Marketing tools and product development

Essay by beds October 2008

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OverviewMarketing is a very general term that has no specific definition to it. However, it is best described as "A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others" (Kotler, Brown, Adam and Armstrong, 2004, p919). It is an understanding of how the company works with its consumers and how it generates in the society. Marketing is seen to be the process of 'bringing in the businesses'. It is not seen to be an alternative, but a necessity (Forsyth, 2004, pg34). Many people consider marketing as a tactic. However it is more than just a tactic. Marketing is analysis. According to Allen Weiss (2002), marketing is the analysis of customers, competitors, and a company by incorporating the understanding of competitive analysis and company capabilities into a general understanding of what the existing segments are. It is crucial in marketing to have a clear knowledge of the needs, wants and demands of the consumers.

To achieve this, market research is carried out. By going through a market research, Proton can find out more information on what consumers think of Proton's product. Upon getting the information, Proton can make adjustments and improve products to satisfy consumers' needs, wants and demand.

Why Marketing is Important.

"Marketing management is accomplished by carrying out marketing research, planning, implementation, and control" (Kotler, 2004). Marketing plays a major role in every business. It is very important as it contributes to the profitability of the company itself. "Relationship marketing involves creating, maintaining and enhancing strong, value-laden relationship with customers and other stakeholders. "They must build strong economic and social ties by promising and consistently delivering high quality products, good service and fair prices," (Kotler, Brown, Adam and Armstrong, 2004, p11). Furthermore, when both...