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What is marketing?

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Introduction

Question 1: What is marketing? Marketing is based on the concept that the customer is the most important person to the company. In order to prosper or even survive, every company must work hard to retain its existing market and continually strive to secure new and profitable customers. The marketing concept puts the emphasis on customer and the identification and satisfaction of customer requirements. Although the concept of "marketing" is relatively straightforward, the term "marketing" often means different things to different people. This confusion is not restricted to the ordinary person in the street. There are still many business people who have not fully grasped the importance of the marketing concept. As far back as 1775, Adams Smith, the father of modern economics, wrote the following passage in his famous work: The Wealth of Nations: "Consumption is the sole end and purpose of all production and the interests of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer". The word "consumer" in his statement has given the essence of what modern marketing is all about. It is the identification and satisfaction of a consumer's requirements which forms the basis of modern marketing. ...read more.

Middle

When there are many providers offering customers varying opinions and where production is greater than demand, this orientation immediately fails and that had happened after world wars when many countries became strong after their economies have been recovered. 2. Sales orientation: In a sense, sales orientation was a conceptual step forward because, although goods and services were still produced with little regard to customer requirements, at least it was realized that products did not sell themselves as a matter of course. By the 1960s, consumers had a relatively large choice of brands. Many firms were producing more than the customer really needed or wanted. Thus, the emphasis soon became that of selling. It was a result from the recession of production orientation as mentioned above. With a sales orientation, firms aggressively use the promotional tools, such as advertising and sales people, to convince the customer to purchase the firm's products, regardless of whether the customer wants or needs the products. This is a short-sighted approach, because if consumers feel that they have been pressured into buying something that they really don't want or need, they then will probably form a poor opinion of the organisation and may well avoid it in the future. ...read more.

Conclusion

This scan would provide the overall capacity for a start success into the market. Therefore, we can still say that he was actually at the beginning of stage one. 3. Fred actually has worked with people in the production line which he stated at the meeting about packaging machinery. However, the fact that he asked people in the marketing department name the new product was going far enough for a potential profitable product. The positive point of his idea was using the internal capacity in which the factory can have a package of 24 burgers in a box and the leftover of material. 4. At the meeting, Fred didn't mention any competitors in the market. This is quite important because it will hold the key issue for the success of product. Competition is always considered a big step for a new product, even with a substitute also should be scanned to see whether the new product can be survived. 5. As we can see at stage one, Fred Fahr has not stated a comprehensive or detailing S.W.O.T analysis about the company and the potential product that is the negative point to lead to an important decision whether that new product can be made and survived in the market. All the idea about the new product just began from him without doing enough to prove that this potential product would be successful. ...read more.

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