Introduction to Marketing - 21178 Words

INTRODUCTION TO MARKETING Current Marketing Fundamentals Course Web Site Background What is marketing? Almost every marketing textbook has a different definition of the term marketing. The American Marketing Association (AMA) uses the following: The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. From this definition, we see that: Marketing involves an ongoing process. The environment is dynamic. This means that the market tends to changeÂâ€"what customers want today is not necessarily what they want tomorrow. For example, sales of beef are declining in the United States because†¦show more content†¦Smith Corona, a manufacturer of typewriters, was too slow to realize that consumers wanted the ability to process documents and not typewriters per se. The marketing concept, in contrast, focuses on getting consumers what they seek, regardless of whether this entails coming up with entirely new products. The 4 PsÂâ€"product, place (distribution), promotion, and priceÂâ€"represent the variables that are within the control of the firm (at least in the medium to long run). In contrast, the firm is faced with uncertainty from the environment. The Marketing Environment Elements of the environment. The marketing environment involves factors that, for the most part, are beyond the control of the company. Thus, the company must adapt to these factors. It is important to observe how the environment changes so that a firm can adapt its strategies appropriately. Consider these environmental forces: Competition: Competitors often creep in and threaten to take away markets from firms. For example, Japanese auto manufacturers became a serious threat to American car makers in the late 1970s and early 1980s. Similarly, the Lotus Corporation, maker of one of the first commercially successful spreadsheets,Show MoreRelatedIntroduction to Marketing890 Words   |  4 PagesAssignment brief – QCF BTECAssignment front sheet | Qualification | Unit number and title | BTEC Level 3 90 credit Diploma in Business | 3 Introduction to Marketing | Learner name | Assessor name | | Julie Flavell | Date issued | Hand in deadline | Submitted on | | | | | | Assignment title | Market Segmentation | In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be foundRead MoreMarketing Introduction2405 Words   |  10 PagesMarketing into To make a product appeal to the right person, a marketer would start by segmenting the market, and then target a single segment or a group of segments. Market segmentation is segmenting markets into homogenous groups of consumers, with every group reacting in a different ways to the marketing mix. 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