Question

The benefit to an organization’s marketing team about understanding the importance of marketing and how the core marketing concepts must be considered in the new marketing realities. Please be as specific as possible about the core concepts and the new marketing realities.

Answer 1

Marketing is a study and management of exchange relationships. This is the business process of identifying, anticipating and meeting the needs and desires of the client. Because marketing is used to attract customers, it is an integral part of business and marketing management. Marketers can direct the product to other companies or directly to consumers.

No matter who the marketer is, there are many factors, including the perspective that marketers will use. These market orientations determine how marketers will enter the market planning phase. This leads to a marketing mix that shows the specifics of the product and how it will be sold. This can be influenced by the environment around the product, the results of market research and marketing and the nature of the target product market.

Once these factors are identified, the core concepts must decide what methods will be used to put the product on the market. The decision is based on factors analyzed at the planning stage as well as on where the product is in the product life cycle.

Marketing reality is defined by the American Marketing Association as "an activity, set of institutions, and processes for creating, communicating, delivering, and transforming valuable offerings to our customers, partners and society." The term evolved from its original meaning, referring to entering the market with goods for sale. From the point of view of the engineering process of sales, marketing is "a set of processes that are interrelated and dependent on other business functions aimed at gaining customer interest and satisfaction."