Marketing - From the beginning

Marketing is the process of communicating the value of a product or service, in order to sell that product or service. Marketing is the link between a consumer’s material requirements and its economic needs. Marketing satisfies, not only, these needs and wants through the exchange processes, but also can build long term relationships.
Marketing is a process for creating, delivering and communicating value to customers, and then managing subsequent relationships. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.
Four competing concepts under which organizations can choose to operate:
  1. production concept
  2. product concept
  3. selling concept, or
  4. marketing concept

Four components of holistic marketing are:

  1. relationship marketing
  2. internal marketing
  3. integrated marketing, and
  4. socially responsive marketing

Engagements necessary for successful marketing management includes:

  1. capturing marketing insights
  2. connecting with customers
  3. building strong brands
  4. shaping the market offerings
  5. delivering and communicating value
  6. creating long-term growth, and
  7. developing marketing strategies and plans