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Introduction to Marketing

what is marketing how would you explain marketing the first few words that usually pop into a person’s head are marketing equals sales marketing is not just personal selling or even just advertising most people define marketing in a very limited way marketing includes activities such as public relations sales promotion advertising social media pricing distribution and many other functions companies have increased their marketing budgets dramatically for example it is estimated that companies spend over 15 billion dollars annually on marketing to just kids this is an increase of over 2.5 times more than they were spending in 1992 the cumulative function of marketing is to communicate deliver and create value to the consumer in addition companies must take into consideration their employees stakeholders and society the most successful companies engage in very consumer oriented marketing they spend enormous amounts of time money and resources examining the everyday lives of their customers and then create products to fill a need examples of companies that are known for creative leading-edge marketing are Disney Pepsi Apple and Procter & Gamble Marketing is made up of four elements product place promotion and price the elements must be used in a cohesive plan to effectively target the consumer a product can be either a physical product or a service place is where the product is purchased price is the amount a consumer pays for the product and promotion consists of the communication tools used to effectively get the company’s message out the official definition of marketing is it is a philosophy that’s main focus is providing customer satisfaction marketing is the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large so included in the definition are all of the activities that help businesses reach their target market effectively the ultimate outcome for marketing is when a successful exchange occurs

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