Discussion and Review Questions
What is marketing? How did you define the term before you read this chapter?
Target customers is a potential group of purchasers that can be catered by the company.
Marketing is a process that identifies the consumer's needs and wants and aims to work towards meeting their expectation. This includes activities such as creating ideas, promoting the unique proposition, distribution, pricing of the goods and services, developing a relationship with consumers, and delivering value to the consumer.
To many, marketing is understood as the same as sales. Sales include the activities involving the promotion and selling of the goods and services while marketing includes the techniques and the methods for the sales. Thus selling becomes a part of marketing. However, with the understanding of the definition of marketing, it is clear that marketing is a broader and a complex concept.
Marketing is the set of activities performed by an organization to satisfy the needs of its target customers. These activities include manufacturing, distribution, promotion, communication, price setting, establishment of relationships, etc.
Earlier, people usually thought that marketing is similar to the sales. They also associate this concept with advertising.