Everywhere you look there is some sort of marketing present. Some examples of goods being marketed are tv’s, food items, clothes, and cars. Along with goods, services are the also marketed. For example, hotels provide a service to the customers who stay in their rooms. Car renting is a service. The car renting service and the car both need to be marketed. Events such as concerts and award shoes are also marketed to sell tickets, get publicity and generate revenue. One of the most important and essential kinds of marketing is experiential marketing. For example, Walt Disney World does not sell a ticket to an amusement park; it sells an experience of a fantasy world that every child dreams to be a part of. People, places, properties, organizations are all also a part of the marketing scope. Nike endorses Michael Jordan whose popularity publicizes the NBA.
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