Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”The term developed from the original meaning which referred literally to going to market with goods for sale. From a sales process engineering perspective, marketing is “a set of processes that are interconnected and interdependent with other functions” of a business aimed at achieving customer interest and satisfaction.
The ‘marketing concept’ proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith’s book The Wealth of Nations, but would not become widely used until nearly 200 years later. Marketing and Marketing Concepts are directly related.
Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential:
Needs: Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: a dysfunction or death. Needs can be objective and physical, such as the need for food, water, and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.
Wants: Something that is desired wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups.
1. Develop customer relationships and value through marketing. (
2. Link marketing and corporate strategies.
3. Scan the marketing environment.
4. Discuss ethics and social responsibility in marketing.
5. Define consumer behavior
6. Recognize organizational markets and buyer behavior.
7. List ways to reach global markets.
8. Turn marketing information into action.
9. Identify market segments and targets.
10. Develop new products and services
11. Discuss the management of products, services, and brands.
12. Formulate pricing strategies for products and services.
13. Create strategies for managing marketing channels and supply chains.
14. Define retailing and wholesaling.
15. Integrate marketing communications and direct marketing
16. Analyze advertising, sales promotion, and public relations.
17. Define personal selling and sales management.
18. Implement interactive and multi channel marketing.
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