Other approaches[ edit ] The choice of competitive strategy often depends on a variety of factors including:
Definition[ edit ] 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. 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 Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably. However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science,  [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.
Concept[ edit ] 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.
Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: 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.
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. When needs and wants are backed by the ability to paythey have the potential to become economic demands. Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs.
A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality. The approach is most effective when the firm has deep insights into customers and their needs and desires derived from research and or intuition and understands consumers' quality expectations and price they are willing to pay.
For example, Sony Walkman and Apple iPod were innovative product designs that addressed consumers' unmet needs. Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing.
Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible. A meta analyses  has found that the factors with the greatest impact on sales performance are a salesperson's sales related knowledge knowledge of market segments, sales presentation skills, conflict resolution, and productsdegree of adaptiveness changing behaviour based on the aforementioned knowledgerole clarity salesperson's role is to expressly to sellcognitive aptitude intelligence and work engagement motivation and interest in a sales role.
A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation.
The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries. Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing.
It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. A firm in the market economy can survive by producing goods that persons are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firm 's future viability and even existence as a going concern.
In this sense, a firm's marketing department is often seen as of prime importance within the functional level of an organization. Information from an organization's marketing department would be used to guide the actions of other department's within the firm.
As an example, a marketing department could ascertain via marketing research that consumers desired a new type of product, or a new usage for an existing product.Featured.
McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. The Marketing Mix, also known as the 4 P's of Marketing, is the combination of product, price, place (distribution), and promotion. Marketing Strategy Your marketing strategy is an explanation of the goals you need to achieve with your marketing efforts.
Your marketing strategy is shaped by your business goals.
Your business goals and your marketing strategy should go hand-in-hand. Marketing Module David F. Miller Center for Retailing Education and Research page 3 Outline Merchandising Management Pricing Management Retail Communication.
Digital marketing strategy: How to structure a plan? definition. A digital marketing strategy is a channel strategy which means that it should. Be informed by research into customer channel behaviour and marketplace activity .
What is omni-channel retail?
Omni-channel retail is a modern approach to commerce that focuses on designing a cohesive user experience for customers at every touchpoint.