Sales and Marketing
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. It is the process of communicating the value of a product or service through positioning to customers.
The market environment is a marketing term and refers to factors and forces that affect a firm’s ability to build and maintain successful relationships with customers.Three levels of the environmment are: Micro (internal) environment - small forces within the company that affect its ability to serve its customers. Meso environment – the industry in which a company operates and the industry’s market(s).Macro (national) environment - larger societal forces that affect the microenvironment.
Marketing involvessatisfying customer’s needs and wants.The task of any business is todeliver customer value at a profit while being socially responsible.
Key Drivers Of Global Marketing Effectiveness are Connect, Inspire, Focus, Organize, Build, Defining your product or service, Identifying your target market, Knowing your competition, Finding a niche, Developing awareness, Building credibility, Being Consistent, Maintaining Focus.
Industrial marketing (or business to business marketing) is the marketing of goods and services by one business to another. Industrial marketing Industrial goods are those an industry uses to produce an end product from one or more raw materials.Industrial, or business to business (B2B) marketing
Ethics in Marketing
Basic principles and values that govern the business practices of those engaged in promoting products or services to consumers. Sound marketing ethics are typically those that result in or at least do not negatively impact consumer satisfaction with the goods and services being promoted or with the company producing them.
|Value-oriented framework, analyzing ethical problems on the basis of the values which they infringe (e.g. honesty, autonomy, privacy, transparency).|
|Stakeholder-oriented framework, analyzing ethical problems on the basis of whom they affect (e.g. consumers, competitors, society as a whole).|
|Process-oriented framework, analyzing ethical problems in terms of the categories used by marketing specialists (e.g. research, price, promotion, placement).|
|A company must have ethical marketing policies to guide their pricing, advertising, research, and competitive strategies.|