Marketing definitions according to the book of Adcock,Halborg & Ross; Marketing principles and practice book are the following:
'' Marketing involves an exchange process and this is central to one of the simplest accepted definitions of Marketing which is: Marketing is the study of exchange processes especially those associated with the provision of goods and services. However while this is a clearly focused and concise definition, this aspect is better addressed in the definition proposed by the celebrated American author of marketing textbooks, Philip Kotler: Marketing is the human activity directed at satisfying needs and wants through an exchange process. (Kotler, 1980).
Since 1980 Kotler's definition has developed: Marketing is 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, 1999).
There are many other useful and equally acceptable definitions. The one preferred by the British Chartered Institute of Marketing (CIM) is: Marketing is the management process responsible for identifying, anticipating and satisfying customers' requirements profitably.
Practical view
For me, marketing is very important and visible part of my life. First of all studying in a business school, business students encounter marketing even more frequently than others. But in general every person has to go through several thousands of marketing vehicles per day. Since it's all around us, everybody does it all the time. Including you! :)
In my opinion, marketing and all of it's aspects are great, since it makes life interesting, colourful and through marketing channels you get to find out about so many things that you wouldn't normally never hear about. So in my opinion it can also act as a educating piece of instrument for people. The downsides of it might be the questionability of the marketing methods used. Not everybody says the truth nor is it always recommended. But often times becauseo of this, consumers are at a loss in this market world that is taking us for a rollercoaster ride. You lose track of whats the truth and whats a lie. Overall i love seeing ads, commercial outside, it even makes the environment look more interesting. But i absolutely hate tv commercials, since i don't want to be listening or watching them in the middle of my favourite program or movie. The 21st century is going more interactive everyday with the use of internet. So this new marketing channel; the internet, in my opinion it's a great idea and because you can in many cases control whether or not you watch the pop-ups for example etc.
Development of marketing
Marketing is now entering a new era, the dawning of the 21st century has brought with it a dynamic and exciting new dimension for both consumers and companies alike, a radical change in how companies and their customers interact is possible with the new technology now available. This technological revolution for sourcing information will alter the way in which many companies conduct their business. Marketing will change and develop, as e-commerce becomes increasingly more important.
This gives the following opportunities for e-business:
The opportunities that the improvement in technology provies can help organisations in the following ways:
1. Improved communication and collaboration between employees.
2. More efficient supply chain management.
3. Increased information exchange with suppliers.
4. Superior access to new markets and customers.
Until next time, stay tuned!
Author: Hezha Sadek Muhammad
Sources:
Marketing principles & practice,4th edition (2001 Adcock, Halborg & Ross).
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