MARKETING PHILOSOPHY
The marketing era started to dominate around 1960s, and it still developing. The marketing concept recognizes that the company's knowledge and skill in designing products may not always be meeting the needs and wants of a customer. It also recognizes that even a good sales assistant cannot sell every product that does not meet consumers' needs. When customers have many varieties, they will choose the one that can give them a solution.
Definitions of marketing
Marketing is a very wide ranging subject which can be looked at many different point-of-views.
“Marketing is the management process responsible for identifying, anticipating and satisfying customer and satisfying customer profitably”
(Chartered institute of marketing, CIM)
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offering that have value for customers, client, partner and society at large.”
(American marketing association, 2007)
Marketing as an entrepreneurial function
The marketing concept and philosophy is also termed as an entrepreneurship it states that the organization must able to satisfy its customers’ want and needs while meeting the organization's goals. In another way, to achieve organization’s goal the organization must meet customer’s needs and wants. In the sense, entrepreneur must able to “sense” what the market wanted in term of designing, quality and price then organize production and distribution to satisfy effective demand at a profit.
Marketing orientated organization
The market concept assumes that to survive in the long term, an organization
must ascertain the needs and wants of specifically defined target markets. It
must then produce goods and/or services that satisfy customer requirements
profitably. Under the marketing concept the customer who becomes the centre
of business attention. The organization no longer sees production or sales as the
key...