Marketing

Marketing is "management process of anticipating, identifying and satisfying customer requirements profitably", according to the Chartered Institute of Marketing in the UK, which is the largest marketing body in the world in terms of membership. Thus, operative marketing involves the processes of market research, product development, product life cycle management, pricing, channel management as well as promotion. However, marketing is more of a process-oriented cross function, not a direct decision maker in these processes. It is one of the company's management tools to ensure that products and services are developed according to market requirements, and that they are profitable.

Prior to the advent of market research, most companies were product-focused, employing teams of salespeople to push their products into or onto the market, regardless of market desire. A market-focused, or customer-focused, organization instead first determines what its potential customers desire, and then builds the product or service. Marketing theory and practice is justified on the belief that customers use a product/service because they have a need, or because a product/service has a perceived benefit.

Two major aspects of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management).

An emerging area of study and practice concerns internal marketing, or how employees are trained and managed to deliver the brand in a way that positively impacts the acquisition and retention of customers.

Once a marketer has converted the prospective buyer, base management marketing takes over. The process for base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place, and improving the product/service continuously to protect her business from competitive encroachments.

Marketing methods are informed by many of the social sciences, particularly psychology, sociology, and economics. Anthropology is also a small, but growing, influence. Market research underpins these activities. Through advertising, it is also related to many of the creative arts.

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