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MKT607 – lectureaid_1

MKT607 – lectureaid_1 - MKT607 Marketing...

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MKT607 – Marketing Management Study aid: Lecture 1 Introduction The purpose of studying marketing is ultimately to sharpen one's ability to discover and respond to business opportunities and problems. Marketing is not just advertising, selling, distribution, pricing, consumer behavior, or promotion. These are all subsets of marketing. To coordinate these marketing components requires that executives take a strategic view of the marketing function. This long-term perspective should reflect the larger corporate strategy and direction, and be flexible enough to adapt to changing competitive conditions. What is Marketing? It is said of marketing that everyone is in the service business and everyone has a product. Therefore, a definition for marketing could be as follows: Marketing concentrates on the relationship between an organization and its market, and is the intentional process of creating and maintaining the relationship of customers at a profit. It is what a company says and does – its marketing strategy and tactics. Marketing Concept The marketing concept is a reminder of the purpose of a business, namely, to anticipate and respond to customers' needs in a way that not only meets but also exceeds those needs. Peter & Donnelly (2007) state,
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