Marketing Concept Essay Example | Topics and Well Written Essays - 750 words

Marketing Concept - Essay ExampleSecond, it stresses the aim of moving in organizations to pay off improvement from its operations. Thus, the definition of CIM involves assessing the tradeing strategy which will be mutually beneficial for customers and companies. Business organizations as this definition implies are profit maximizing entities. Lastly, this definition highlight that market is not just somewhat providing the current fills by anticipating the future requirements of the markets. In summary, the CIMs definition of marketing balances the pleasure of customer and profit maximizing goal of business organizations.According to the American Marketing Association (AMA), marketing is the process of formulation and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Like the CIM, AMA also recognizes that master(prenominal) purpose of marketing which is to satisf y customers. However, it clearly elaborated that customers can be grouped into individuals and organizations. Thus, it indicates its deeper understanding that companies should market to individuals and organizations differently. Compared to the definition of CIM, AMA defines the functional aspect of marketing. The definition highlights the components of the marketing mix-product, promotion, price, and place. This specifically elaborates the function that marketing managers make, that is, to plan and feed a strategy through an integrated and complementary components of marketing mix. In comparison to CIMs definition, AMA focuses more on marketing as a management function. B. Marketing ConceptMarketing is primarily concerned with the satisfaction of customers profitably. Marketing can be adequately understood through different marketing concepts such as the following1. Target market and segmentation. In order for business organization to create an effective marketing strategy, compan ies need to divide its market based on demographic, psychographic, and other factors (Kotler 2002). Target market is the segment that presents the superior opportunity. In the case of Haagen Dasz, its customers are segmented based on their age. The company targets the adult market.2. Marketplace, marketspace, and metamarket. These are where business organizations conduct their business operations. Marketplace refers to the traditional marketplace while marketspace is digital and is created through the internet engineering (Kotler 2002). Metamarket is a complementary market of products and services which are related in the mind of customers. 3. Marketers and prospects. A marketer is an institution pursuance the response of a prospect (Kotler 2002). In the case of Haagen Dazs, it is a marketer seeking the response of the adult market.4. Needs, wants, and demands. Needs are basic human needs. Wants are the products where the needs are directed. exact is a want backed by purchasing power. In the case of Haagen Dazs, food is a need and ice cream is a want. Demand is when an individual has the money needed to buy the ice cream.5. proceeds, offering, and brand. Product is the value proposition in a physical form while brand is an offering from a known source. In the case given, Haagen Dazs is the brand