Marketing involves identifying, anticipating, and satisfying consumer needs profitably through processes like creating customer interest in products and services, developing strategies for sales and business communication, and building strong customer relationships. It differs from selling which is just one part of marketing, and from advertising which is one tactic used in marketing. Key aspects of marketing include identifying consumer needs, focusing on profit, being ongoing, and responding to consumer reactions and changes. Marketing plays an important role in business success by helping promote products, reach changing customers, and compete effectively.

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2. Definition of marketing

What is meant by the term marketing?
 Marketing is the management of process involved
in identifying, anticipating and satisfying consumer
requirements profitably.
 Marketing is the process by which companies create
customer interest in products or services.
 It generates the strategy that underlies sales
techniques, business communication, and business
development.
 It is an integrated process through which companies
build strong customer relationships and create value
for their customers and for themselves.
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3. Differences between marketing and selling
or advertising
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
Marketing is not the same as selling. Selling is only one of
many marketing functions, or is just one part of the
marketing process.

Marketing and advertising are not the same thing, either.

Advertising is just one of a number of tactics used by
marketing departments in a business.

4. Important features of marketing

Marketing has at least the following characteristics:
1.
Marketing is aimed at finding out consumer needs
and meeting these needs.
2.
Marketing must consider profit as its main objective.
3.
Marketing is ongoing all the time. The marketing
process has no start or end.
4.
Businesses must be prepared to respond to the
consumer reactions and changes all the time.
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5. Important features of marketing
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6. Importance of marketing
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
Marketing is playing a more and more important role in the success of a
business.

It can be said that “no marketing means no business”.

There are generally some key factors which have made marketing so
important for businesses today.

The factors can be seen as in the following table:

7. Importance of marketing
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Table 9-1 Factors leading to the increasing importance of marketing
Factors
Explain how
1. Economic
Growth
Economic growth leads to an increase of consumers’ incomes. So
demand for products and services will be increased. Through
marketing, businesses can promote their new products and services.
2. Fashion
Considerable changes in fashion and consumer taste force
businesses to produce more new products and services. Marketing
makes it possible for businesses to reach these changing customers.
New technology has helped the business to create new or high
3. technology quality products. It is marketing that can makes customers be
aware of these new products.
4.
competition
Facing more and more fierce competition, businesses must rely on
marketing strategy to win in the marketplace.

8. Evolution of marketing
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
An orientation, in the marketing context, relates to a perception or
attitude a firm holds towards its product or service, essentially
concerning consumers and end-users.

Throughout history, marketing has changed considerably as consumer
tastes are changing faster.

The marketing orientation evolved from earlier orientations namely the
production orientation (1950s), the product orientation (1960s) and
marketing orientation (1970s).

9. Product orientation and market
orientation Theories
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 What is product orientation?
 Product orientation means that the business places the
main focus of attention on the production process and the
product itself. More emphasis on technology and quality,
but less focus on meeting consumer needs in the market.
 Many businesses in the past were product orientated
when there were quite few competitors and when they
produced the unique products in the world, such as the
radios when just invented.
 However, today there are still some businesses which are
product orientated. For example, the Concorde airplane
company (high technology, but expensive so not many
customers taking their planes).

10. Product orientation and market
orientation Theories
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What is market orientation?
 Market orientation or consumer orientation means that the business
places the needs or requirements of consumers at the center of the
decision-making process.
 Market orientation is perhaps the most common orientation used in
contemporary marketing.
 It involves a firm essentially basing its marketing plans around the
marketing concept, and thus supplying products to suit new consumer
tastes.
 The implication is that businesses should try best to meet the need of
customers in marketing management.
 A market orientation may have some advantages over product
orientation.

11. Product orientation and market orientation
Theories
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
Some advantages of a market-orientated business over a
product-orientated business:
1.
More able to anticipate market changes
2.
Respond quickly to market changes
3.
More capable of meeting the challenges of new competition
4.
More successful in new product development
5.
Able to produce and sell the right product at the right time and
the right place.