Marketing

Marketing can be considered an organizational function and a set of processes for creating, delivering and communicating value to customers. It can sometimes be interpreted as the art of selling products. However, selling is only a small fraction of marketing. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies the needs and wants through exchange processes and building long term relationships that benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation as well as understanding consumer buying behavior, providing customer specifications and economic value.

The four components of marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. The set of engagements necessary for successful marketing management includes capturing marketing insights, connecting with customers., building strong brands, shaping the market offerings, delivering and communicating value, creating long-term growth and developing marketing strategies and plans. Marketing strategy is the foundation to achieve a sustainable competitive advantage. It takes discipline, the right mix of communication skills and a passion in order for a company to grow to its potential.