WHAT IS MARKETING? (1) Marketing, more than any other business function, deals with customers. Although we will soon exp

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WHAT IS MARKETING? (1) Marketing, more than any other business function, deals with customers. Although we will soon explore more detailed definitions of marketing, perhaps the simplest definition is this one: Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customer numbers by delivering satisfaction. (2) For example, McDonald's fulfills its "i'm lovin' it" motto by being "our customers' favourite place and way to eat" the world over, giving it nearly as much market share as its nearest four competitors combined. Walmart has become the world's largest retailer-the world's second-largest company-by delivering on its promise, "Save Money. Live Better." Facebook has attracted more than a billion active web and mobile users worldwide by helping them to connect and share" with the people in their lives. (3) Good marketing is critical to the success of every organization. Large for-profit firms, such as Google, Procter & Gamble, Toyota, and Microsoft, use marketing. But so do not-for-profit organizations, such as universities, hospitals, museums, symphony Orchestras, and churches. even
(4) You already know a lot about marketing - it's all around you. Marketing comes to you in the good old traditional forms: You see it in the abundance of products at your nearby shopping mall and in the ads that fill your TV screen, spice up your magazines, or stuff your mailbox. But in recent years, marketers have assembled a host of new marketing approaches: everything from imaginative websites and mobile apps to blogs, online videos, and social media. These new approaches do more than just blast-out messages to the masses. They reach you directly, personally, and interactively. Today's marketers want to become a part of your life and enrich your experiences with their brands- to help you live their brands. (5) Whether at home, at school, where you work, or where you play, you see marketing in almost everything you do. Yet, there is much more to marketing than meets the consumer's casual eye. Behind it all is a massive network of people and activities competing for your attention and purchases.
Marketing Defined (6) What is marketing? Many people think of marketing as only selling and advertising. We are bombarded every day with TV commercials, catalogues, spiels from salespeople, and online pitches. However, selling and advertising are only the tip of the marketing iceberg. (7) Today, marketing must be understood not in the old sense of making a sale-telling and selling" - but in the new sense of satisfying customer needs. If the marketer engages consumers effectively, understands their needs, develops products that provide superior customer value, and prices, distributes, and promotes them well, well, these products will sell easily. In fact, according to management guru Peter Drucker, "The aim of marketing is to make selling unnecessary" (Kotler & Keller, 2012, p. 5). Selling and advertising are only part of a large marketing mix. The marketing mix is a set of marketing tools that work together to satisfy customer needs and build customer relationships.
(8) Broadly defined, marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, valuable exchange relationships with customers. Hence, marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Source: Armstrong, G., Kotler, P., Trifts, V., & Buchwitz, L. (2017). Marketing: An Introduction (6th Canadian ed., pp. 5-6). Toronto, ON: Pearson.
According to paragraph 1, what is the purpose of marketing? Your answer: to build profitable relations with customers and focus solely on selling products in return to enforce companies to create relations with customers and force customers to buy company products to increase the number of the customers by assuring that they get maximum benefit and satisfaction to create values for only companies to build profitable relations with organizations
According to paragraph 4, what are the new marketing strategies firms apply recently? Your answer: informing customers about the products through TV, magazines and mail using a combination of technological and traditional ways of advertising sending multiple messages to numerous recipients at once reaching potential customers indirectly
What does the writer mean by stating that "there is much more to marketing than meets the consumer's casual eye?" Your answer: Today's marketers want to become a part of the consumers' lives. Marketers reach consumers directly, personally, and interactively. There is a massive network of apps that are used in the advertising business. There is a massive network of people and activities competing for attention and purchases of potential customers.
Decide whether the following statement is TRUE or FALSE. "The distinctive difference between Starbucks and a public library is that the former aims to make profit whereas the latter does not." Your answer: True False Clear answer Question 20 Decide whether the following statement is TRUE or FALSE. "Both for-profit and not-for-profit organizations use marketing." Your answer: True False