Sunday, February 21, 2010

The Marketing Concept: Classic Definitions


- The right product, in the right place, at the right time, at the right price -

American Marketing Association (AMA).

- Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large -


- Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems composed of participants, who, interacting under constraints - technical (economic) and ethical (social) - create the transactions or flows which resolve market separations and result in exchange and consumption -


- This customer focused philosophy is known as the 'marketing concept'. The marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires -

The Chartered Institute of Marketing (CIM).

- The management process responsible for identifying, anticipating and satisfying customer requirements profitably -


- Implementation of the marketing concept [in the 1990's] requires attention to three basic elements of the marketing concept. These are: Customer orientation; An organization to implement a customer orientation; Long-range customer and societal welfare -


- Marketing is not only much broader than selling, it is not a specialized activity at all It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer's point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise -


- The achievement of corporate goals through meeting and exceeding customer needs better than the competition -


- Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably -


- Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends -


- Marketing is the whole rules of organization activities that
designed for planning, pricing, distributing and promoting products and goods
aiming to satisfy the targeted market and satisfying organization's goals -