In your opinion what essential concepts should be included in a definition of marketing?

Essay by jessicagUniversity, Master'sB, February 2003

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Marketing is a managerial process by which organizations identify, anticipate and satisfy target customer needs and wants better than the competitors do so as to build a mutually beneficial long term relationships. Marketing is an ongoing process. Developing the 4P's (Product, Price, Place, Promotion) is also essential.

The Core marketing concepts however are the most crucial. Firstly there are needs. This is the root. Needs are divided into three (Physical, Social, Individual). A physical need is a need which is believed to improve your performance etc. A social need is a way of fitting in, whilst an individual need is a means of self - expression. A need quickly turns into a want. A want basically is a need but with a specific product in mind. A want backed by purchasing power becomes a demand. Then a product must be bought. A product may be a good, service, person, idea etc.

A company must be very careful as to not fall into marketing myopia and focus on quality at the wrong stage.

Then customer value is sought after. This is what values did the customer obtain by using this product against what he/she paid for it. After this customer satisfaction is considered. This is the amount of satisfaction the customer gained from using the product against his/hers expectation. There are three stages of satisfaction; satisfied, unsatisfied, and delighted. If the customer is delighted than the company has superseded and expectations or doubts the customer had about the product and part of a relationship has been built. After, quality is the next important step. This is measured on the products ability to satisfy customers, not technologically. Nowadays marketers have adopted what is called the TQM (Total Quality Management) to ensure satisfaction. TQM is the basis for quality.