marketing is the activity, set of ___________ & processes for creating, communicating, delivering & exchanging offerings that have value for customers, clients, partners & society.
LectureNotes said marketing is the activity, set of ___________ & processes for creating, communicating, delivering & exchanging offerings that have value for customers, clients, partners & society.
Answer:
The complete definition of marketing, as cited in various academic and professional sources including LectureNotes, describes marketing as:
“Marketing is the activity, set of institutions & processes for creating, communicating, delivering & exchanging offerings that have value for customers, clients, partners & society.”
-
Activity: Marketing involves a range of activities such as market research, product development, advertising, and sales strategies designed to understand and meet customer needs.
-
Set of Institutions: Institutions refer to the various organizational structures and entities involved in marketing. These include businesses, advertising agencies, media companies, research firms, and more.
-
Processes: These encompass procedures and workflows that guide how marketing activities are planned, executed, and evaluated. Process elements include strategy development, campaign execution, performance analysis, and adjustment.
Key Components of Marketing
-
Creating: This refers to the development of products and services that meet customer needs. This involves product design, packaging, and development informed by customer insights and market research.
-
Communicating: Communicating involves all the promotional activities that communicate the product’s value to the target audience. This includes advertising, public relations, direct marketing, and digital marketing efforts.
-
Delivering: Delivering focuses on the logistics and distribution channels used to make the product available to customers. It’s about ensuring the product reaches the customer efficiently and effectively.
-
Exchanging: Exchange in marketing pertains to the transaction process where the customer provides value (usually money) in exchange for the product or service that offers them value.
Value to Stakeholders
- Customers: Ensuring that the product meets their needs and preferences, thus providing satisfaction and a positive user experience.
- Clients: Building lasting relationships with clients by understanding their business needs and delivering solutions that add value.
- Partners: Collaborating with partners such as suppliers, distributors, and other stakeholders to ensure a smooth value chain process.
- Society: Considering the broader impact of marketing activities on society, such as ethical advertising, sustainability, and social responsibility initiatives.
Final Answer:
Marketing is the activity, set of institutions & processes for creating, communicating, delivering & exchanging offerings that have value for customers, clients, partners & society.