Mooseheads

Concept 23 – Marketing

Definition: Marketing is the process of planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both buyers and sellers objectives. The marketing concept means that the whole firm is coordinated to achieve one goal – to serve its present and potential customers and to do so at a profit. In other words, a firm must get to know what customers really want and closely follow the changes in tastes that occur. The various departments of the firm – marketing, production, finance, and human resources – must operate as a system, well coordinated and unified in the pursuit of a common goal: customer satisfaction.

Role: The role of marketing is to influence everything a business does, to ensure that the business continues to satisfy the needs and wants of its customers profitably. Marketing also provides value and utility for customers. Value allows the satisfied buyer to perceive the benefits derived from purchase to be greater than its costs. Marketing also strives to provide four kinds of utility: time utility which makes products available when consumers want them. Place utility, which makes products available where customers can conveniently purchase them. Third, the ownership utility, which transfers ownership from store to the customer. Form utility which is making products available in the first place, on other words by turning raw materials into finished ornaments. Therefore the ornament