Foundations of Marketing What is Marketing What is marketing

Foundations of Marketing

What is Marketing?

\"What is marketing\"? Think back to your impressions before you started this class versus how you would answer now that you are being introduced to the marketing world.

Is marketing all about sales and profits, or is it about advertising or public relations, or is it about something else?

Share your point of view about the meaning and role of marketing and customer relationship management.

To explain, try to think of examples of companies you have relationships with -- dry cleaners, a candy bar company, insurance company, or restaurant chain? Why do you keep going back (or why not)?

Solution

Marketing: Is a set of action or methods that a business uses inorder to promote and sell products and services.

Though sales and profits are an integral part of any business but marketing is not always about the sakes or profits. neither its about advertising or public relations or anything in extra for an instance. Marketing is the sum total of all the activities - advertising, PR, promotions, sales, profits etc. The marketing manager needs to ensure a proper and effective mix of this elements so as to optimize the sales and profits for the organisation by minimizing on the advertisements and promotion costs.

customer relationship marketing or more commonly known as relationship marketing is a subset of marketing. Relationship marketing relies on using ways and means to develo and nurture a long term relationship with the customers. Technically CRM or customer relationship management is the strategy and values of a relationship marketing with a major emphasis on building strong and valued relationship.

It could be easily explained with the help of an example. we all have a favourite restaurant for no doubt. the reason we frequently opt for this particular restaurant is the relationship and overall experience we have with the restaurant staff, the cuisines, the process, lead and delivery time etc.