Marketing is about creating exchanges. An exchange takes place when two parties
give something of value to each other to satisfy their respective needs or wants.
In a typical exchange, a consumer trades money for a good or service. In some
exchanges, non-monetary things are exchanged, such as when a person who volunteers
for the company charity receives a T-shirt in exchange for time spent. One common
misconception is that some people see no difference between marketing and sales.
They are two different things that are both part of a company's strategy. Sales
incorporates actually selling the company's products or service to its customers,
while marketing is the process of communicating the value of a product or service
to customers so that the product or service sells ( Gitman et all 2018 ).
In a changing climate of customer orientation and shifts in behavior, a modern
business must clearly identify the buyer's needs and buying patterns, then produce
the goods and services to meet those needs. The marketing concept must be designed
to please customers by offering value and promoting customer satisfaction. The
goal is to market a product or service that exceeds customer expectations. The
value of the product or service is emphasized over the price of the product.
REFERENCE
Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann
Talsma, and James C. Hyatt. "The Marketing Concept." (2018). Introduction to
Business: Creating Products and Pricing Strategies to Meet Customers' Needs. Rice
Univ. Open Press.
give something of value to each other to satisfy their respective needs or wants.
In a typical exchange, a consumer trades money for a good or service. In some
exchanges, non-monetary things are exchanged, such as when a person who volunteers
for the company charity receives a T-shirt in exchange for time spent. One common
misconception is that some people see no difference between marketing and sales.
They are two different things that are both part of a company's strategy. Sales
incorporates actually selling the company's products or service to its customers,
while marketing is the process of communicating the value of a product or service
to customers so that the product or service sells ( Gitman et all 2018 ).
In a changing climate of customer orientation and shifts in behavior, a modern
business must clearly identify the buyer's needs and buying patterns, then produce
the goods and services to meet those needs. The marketing concept must be designed
to please customers by offering value and promoting customer satisfaction. The
goal is to market a product or service that exceeds customer expectations. The
value of the product or service is emphasized over the price of the product.
REFERENCE
Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann
Talsma, and James C. Hyatt. "The Marketing Concept." (2018). Introduction to
Business: Creating Products and Pricing Strategies to Meet Customers' Needs. Rice
Univ. Open Press.
