Introduction to Marketing Assignment Jake Smyth
I work for business link and I have been asked to produce a report that will help local businesses market their products more effectively.
Task 1a - What is marketing? (P1)
In order to answer this assignment, I will give a number of marketing definitions and comment on them.
Here are a few definitions that I was able to find on the internet
" Marketing is the social process by which individuals or groups obtain what they need and want through creating and exchanging products and values with others. " , Kotler.
I think this is a good, solid definition. It explains that it involves the exchange of goods as well as services between many different groups and people.
" Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably. " , The Chartered Institute of Marketing .
This definition goes into more depth about market research.
It does not explain that it involves the exchange of goods, but it does explain the principles of market research which is crucial for a business to succeed in a market.
" The right product, in the right place, at the right time, at the right price. " Adcock .
I think this definition is a bit too vague. It only explains (some of) the constituents of the marketing mix but does not go into any detail about the process of marketing.
After analysing these definitions, I have decided to develop my own definition for marketing. I will use the basic principles from many definitions to create a compact and detailed definition. Here is my attempted definition:
Marketing is the concept of building mutual relationships with customers and other businesses within a market and the process of analysing the current requirements, anticipating future...