Answer to Question #234033 in Marketing for keda

Question

There are many definitions for marketing. In your own words, explain your understanding of marketing? Using appropriate examples, explain “in your own word” how does a company go about "marketing" its products or services?

Answer 1

Marketing’s job is to convert people’s changing needs into profitable opportunities. Marketing’s aim is to create value by offering superior solutions, saving buyer search and transaction time and effort, and delivering to the whole society a higher standard of living. Marketing practice today must go beyond a fixation on transactions that often leads to a sale today and a lost customer tomorrow. The marketer’s goal is to build a mutually profitable long-term relationship with its customers, not just sell a product. A business is worth no more than the lifetime value of its customers. This calls for knowing your customers well enough to deliver relevant and timely offers, services, and messages that meet their individual needs