Definition of Marketing: -
Marketing is the means of imparting the value of a product or service to the customers or consumers, for increasing sale of a product or service.
Marketing might be looked upon as a managerial activity or mode of generating, distributing or even communicating value to customers for benefitting a business organization considerably. Marketing policies are decided only after selecting target markets and competitors after a thorough market analysis and differentiation alongside considering customer behavior and delivering superior consumer value.
Marketing strategies of a firm of business organization aim at analyzing the long term benefits of the products or services to be marketed. This refers to an alteration of marketing channels of distribution, product pricing, and promotional activities, after considering the overall resources of the organization or whatever it takes in order to achieve the objective.
Textbooks on Marketing: -
Some of the major textbooks on marketing are as follows:
- Principles of Marketing, Kotler, Philip, and Armstrong Gary, 1991.
- Marketing, Berkowitz, Eric N., and Berkowitz Eric N., 1992.
Examples of Marketing:-
Marketing may be of various forms. While services marketing refer to marketing of services instead of promoting tangible products, product marketing refers to the promotion of tangible goods. However, often it is found that often many products are neither pure products nor pure services:
Example 1: Services Marketing:
A train ride or flight is a service. By purchasing a ticket, one does not own the train or plane. Thus, even though the train is a physical object, a free ride will be referred as service marketing.
Example 2: Internet or Digital Marketing:
Digital marketing has gained widespread popularity among the global marketers, because of the vast scope of accessing global audiences. Internet marketing refers to the promotion of goods and services, through social networking websites, e-mails, and all forms of wireless marketing, which drives in huge audiences compared to the conventional modes of marketing, so it is often referred as personal or one-to-one marketing.
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