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Practice Reading: Fill in the Blanks (Dropdown)
ID: #5435
Marketing 2
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What is marketing? Many people think of marketing only as selling and advertising. And no - every day we are bombarded with television commercials, direct-mail offers, sales calls and internet pitches. However, selling and advertising are only the tip of the marketing iceberg.
Today marketing must not in the old sense of making a sale - 'telling and selling' - but in the new sense of satisfying customer needs. If the marketer does a good job of understanding consumer needs, develops products and that provide superior customer value, and prices, distributes and promotes them effectively, their products will sell easily. Thus selling and advertising are only part of a larger 'marketing mix' - a set of marketing tools that work together to satisfy customer needs and build customer relationships.
Broadly defined, marketing is a social and process by which individuals and organisations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers. Hence, we define marketing as the process by which companies value for customers and build strong customer relationships in order to capture value from customers in return.
Today marketing must not in the old sense of making a sale - 'telling and selling' - but in the new sense of satisfying customer needs. If the marketer does a good job of understanding consumer needs, develops products and that provide superior customer value, and prices, distributes and promotes them effectively, their products will sell easily. Thus selling and advertising are only part of a larger 'marketing mix' - a set of marketing tools that work together to satisfy customer needs and build customer relationships.
Broadly defined, marketing is a social and process by which individuals and organisations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers. Hence, we define marketing as the process by which companies value for customers and build strong customer relationships in order to capture value from customers in return.
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