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marketing
Dictionary: mar—ket—ing (mär'kĭ-tĭng) pronunciation
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Home > Library > Literature & Language > Dictionary
n.
1. The act or process of buying and selling in a market.
 2. The commercial functions involved in transferring goods from producer to c
onsumer.

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Britannica Concise Encyclopedia:
marketing
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Home > Library > Miscellaneous > Britannica Concise Encyclopedia
marketing
Activities that direct the flow of goods and services from producers to consumer
s. In advanced industrial economies, marketing considerations play a major role
in determining corporate policy. Once primarily concerned with increasing sales
through advertising and other promotional techniques, corporate marketing depart
ments now focus on credit policies (see credit), product development, customer s
upport, distribution, and corporate communications. Marketers may look for outle
ts through which to sell the company s products, including retail stores, direct
-mail marketing, and wholesaling. They may make psychological and demographic st
udies of a potential market, experiment with various marketing strategies, and c
onduct informal interviews with target audiences. Marketing is used both to incr
ease sales of an existing product and to introduce new products. See also mercha
ndising.
For more information on marketing, visit Britannica.com.
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Investment Dictionary:
Marketing
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Home > Library > Business & Finance > Investment Dictionary
The activities of a company associated with buying and selling a product or serv
ice. It includes advertising, selling and delivering products to people. People
who work in marketing departments of companies try to get the attention of targe
t audiences by using slogans, packaging design, celebrity endorsements and gener
al media exposure. The four Ps of marketing are product, place, price and prom
otion.
Investopedia Says:
Many people believe that marketing is just about advertising or sales. However,
marketing is everything a company does to acquire customers and maintain a relat
ionship with them. Even the small tasks like writing thank-you letters, playing
golf with a prospective client, returning calls promptly and meeting with a past
client for coffee can be thought of as marketing. The ultimate goal of marketin
g is to match a company s products and services to the people who need and want
them, thereby ensure profitability
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Marketing Dictionary:
marketing
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Home > Library > Business & Finance > Marketing Dictionary
Process associated with promoting for sale goods or services. The classic compon
ents of marketing are the Four Ps: product, price, place, and promotion-the sele
ction and development of the product, determination of price, selection and desi
gn of distribution channels (place), and all aspects of generating or enhancing
demand for the product, including advertising (promotion). See also direct marke
ting; market; market profile; target market.
Insurance Dictionary:
Marketing
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Home > Library > Business & Finance > Insurance Dictionary
Creation of a demand for a company s products, its distribution, and services fo
r customers who purchase that product. Actuarial research and development, under
writing efficiency, and claim payment promptness is of little value if no one is
willing to purchase insurance products. Agency and marketing departments are th
e focus of all sales activity within an insurance company, and touch every aspec
t of a company by generating (1) premium income for securities, real estate, and
mortgage investments; (2) sales for review by the underwriting department and t
heir issuance by policyholder services; (3) need for data storage and retrieval
by the company s data processing center; (4) legal analysis and decisions by the
law department; and (5) need for corporate planning.
Business Encyclopedia:
Marketing
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Home > Library > Business & Finance > Business Encyclopedia
The term market is the root word for the word marketing. Market refers to the lo
cation where exchanges between buyers and sellers occur. Marketing pertains to t
he interactive process that requires developing, pricing, placing, and promoting
goods, ideas, or services in order to facilitate exchanges between customers an
d sellers to satisfy the needs and wants of consumers. Thus, at the very center
of the marketing process is satisfying the needs and wants of customers.
Needs and Wants
Needs are the basic items required for human survival. Human needs are an essent
ial concept underlying the marketing process because needs are translated into c
onsumer wants. Human needs are often described as a state of real or perceived d
eprivation. Basic human needs take one of three forms: physical, social, and ind
ividual. Physical needs are basic to survival and include food, clothing, warmth
, and safety. Social needs revolve around the desire for belonging and affection
. Individual needs include longings for knowledge and self-expression, through i
tems such as clothing choices. Wants are needs that are shaped by both cultural
influences and individual preferences. Wants are often described as goods, ideas
, and services that fulfill the needs of an individual consumer. The wants of in
dividuals change as both society and technology change. For example, when a comp
uter is released, a consumer may want it simply because it is a new and improved
technology. Therefore, the purpose of marketing is to convert these generic nee
ds into wants for specific goods, ideas, or services. Demand is created when wan
ts are supported by an individual consumer s ability to purchase the goods, idea
s, or services in question.
Consumers buy products that will best meet their needs, as well as provide the m
ost fulfillment resulting from the exchange process. The first step in the excha
nge process is to provide a product. Products can take a number of forms such as
goods, ideas, and services. All products are produced to satisfy the needs, wan
ts, and demands of individual buyers.
The second step in the satisfaction process is exchange. Exchange occurs when an
individual receives a product from a seller in return for something called cons
ideration. Consideration usually takes the form of currency. For an exchange to
take place, it must meet a number of conditions. (1) There must be at least two
participants in the process. (2) Each party must offer something of value to the
other. (3) Both parties must want to deal with each other. (4) Both participant
s have the right to accept or to reject the offer. (5) Both groups must have the
ability to communicate and deliver on the mutual agreement. Thus, the transacti
on process is a core component of marketing. Whenever there is a trade of values
between two parties, a transaction has occurred. A transaction is often conside
red a unit of measurement in marketing. The earliest form of exchange was known
as barter.
Historical Eras of Marketing
Modern marketing began in the early 1900s. In the twentieth century, the marketi
ng process progressed through three distinct eras—production, sales, and marketi
ng. In the 1920s, firms operated under the premise that production was a seller
s market. Product choices were nearly nonexistent because firm managers believed
that a superior product would sell itself. This philosophy was possible because
the demand for products outlasted supply. During this era, firm success was mea
sured totally in terms of production. The second era of marketing, ushered in du
ring 1950s, is known as the sales era. During this era, product supply exceeded
demand. Thus, firms assumed that consumers would resist buying goods and service
s deemed nonessential. To overcome this consumer resistance, sellers had to empl
oy creative advertising and skillful personal selling in order to get consumers
to buy. The marketing era emerged after firm managers realized that a better str
ategy was needed to attract and keep customers because allowing products to sell
themselves was not effective. Rather, the marketing concept philosophy was adop
ted by many firms in an attempt to meet the specific needs of customers. Propone
nts of the marketing concept argued that in order for firms to achieve their goa
ls, they had to satisfy the needs and wants of consumers.
Marketing in the Overall Business
There are four areas of operation within all firms: accounting, finance, managem
ent, and marketing. Each of these four areas performs specific functions. The ac
counting department is responsible for keeping track of income and expenditures.
The primary responsibility of the finance department is maintaining and trackin
g assets. The management department is responsible for creating and implementing
procedural policies of the firm. The marketing department is responsible for ge
nerating revenue through the exchange process. As a means of generating revenue,
marketing objectives are established in alignment with the overall objectives o
f the firm.
Aligning the marketing activities with the objectives of the firm is completed t
hrough the process of marketing management. The marketing management process inv
olves developing objectives that promote the long-term competitive advantage of
a firm. The first step in the marketing management process is to develop the fir
m s overall strategic plan. The second step is to establish marketing strategies
that support the firm s overall strategic objectives. Lastly, a marketing plan
is developed for each product. Each product plan contains an executive summary,
an explanation of the current marketing situation, a list of threats and opportu
nities, proposed sales objectives, possible marketing strategies, action program
s, and budget proposals.
The marketing management process includes analyzing marketing opportunities, sel
ecting target markets, developing the marketing mix, and managing the marketing
effort. In order to analyze marketing opportunities, firms scan current environm
ental conditions in order to determine potential opportunities. The aim of the m
arketing effort is to satisfy the needs and wants of consumers. Thus, it is nece
ssary for marketing managers to determine the particular needs and wants of pote
ntial customers. Various quantitative and qualitative techniques of marketing re
search are used to collect data about potential customers, who are then segmente
d into markets.
Market Segmentation
In order to better manage the marketing effort and to satisfy the needs and want
s of customers, many firms place consumers into groups, a process called market
segmentation. In this process, potential customers are categorized based on diff
erent needs, characteristics, or behaviors. Market segments are evaluated as to
their attractiveness or potential for generating revenue for the firm. Four fact
ors are generally reviewed to determine the potential of a particular market seg
ment. Effective segments are measurable, accessible, substantial, and actionable
. Measurability is the degree to which a market segment s size and purchasing po
wer can be measured. Accessibility refers to the degree to which a market segmen
t can be reached and served. Substantiality refers to the size of the segment in
term of profitability for the firm. Action ability refers to the degree to whic
h a firm can design or develop a product to serve a particular market segment.
Consumer characteristics are used to segment markets into workable groups. Commo
n characteristics used for consumer categorizations include demographic, geograp
hic, psychographic, and behavioral segmentation. Demographic segmentation catego
rizes consumers based on such characteristics as age, gender, income level, and
occupation. It is one of the most popular methods of segmenting potential custom
ers because it makes it relatively easy to identify potential customers. Categor
izing consumers according to their locations is called geographic segmentation.
Consumers can be segmented geographically according to the nations, states, regi
ons, cities, or neighborhoods in which they live, shop, and/or work. Psychograph
ic segmentation uses consumers activities, interests, and opinions to sort them
into groups. Social class, lifestyle, or personality characteristics are psycho
graphic variables used to categorize consumers into different groups. In behavio
ral segmentation, marketers divide consumers into groups based on their knowledg
e, attitudes, uses, or responses to a product.
Once the potential market has been segmented, firms need to station their produc
ts relative to similar products of other producers, a process called product pos
itioning. Market positioning is the process of arranging a product so as to enga
ge the minds of target consumers. Firm managers position their products in such
a way as to distinguish it from those of competitors in order to gain a competit
ive advantage in the marketplace. The position of a product in the marketplace m
ust be clear, distinctive, and desirable relative to those of its competitors in
order for it to be effective.
Coverage Strategies
There are three basic market-coverage strategies used by marketing managers: und
ifferentiated, differentiated, and concentrated. An undifferentiated marketing s
trategy occurs when a firm focuses on the common needs of consumers rather than
their different needs. When using this strategy, producers design products to ap
peal to the largest number of potential buyers. The benefit of an undifferentiat
ed strategy is that it is cost-effective because a narrow product focus results
in lower production, inventory, and transportation costs. A firm using a differe
ntiated strategy makes a conscious decision to divide and target several differe
nt market segments, with a different product geared to each segment. Thus, a dif
ferent marketing plan is needed for each segment in order to maximize sales and,
as a result, increase firm profits. With a differentiated marketing strategy, f
irms create more total sales because of broader appeal across market segments an
d stronger position within each segment. The last market coverage strategy is kn
own as the concentrated marketing strategy. The concentrated strategy, which aim
s to serve a large share of one or a very few markets, is best suited for firms
with limited resources. This approach allows firms to obtain a much stronger pos
ition in the segments it targets because of the greater emphasis on these target
ed segments. This greater emphasis ultimately leads to a better understanding of
the needs of the targeted segments.
Marketing Mix
Once a positioning strategy has been determined, marketing managers seek to cont
rol the four basic elements of the marketing mix: product, price, place, and pro
motion, known as the four P s of marketing. Since these four variables are contr
ollable, the best mix of these elements is determined to reach the selected targ
et market.
Product. The first element in the marketing mix is the product. Products can be
either tangible or intangible. Tangible products are products that can be touche
d; intangible products are those that cannot be touched, such as services. There
are three basic levels of a product: core, actual, and augmented. The core prod
uct is the most basic level, what consumers really buy in terms of benefits. For
example, consumers do not buy food processors, per se; rather, they buy the ben
efit of being able to process food quickly and efficiently. The next level of th
e product is the actual product—in the case of the previous example, food proces
sors. Products are typically sorted according to the following five characterist
ics: quality, features, styling, brand name, and packaging. Finally, the augment
ed level of a product consists of all the elements that surround both the core a
nd the actual product. The augmented level provides purchasers with additional s
ervices and benefits. For example, follow-up technical assistance and warranties
and guaranties are augmented product components. When planning new products, fi
rm managers consider a number of issues including product quality, features, opt
ions, styles, brand name, packaging, size, service, warranties, and return polic
ies, all in an attempt to meet the needs and wants of consumers.
Price. Price is the cost of the product paid by consumers. This is the only elem
ent in the marketing mix that generates revenue for firms. In order to generate
revenue, managers must consider factors both internal and external to the organi
zation. Internal factors take the form of marketing objectives, the marketing-mi
x strategy, and production costs. External factors to consider are the target ma
rket, product demand, competition, economic conditions, and government regulatio
ns. There are a number of pricing strategies available to marketing managers: sk
imming, penetration, quantity, and psychological. With a price-skimming strategy
, the price is initially set high, allowing firms to generate maximum profits fr
om customers willing to pay the high price. Prices are then gradually lowered un
til maximum profit is received from each level of consumer. Penetration pricing
is used when firms set low prices in order to capture a large share of a market
quickly. A quantity-pricing strategy provides lower prices to consumers who purc
hase larger quantities of a product. Psychological pricing tends to focus on con
sumer perceptions. For example, odd pricing is a common psychological pricing st
rategy. With odd pricing, the cost of the product may be a few cents lower than
a full-dollar value. Consumers tend to focus on the lower-value full-dollar cost
even though it is really priced closer to the next higher full-dollar amount. F
or example, if a good is priced at $19.95, consumers will focus on $19 rather th
an $20.
Place. Place refers to where and how the products will be distributed to consume
rs. There are two basic issues involved in getting the products to consumers: ch
annel management and logistics management. Channel management involves the proce
ss of selecting and motivating wholesalers and retailers, sometimes called middl
emen, through the use of incentives. Several factors are reviewed by firm manage
ment when determining where to sell their products: distribution channels, marke
t-coverage strategy, geographic locations, inventory, and transportation methods
. The process of moving products from a manufacturer to the final consumer is of
ten called the channel of distribution.
Promotion. The last variable in the marketing mix is promotion. Various promotio
nal tools are used to communicate messages about products, ideas, or services fr
om firms and their customers. The promotional tools available to managers are ad
vertising, personal selling, sales promotion, and publicity. For the promotional
program to be effective, managers use a blend of the four promotional tools tha
t best reaches potential customers. This blending of promotional tools is someti
mes referred to as the promotional mix. The goal of this promotional mix is to c
ommunicate to potential customers the features and benefits of products.
International Marketing
International business has been practiced for thousands of years. In modern time
s, advances in technology have improved transportation and communication methods
; as a result, more and more firms have set up shop at various locations around
the globe. A natural component of international business is international market
ing. International marketing occurs when firms plan and conduct transactions acr
oss international borders in order to satisfy the objectives of both consumers a
nd the firm. International marketing is simply a strategy used by firms to impro
ve both market share and profits. While firm managers may try to employ the same
basic marketing strategies used in the domestic market when promoting products
in international locations, those strategies may not be appropriate or effective
. Firm managers must adapt their strategies to fit the unique characteristics of
each international market. Unique environmental factors that need to be explore
d by firm managers before going global include trade systems, economic condition
s, political-legal, and cultural conditions.
The first factor to consider in the international marketplace is each country s
trading system. All countries have their own trade system regulations and restri
ctions. Common trade system regulations and restrictions include tariffs, quotas
, embargoes, exchange controls, and non-tariff trade barriers. The second factor
to review is the economic environment. There are two economic factors which ref
lect how attractive a particular market is in a selected country: industrial str
ucture and income distribution. Industrial structure refers to how well develope
d a country s infrastructure is while income distributed refers to how income is
distributed among its citizens. Political-legal environment is the third factor
to investigate. For example, the individual and cultural attitudes regarding pu
rchasing products from foreign countries, political stability, monetary regulati
ons, and government bureaucracy all influence marketing practices and opportunit
ies. Finally, the last factor to be considered before entering a global market i
s the cultural environment. Since cultural values regarding particular products
will vary considerably from one country to another around the world, managers mu
st take into account these differences in the planning process.
Just as with domestic markets, managers must establish their international marke
ting objectives and policies before going overseas. For example, target countrie
s will need to be identified and evaluated in terms of their potential sales and
profits. After selecting a market and establishing marketing objectives, the mo
de of entry into the market must be determined. There are three major modes of e
ntry into international markets: exporting, joint venture, and direct investment
. Exporting is the simplest way to enter an international market. With exporting
, firms enter international markets by selling products internationally through
the use of middlemen. This use of these middlemen is sometimes called indirect e
xporting. The second way to enter an international market is by using the joint-
venture approach. A joint venture takes place when firms join forces with compan
ies from the international market to produce or market a product. Joint ventures
differ from direct investment in that an association is formed between firms an
d businesses in the international market. Four types of joint venture are licens
ing, contract manufacturing, management contracting, and joint ownership. Under
licensing, firms allow other businesses in the international market to produce p
roducts under an agreement called a license. The licensee has the right to use t
he manufacturing process, trademark, patent, trade secret, or other items of val
ue for a fee or royalty. Firms also use contract manufacturing, which arranges f
or the manufacture of products to enter international markets. The third type of
joint venture is called management contracting. With this approach, the firms s
upply the capital to the local international firm in exchange for the management
know-how. The last category of joint venture is joint ownership. Firms join wit
h the local international investors to establish a local business. Both groups s
hare joint ownership and control of the newly established business. Finally, dir
ect investment is the last mode used by firms to enter international markets. Wi
th direct investment, a firm enters the market by establishing its own base in i
nternational locations. Direct investment is advantageous because labor and raw
materials may be cheaper in some countries. Firms can also improve their images
in international markets because of the employment opportunities they create.
Bibliography
Boone, Louise E., and Kurtz, David L. (1992). Contemporary Marketing, 7th ed. Ne
w York: Dryden/Harcourt Brace.
Churchill, Gilbert A., and Peter, Paul J. (1995). Marketing: Creating Value for
Customers. Boston: Irwin.
Farese, Lois, Kimbrell, Grady, and Woloszyk, Carl (1991). Marketing Essentials.
Mission Hills, CA: Glencoe/McGraw-Hill.
Kotler, Philip, and Armstrong, Gary (1993). Marketing, an Introduction, 3rd ed.
Englewood Cliffs, NJ: Prentice-Hall.
Semenik, Richard J., and Bamossy, Gary J. (1995). Principles of Marketing: A Glo
bal Perspective, 2d ed. Cincinnati, OH: South-Western.
[Article by: ALLEN D. TRUELL]
Dental Dictionary:
marketing
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Home > Library > Health > Dental Dictionary
n
The set of human activities directed at facilitating and consummating exchanges.
The following three elements must be present to define a marketing situation: t
wo or more parties who are potentially interested in exchange; each party posses
sing things of value to others; and each party capable of communication and deli
very.
US History Encyclopedia:
Marketing
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Home > Library > History, Politics & Society > US History Encyclopedia
Marketing is the multifaceted, systematic approach to selling goods, adopted by
every business and not for-profit agency and group with a message. It attempts t
o optimize an organization s ability to make a profit, whether monetary (profits
or donations) or electoral.
Marketing encompasses advertising, promotions, product design, positioning, and
product development. Marketing tools include elements such as focus groups, gap
analysis, concept testing, product testing, perceptual maps, demographics, psych
ographics (lifestyles), and choice modeling. It is powerfully aided by market re
search, a science that has become increasingly complex and sophisticated over th
e past century or more.
Market research embraces qualitative and quantitative methods. Environmental ana
lysis gives companies key information about economic conditions, consumer demogr
aphics, consumer lifestyles, industry trends, distribution channels, new technol
ogy, employee relations and supply, foreign markets, corporate image, political
and regulatory changes, and key players in the business. Sophisticated data coll
ection and analysis investigate market segmentation and target selection, produc
t and advertising positioning, product design, pricing, mass media advertising,
direct marketing, promotion, distribution channels, and sales force allocation.
Market research rarely has a direct impact on income, but provides the essential
data to prove or disprove client preconceptions, resolve disagreements, expose
threats, quantify a population, and qualify an opportunity. The ways that resear
ch is used for strategic decision making determines its relationship to profit a
nd market advance. Marketing has existed in every age and culture. In the United
States, marketing reached its high level of sophistication as a result of the m
ass market.
Three overlapping stages have marked the history of our republic. Until roughly
the 1880s, the economy was characterized by market fragmentation. Geographical l
imitations were reinforced by the absence of a transportation and communications
infrastructure that spanned the continent. There were hundreds of local markets
and very few national brand names. Profit was determined by low sales volume an
d high prices.
Mass Marketing
Spurred by a communications revolution and the completion of a national railroad
network that by 1900 consisted of more miles of track than the rest of the worl
d combined, a national mass market emerged. Technological innovation mushroomed,
and a small number of firms realized economies of scale previously undreamed of
. Giant corporations (or a small cluster of corporations) dominated single indus
tries. Companies were able to produce goods in high volume at low prices. By 190
0, firms followed the logic of mass production as they sought to create a "democ
racy of desire" by universalizing the availability of products.
Mass production required the development of mass marketing as well as modern man
agement, a process spurred by analysis of the depression of the 1870s, when unso
ld inventory was blamed in part for the depth of the crisis, and the depression
of the 1890s, when the chaos of market competition spurred efforts to make the m
arket more predictable and controllable.
As the mass market emerged, manufacturers and retailers developed a range of ins
truments to shape and mold the market. National brand names like the Singer Sewi
ng Machine from the 1860s, Coca-Cola from the 1890s, Wrigley s Chewing Gum after
1907, and Maxwell House coffee around the same time heralded the "golden age of
brand names." Advertising also came into its own during the early decades of th
e twentieth century. The first advertising agency was established in 1869 as N.
W. Ayer and Son. John Wanamaker placed the first full-page advertisement in a ne
wspaper in 1879. Advertising media were powerfully supplemented by the use of su
bway cars, electric trolleys, trams, billboards, and the explosion in magazine s
ales. Further developments came after the 1890s with flashing electric signs, an
d in 1912 "talking signs" that allowed copy to move swiftly along boards from ri
ght to left first appeared on Broadway in New York City. By 1910, photo technolo
gy and color lithography revolutionized the capacity to reproduce images of all
kinds.
Forward integration into wholesaling also aided mass marketing, beginning in the
1870s and 1880s with meat packers like Gustavus Swift. Franchise agreements wit
h retailers were one key to the success of companies such as Coca-Cola. Another
feature in the success of mass marketing was the creation and implementation of
sales programs made possible by the spread of modern management structures and t
he division of corporate functions. In 1911, with the appointment of its first d
irector of commercial research, the Curtis Publishing Company instituted the sys
tematic analysis of carefully collected data. Hart, Shafner, and Marx became the
largest manufacturer of men s suits in America by the 1910s through research th
at suggested producing suits for fourteen different male body types and psychogr
aphic appeals in its advertising. During and after the 1920s, as the social scie
nces matured, sweeping improvements in statistical methodology, behavioral scien
ce, and quantitative analysis made market research more important and accurate.
Through these means—as well as coherent production and marketing plans—a mass ma
rket was created by World War II. However, consumerism as understood in the begi
nning of the twenty-first century did not triumph until after 1950.
Market Segmentation
The final stage of the twentieth-century market in America has been characterize
d as "market segmentation." Fully developed in the 1970s and 1980s, firms sought
competitive advantage through the use of demographics and psychographics to mor
e accurately pinpoint and persuade consumers of their products. Price was determ
ined not so much by how cheaply something could be sold, but more by the special
value a particular market placed upon the goods, independent of production cost
s.
General Motors (GM) pioneered market segmentation in the 1920s, as it fought and
beat Ford for the biggest market share of the booming automobile business. Henr
y Ford was an exemplar of mass marketing. He had pioneered the marketing of the
automobile so that it could be within the reach of almost all Americans. Standar
dized models were produced quickly, identically, and only in black, which droppe
d the cost of car buying from $600 in 1905 to $290 by 1924. In nineteen years of
production, his Model T sold to 15.5 million customers. By 1924, thanks largely
to Ford, the number of cars produced in the United States was greater than 4 mi
llion, compared to 180,000 in 1910. Due to his methods, by 1921 Ford sold 55 per
cent of all new cars in America. In trying to compete with Ford, GM first tried
merging with rivals to create a larger market force, but then embraced individua
lity. It was in the 1920s that annual modifications to automobile models were in
troduced. GM made not one model to suit all, but a number of different models to
suit differing pocketbooks. It looked at the market not as an undifferentiated
whole, but as a collection of segments with differing requirements and desires t
o be satisfied. GM made the ownership of automobiles both a status symbol and st
ylish. By 1927, Ford s market share had been cut to 25 percent, and Ford was for
ced to retool and try to catch up with GM.
By the 1960s, as consumer values shifted because of social change, marketers and
advertisers sought ways to reach a more segmented society. Generational differe
nces became much more important. Further changes, after 1970, meant that markete
rs needed to be much more sensitive to the differences between groups of America
ns and their values. Serious foreign competition in American markets during the
1970s and 1980s also spurred innovation in market research, product design, and
marketing generally. Television s Nielsen ratings offered one instrument, and mo
re sophisticated polling techniques another. The ability to identify who watched
what shows according to age, gender, and ethnic background led to more targeted
advertising and a leap in TV advertising, from $12 billion in 1960 to $54.5 bil
lion in 1980. By 1985, advertisers had developed eight consumer clusters for wom
en alone, and over forty lifestyle groups.
By the 1990s, children, teens, and seniors were similarly analyzed. In 1997, it
was estimated that "kid power" accounted for sales of over $200 billion per year
. Age segmentation among children received particular attention, as researchers
took into account neurological, social, emotional, and moral development. Testin
g determined the relative perception of visual and verbal information at differe
nt ages and developmental stages. Humor and gender differences were also studied
to make marketing more successful. Deregulation of children s programming in th
e 1980s led to cartoons becoming merchandising vehicles. By 1987, about 60 perce
nt of all toys sold in the United States were based on licensed characters from
television, movies, or books.
Market research also determined the kinds of junk mail that went to each individ
ual and how advertising would appear on the Internet or on television. During th
e 1980s and 1990s, more sophisticated research developed as patterns of credit c
ard spending were analyzed, television was deregulated into cable and satellite
channels, and Internet usage was identified.
Despite the end of a long post–World War II economic expansion, after 1970 consu
mer spending continued to grow, largely the result of consumerism; newer, easier
forms of obtaining credit; and segmented marketing; which seized a generation o
f Americans who were born into the first generalized age of affluence in America
. Consumer spending jumped from $70.8 billion in 1940 to $617 billion in 1970. T
he U.S. Census Bureau reported in 2001 that retail sales just for the fourth qua
rter accounted for $861 billion, a remarkable figure, given the slowdown in econ
omic growth in the preceding thirty years.
The development of marketing during the twentieth century matched and aided Amer
ican economic growth and was symbiotic with the triumph of consumerism. The crea
tion of a "democracy of desire" came to characterize American society and its va
lues. It was a distinctive quality that influenced the attitudes of the rest of
the world toward the United States, as the strength of marketing smoothed its ec
onomic dominance around the planet.
Bibliography
Acuff, Dan S. What Kids Buy and Why: The Psychology of Marketing to Kids. New Yo
rk: Free Press, 1997.
Beacham, Walton, et al., eds. Beacham s Marketing Reference: Account Executive-M
arket Segmentation. 2 vols. Washington, D.C.: Research Publishing, 1986.
Burwood, Stephen. "Advertising and Consumerism." In Beacham sEncyclopedia of Soc
ial Change: America in the Twentieth Century. Edited by Veryan B. Khan. Osprey,
Fla.: Beacham Publishing, 2001.
Clancy, Kevin J., and Robert S. Shulman. The Marketing Revolution: A Radical Man
ifesto for Dominating the Marketplace. New York: Harper Business, 1991.
Tedlow, Richard S. New and Improved: The Story of Mass Marketing in America. Bos
ton: Harvard Business School Press, 1996.
Zollo, Peter. Wise Up To Teens: Insights into Marketing and Advertising to Teena
gers. 2d ed. Ithaca, N.Y.: New Strategist Publications, 1999.
Columbia Encyclopedia:
marketing
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Home > Library > Miscellaneous > Columbia Encyclopedia
marketing, in economics, that part of the process of production and exchange tha
t is concerned with the flow of goods and services from producer to consumer. In
popular usage it is defined as the distribution and sale of goods, distribution
being understood in a broader sense than the technical economic one. Marketing
includes the activities of all those engaged in the transfer of goods from produ
cer to consumer-not only those who buy and sell directly, wholesale and retail,
but also those who develop, warehouse, transport, insure, finance, or promote th
e product, or otherwise have a hand in the process of transfer. In a modern capi
talist economy, where nearly all production is intended for a market, such activ
ities are just as important as the manufacture of the goods. It is estimated in
the United States that approximately 50% of the retail price paid for a commodit
y is made up of the cost of marketing.
Evolution of Modern Marketing
In a subsistence-level economy there is little need for exchange of goods becaus
e the division of labor is at a rudimentary level: most people produce the same
or similar goods. Interregional exchange between disparate geographic areas depe
nds on adequate means of transportation. Thus, before the development of caravan
travel and navigation, the exchange of the products of one region for those of
another was limited. The village market or fair, the itinerant merchant or peddl
er, and the shop where customers could have such goods as shoes and furniture ma
de to order were features of marketing in rural Europe. The general store supers
eded the public market in England and was an institution of the American country
town.
In the United States in the 19th cent. the typical marketing setup was one in wh
ich wholesalers assembled the products of various manufacturers or producers and
sold them to jobbers and retailers. The independent store, operated by its owne
r, was the chief retail marketing agency. In the 20th cent. that system met stif
f competition from chain stores, which were organized for the mass distribution
of goods and enjoyed the advantages of large-scale operation. Today large chain
stores dominate the field of retail trade. The concurrent advent of the motor tr
uck and paved highway, making possible the prompt delivery of a variety of goods
in large quantities, still further modified marketing arrangement, and the prol
iferation of the automobile has expanded the geographic area in which a consumer
can make retail purchases.
Modern Marketing
At all points of the modern marketing system people have formed associations and
eliminated various middlemen in order to achieve more efficient marketing. Manu
facturers often maintain their own wholesale departments and deal directly with
retailers. Independent stores may operate their own wholesale agencies to supply
them with goods. Wholesale houses operate outlets for their wares, and farmers
sell their products through their own wholesale cooperatives. Recent years have
seen the development of wholesale clubs, which sell retail items to consumers wh
o purchase memberships that give them the privilege of shopping at wholesale pri
ces. Commodity exchanges, such as those of grain and cotton, enable businesses t
o buy and sell commodities for both immediate and future delivery.
Methods of merchandising have also been changed to attract customers. The one-pr
ice system, probably introduced (1841) by A. T. Stewart in New York, saves sales
clerks from haggling and promotes faith in the integrity of the merchant. Adver
tising has created an international market for many items, especially trademarke
d and labeled goods. In 1999 more than $308 billion was spent on advertising in
the United States alone. The number of customers, especially for durable goods,
has been greatly increased by the practice of extending credit, particularly in
the form of installment buying and selling. Customers also buy through mail-orde
r catalogs (much expanded from the original catalog sales business of the late 1
800s), by placing orders to specialized "home-shopping" television channels, and
through on-line transactions ("e-commerce") on the Internet.
Services are marketed in much the same manner as goods and commodities. Sometime
s a service, like that of a repair person or physician, is marketed through the
same act that produces it. Personal services may also be brokered by employment
agencies, booking agents for concert or theatrical performers, travel agents, an
d the like. Methods of marketing now include market research, motivational resea
rch, and other means of determining consumer acceptability of a product before t
he producer decides to manufacture and market it on a large scale. Market resear
ch, often conducted by means of telephone interviews with consumers, is a major
industry in itself, with the top 50 U.S. marketing firms tallying revenues of $5
.9 billion in 1998.
Bibliography
See J. Wilmshurst, The Fundamentals and Practice of Marketing (1984); E. Kaynak
and R. Savitt, ed., Comparative Marketing Systems (1986); E. J. McCarthy and W.
D. Perreault, Jr., Basic Marketing (10th ed. 1990); J. H. Ellsworth and M. V. El
lsworth, Marketing on the Internet (1997); L. E. Boone and D. L. Kurtz, Contempo
rary Marketing (9th ed. 1998).

Blogs:
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For the magazine, see Marketing (magazine).
Marketing
Key concepts
Product • Pricing • Place • Promotion
Distribution • Service • Retail
Brand management
Account-based marketing
Marketing ethics
Marketing effectiveness
Market research
Market segmentation
Marketing strategy
Marketing management
Market dominance
Promotional content
Advertising • Branding • Underwriting
Direct marketing • Personal Sales
Product placement • Publicity
Sales promotion • Sex in advertising
Promotional media
Printing • Publication • Broadcasting
Out-of-home • Internet marketing
Point of sale • Promotional items
Digital marketing • In-game
In-store demonstration • Brand Ambassador
Word of mouth
This box: view • talk • edit
Marketing is the process by which companies determine what products or services
may be of interest to customers, and the strategy to use in sales, communication
s and business development.[1] It is an integrated process through which compani
es create value for customers and build strong customer relationships in order t
o capture value from customers in return.[1]
Marketing is used to identify the customer, to keep the customer and to satisfy
the customer. With the customer as the focus of its activities, it can be conclu
ded that marketing management is one of the major components of business managem
ent. The evolution of marketing was caused due to mature markets and overcapacit
ies in the last 2-3 centuries. Companies then shifted the focus from production
to the customer in order to stay profitable.
The term marketing concept holds that achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfa
ctions.[2] It proposes that in order to satisfy its organizational objectives, a
n organization should anticipate the needs and wants of consumers and satisfy th
ese more effectively than competitors.[2]
Contents [hide]
* 1 Further definitions
* 2 Evolution of marketing
o 2.1 Earlier approaches
o 2.2 Contemporary approaches
* 3 Customer orientation
o 3.1 Organizational orientation
o 3.2 Herd behavior
o 3.3 Further orientations
* 4 Marketing research
o 4.1 Marketing environment
o 4.2 Market segmentation
o 4.3 Types of marketing research
* 5 Marketing planning
o 5.1 Marketing strategy
* 6 Marketing specializations
* 7 Buying behaviour
o 7.1 B2C buying behaviour
o 7.2 B2B buying behaviour
* 8 Use of technologies
* 9 Services marketing
* 10 See also
* 11 References
Further definitions
Marketing is defined by the American Marketing Association (AMA) as "the activit
y, set of institutions, and processes for creating, communicating, delivering, a
nd exchanging offerings that have value for customers, clients, partners, and so
ciety at large."[3] The term developed from the original meaning which referred
literally to going to a market to buy or sell goods or services. Seen from a sys
tems point of view, sales process engineering views marketing as "a set of proce
sses that are interconnected and interdependent with other functions,[4] whose m
ethods can be improved using a variety of relatively new approaches."
The Chartered Institute of Marketing defines marketing as "the management proces
s responsible for identifying, anticipating and satisfying customer requirements
profitably."[5] A different concept is the value-based marketing which states t
he role of marketing to contribute to increasing shareholder value.[6] In this c
ontext, marketing is defined as "the management process that seeks to maximise r
eturns to shareholders by developing relationships with valued customers and cre
ating a competitive advantage."[6]
Marketing practice tended to be seen as a creative industry in the past, which i
ncluded advertising, distribution and selling. However, because the academic stu
dy of marketing makes extensive use of social sciences, psychology, sociology, m
athematics, economics, anthropology and neuroscience, the profession is now wide
ly recognized as a science, allowing numerous universities to offer Master-of-Sc
ience (MSc) programmes. The overall process starts with marketing research and g
oes through market segmentation, business planning and execution, ending with pr
e and post-sales promotional activities. It is also related to many of the creat
ive arts. The marketing literature is also adept at re-inventing itself and its
vocabulary according to the times and the culture.
Evolution of marketing
Main article: History of marketing
An orientation, in the marketing context, relates to a perception or attitude a
firm holds towards its product or service, essentially concerning consumers and
end-users. Throughout history marketing has changed considerably as consumer tas
tes are changing faster.[7]
Earlier approaches
The marketing orientation evolved from earlier orientations namely the productio
n orientation, the product orientation and the selling orientation.[8][7]
Orientation Profit driver Western European timeframe Description
Production[8] Production methods until the 1950s A firm focusing
on a production orientation specializes in producing as much as possible of a gi
ven product or service. Thus, this signifies a firm exploiting economies of scal
e, until the minimum efficient scale is reached. A production orientation may be
deployed when a high demand for a product or service exists, coupled with a goo
d certainty that consumer tastes do not rapidly alter (similar to the sales orie
ntation).
Product[8] Quality of the product until the 1960s A firm employing
a product orientation is chiefly concerned with the quality of its own product.
A firm would also assume that as long as its product was of a high standard, pe
ople would buy and consume the product.
Selling[8] Selling methods 1950s and 1960s A firm using a s
ales orientation focuses primarily on the selling/promotion of a particular prod
uct, and not determining new consumer desires as such. Consequently, this entail
s simply selling an already existing product, and using promotion techniques to
attain the highest sales possible.
Such an orientation may suit scenarios in which a firm holds dead stock, or othe
rwise sells a product that is in high demand, with little likelihood of changes
in consumer tastes diminishing demand.
Marketing[8] Needs and wants of customers 1970 to present day The mark
eting orientation is perhaps the most common orientation used in contemporary ma
rketing. It involves a firm essentially basing its marketing plans around the ma
rketing concept, and thus supplying products to suit new consumer tastes. As an
example, a firm would employ market research to gauge consumer desires, use R&D
to develop a product attuned to the revealed information, and then utilize promo
tion techniques to ensure persons know the product exists.
Contemporary approaches
Recent approaches in marketing is the relationship marketing with focus on the c
ustomer, the business marketing or industrial marketing with focus on an organiz
ation or institution and the social marketing with focus on benefits to the soci
ety.[9] New forms of marketing also uses the internet and are therefore called i
nternet marketing or more generally e-marketing, online marketing, search engine
 marketing, desktop advertising or affiliate marketing. It tries to perfect the
segmentation strategy used in traditional marketing. It targets its audience mor
e precisely, and is sometimes called personalized marketing or one-to-one market
ing.
Orientation Profit driver Western European timeframe Description
Relationship marketing / Relationship management[9] Building and keeping goo
d customer relations 1960s to present day Emphasis is placed on the whole
relationship between suppliers and customers. The aim is to give the best possib
le attention, customer services and therefore build customer loyalty.
Business marketing / Industrial marketing Building and keeping relationshi
ps between organizations 1980s to present day In this context marketin
g takes place between businesses or organizations. The product focus lies on ind
ustrial goods or capital goods than consumer products or end products. A differe
nt form of marketing activities like promotion, advertising and communication to
the customer is used.
Social marketing[9] Benefit to society 1990s to present day Similar
characteristics as marketing orientation but with the added proviso that there w
ill be a curtailment on any harmful activities to society, in either product, pr
oduction, or selling methods.
Customer orientation
A firm in the market economy survives by producing goods that persons are willin
g and able to buy. Consequently, ascertaining consumer demand is vital for a fir
m s future viability and even existence as a going concern. Many companies today
have a customer focus (or market orientation). This implies that the company fo
cuses its activities and products on consumer demands. Generally there are three
ways of doing this: the customer-driven approach, the sense of identifying mark
et changes and the product innovation approach.
In the consumer-driven approach, consumer wants are the drivers of all strategic
marketing decisions. No strategy is pursued until it passes the test of consume
r research. Every aspect of a market offering, including the nature of the produ
ct itself, is driven by the needs of potential consumers. The starting point is
always the consumer. The rationale for this approach is that there is no point s
pending R&D funds developing products that people will not buy. History attests
to many products that were commercial failures in spite of being technological b
reakthroughs.[10]
A formal approach to this customer-focused marketing is known as SIVA[11] (Solut
ion, Information, Value, Access). This system is basically the four Ps renamed a
nd reworded to provide a customer focus. The SIVA Model provides a demand/custom
er centric version alternative to the well-known 4Ps supply side model (product,
price, placement, promotion) of marketing management.
Product → Solution
Promotion → Information
Price → Value
Placement → Access
If any of the 4Ps had a problem or were not there in the marketing factor of the
business, the business could be in trouble and so other companies may appear in
the surroundings of the company, so the consumer demand on it s products will b
ecome less.
Organizational orientation
In this sense, a firm s marketing department is often seen as of prime importanc
e within the functional level of an organization. Information from an organizati
on s marketing department would be used to guide the actions of other department
s within the firm. As an example, a marketing department could ascertain (via ma
rketing research) that consumers desired a new type of product, or a new usage f
or an existing product. With this in mind, the marketing department would inform
 the R&D department to create a prototype of a product/service based on consumer
s new desires.
The production department would then start to manufacture the product, while the
marketing department would focus on the promotion, distribution, pricing, etc.
of the product. Additionally, a firm s finance department would be consulted, wi
th respect to securing appropriate funding for the development, production and p
romotion of the product. Inter-departmental conflicts may occur, should a firm a
dhere to the marketing orientation. Production may oppose the installation, supp
ort and servicing of new capital stock, which may be needed to manufacture a new
product. Finance may oppose the required capital expenditure, since it could un
dermine a healthy cash flow for the organization.
Herd behavior
Herd behavior in marketing is used to explain the dependencies of customers mut
ual behavior. The Economist reported a recent conference in Rome on the subject
of the simulation of adaptive human behavior.[12] It shared mechanisms to increa
se impulse buying and get people "to buy more by playing on the herd instinct."
The basic idea is that people will buy more of products that are seen to be popu
lar, and several feedback mechanisms to get product popularity information to co
nsumers are mentioned, including smart card technology and the use of Radio Freq
uency Identification Tag technology. A "swarm-moves" model was introduced by a F
lorida Institute of Technology researcher, which is appealing to supermarkets be
cause it can "increase sales without the need to give people discounts."
Other recent studies on the "power of social influence" include an "artificial m
usic market in which some 14,000 people downloaded previously unknown songs" (Co
lumbia University, New York); a Japanese chain of convenience stores which order
s its products based on "sales data from department stores and research companie
s;" a Massachusetts company exploiting knowledge of social networking to improve
sales; and online retailers who are increasingly informing consumers about "whi
ch products are popular with like-minded consumers" (e.g., Amazon, eBay).
Further orientations
* 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, see also employer branding.
* Diffusion of innovations research explores how and why people adopt new pr
oducts, services and ideas.
* With consumers eroding attention span and willingness to give time to adv
ertising messages, marketers are turning to forms of permission marketing such a
s branded content, custom media and reality marketing.
Marketing research
Main article: Marketing research
Marketing research involves conducting research to support marketing activities,
and the statistical interpretation of data into information. This information i
s then used by managers to plan marketing activities, gauge the nature of a firm
s marketing environment and attain information from suppliers. Marketing resear
chers use statistical methods such as quantitative research, qualitative researc
h, hypothesis tests, Chi-squared tests, linear regression, correlations, frequen
cy distributions, poisson distributions, binomial distributions, etc. to interpr
et their findings and convert data into information. The marketing research proc
ess spans a number of stages including the definition of a problem, development
of a research plan, collecting and interpretation of data and disseminating info
rmation formally in form of a report. The task of marketing research is to provi
de management with relevant, accurate, reliable, valid, and current information.
A distinction should be made between marketing research and market research. Mar
ket research pertains to research in a given market. As an example, a firm may c
onduct research in a target market, after selecting a suitable market segment. I
n contrast, marketing research relates to all research conducted within marketin
g. Thus, market research is a subset of marketing research.
Marketing environment
Main article: Marketing environment
Market segmentation
Main article: Market segmentation
Market segmentation pertains to the division of a market of consumers into perso
ns with similar needs and wants. As an example, if using Kellogg s cereals in th
is instance, Frosties are marketed to children. Crunchy Nut Cornflakes are marke
ted to adults. Both goods aforementioned denote two products which are marketed
to two distinct groups of persons, both with like needs, traits, and wants.
The purpose for market segmentation is conducted for two main issues. First, a s
egmentation allows a better allocation of a firm s finite resources. A firm only
possesses a certain amount of resources. Accordingly, it must make choices (and
appreciate the related costs) in servicing specific groups of consumers. Furthe
rmore the diversified tastes of the contemporary Western consumers can be served
better. With more diversity in the tastes of modern consumers, firms are taking
noting the benefit of servicing a multiplicity of new markets.
Market segmentation can be defined in terms of the STP acronym, meaning Segment,
Target and Position.
Types of marketing research
Marketing research, as a sub-set aspect of marketing activities, can be divided
into the following parts:
* Primary research (also known as field research), which involves the conduc
tion and compilation of research for the purpose it was intended.
* Secondary research (also referred to as desk research), is initially condu
cted for one purpose, but often used to support another purpose or end goal.
By these definitions, an example of primary research would be market research co
nducted into health foods, which is used solely to ascertain the needs/wants of
the target market for health foods. Secondary research, again according to the a
bove definition, would be research pertaining to health foods, but used by a fir
m wishing to develop an unrelated product.
Primary research is often expensive to prepare, collect and interpret from data
to information. Nonetheless, while secondary research is relatively inexpensive,
it often can become outdated and outmoded, given it is used for a purpose other
than for which is was intended. Primary research can also be broken down into q
uantitative research and qualitative research, which as the labels suggest, pert
ain to numerical and non-numerical research methods, techniques. The appropriate
ness of each mode of research depends on whether data can be quantified (quantit
ative research), or whether subjective, non-numeric or abstract concepts are req
uired to be studied (qualitative research).
There also exists additional modes of marketing research, which are:
* Exploratory research, pertaining to research that investigates an assumpti
on.
* Descriptive research, which as the label suggests, describes "what is".
* Predictive research, meaning research conducted to predict a future occurr
ence.
* Conclusive research, for the purpose of deriving a conclusion via a resear
ch process.
Marketing planning
This section may require cleanup to meet Wikipedia s quality standards.
Please improve this section if you can. (October 2009)
Main article: Marketing plan
The area of marketing planning involves forging a plan for a firm s marketing ac
tivities. A marketing plan can also pertain to a specific product, as well as to
an organization s overall marketing strategy. Generally speaking, an organizati
on s marketing planning process is derived from its overall business strategy. T
hus, when top management are devising the firm s strategic direction or mission,
the intended marketing activities are incorporated into this plan. There are se
veral levels of marketing objectives within an organization. The senior manageme
nt of a firm would formulate a general business strategy for a firm. However, th
is general business strategy would be interpreted and implemented in different c
ontexts throughout the firm.
Marketing strategy
The field of marketing strategy encompasses the strategy involved in the managem
ent of a given product.
A given firm may hold numerous products in the marketplace, spanning numerous an
d sometimes wholly unrelated industries. Accordingly, a plan is required in orde
r to manage effectively such products. Evidently, a company needs to weigh up an
d ascertain how to utilize effectively its finite resources. As an example, a st
art-up car manufacturing firm would face little success, should it attempt to ri
val immediately Toyota, Ford, Nissan or any other large global car maker. Moreov
er, a product may be reaching the end of its life-cycle. Thus, the issue of dive
st, or a ceasing of production may be made. With regard to the aforesaid questio
ns, each scenario requires a unique marketing strategy to be employed. Below are
listed some prominent marketing strategy models, which seek to propose means to
answer the preceding questions.
Marketing specializations
With the rapidly emerging force of globalization, the distinction between market
ing within a firm s home country and marketing within external markets is disapp
earing very quickly. With this occurrence in mind, firms need to reorient their
marketing strategies to meet the challenges of the global marketplace, in additi
on to sustaining their competitiveness within home markets. [13]
Buying behaviour
A marketing firm must ascertain the nature of the customers buying behaviour, if
it is to market its product properly. In order to entice and persuade a consume
r to buy a product, marketers try to determine the behavioural process of how a
given product is purchased. Buying behaviour is usually split in two prime stran
ds, whether selling to the consumer, known as business-to-consumer (B2C) or anot
her business, similarly known as business-to-business (B2B).
B2C buying behaviour
This mode of behaviour concerns consumers, in the purchase of a given product. A
s an example, if one pictures a pair of sneakers, the desire for a pair of sneak
ers would be followed by an information search on available types/brands. This m
ay include perusing media outlets, but most commonly consists of information gat
hered from family and friends.If the information search is insufficient, the con
sumer may search for alternative means to satisfy the need/want. In this case, t
his may be buying leather shoes, sandals, etc. The purchase decision is then mad
e, in which the consumer actually buys the product. Following this stage, a post
-purchase evaluation is often conducted, comprising an appraisal of the value/ut
ility brought by the purchase of the sneakers. If the value/utility is high, the
n a repeat purchase may be bought. This could then develop into consumer loyalty
, for the firm producing the pair of sneakers.
B2B buying behaviour
Relates to organizational/industrial buying behavior.[14] B2C and B2B behavior a
re not exact, as similarities and differences exist. Some of the key differences
are listed below:
In a straight re-buy, the fourth, fifth and sixth stages are omitted. In a modif
ied re-buy scenario, the fifth and sixth stages are precluded. In a new buy, all
aforementioned stages are conducted.
Use of technologies
Marketing management can also note the importance of technology, within the scop
e of its marketing efforts. Computer-based information systems can be employed,
aiding in a better processing and storage of data. Marketing researchers can use
such systems to devise better methods of converting data into information, and
for the creation of enhanced data gathering methods. Information technology can
aid in improving an MKIS software and hardware components, to improve a company
s marketing decision-making process.
In recent years, the netbook personal computer has gained significant market sha
re among laptops, largely due to its more user-friendly size and portability. In
formation technology typically progress at a fast rate, leading to marketing man
agers being cognizant of the latest technological developments. Moreover, the la
unch of smartphones into the cellphone market is commonly derived from a demand
among consumers for more technologically advanced products. A firm can lose out
to competitors, should it refrain from noting the latest technological occurrenc
es in its industry.
Technological advancements can facilitate lesser barriers between countries and
regions. Via using the World Wide Web, firms can quickly dispatch information fr
om one country to another, without much restriction. Prior to the mass usage of
the Internet, such transfers of information would have taken longer to send, esp
ecially if via snail mail, telex, etc.
Services marketing
Services marketing,[15] as the label suggests, relates to the marketing of servi
ces, as opposed to tangible products (in standard economic terminology, a tangib
le product is called a good).
A typical definition of a service (as opposed to a good) is thus:
* The use of it is inseparable from its purchase (,i.e. a service is used an
d consumed simultaneously)
* It does not possess material form, and thus cannot be smelt, heard, tasted
, or felt.
* The use of a service is inherently subjective, in that due to the human co
ndition, all persons experiencing a service would experience it uniquely.
As examples of the above points, a train ride can be deemed as a service. If one
buys a train ticket, the use of the train is typically experienced concurrently
with the purchase of the ticket. Moreover, a train ride cannot be smelt, heard,
tasted or felt as such. Granted, a seat can be felt, and the train can be evide
ntly heard, nonetheless one is not paying for the permanent ownership of the tan
gible components of the train.
Services (by comparison with goods) can also be viewed as a spectrum. Not all pr
oducts are pure goods, nor are all pure services. The aforementioned example of
a train ride can be deemed a pure service, whilst a packet of potato chips can b
e deemed a pure good. An intermediary example may be a restaurant (as the waiter
 service is intangible, and the food evidently is tangible in form).
See also
See also: Outline of marketing
See also: Marketing acronyms
See also: Category:Types of marketing
References
1. ^ a b Kotler, Philip; Gary Armstrong, Veronica Wong, John Saunders (2008).
"Marketing defined". Principles of marketing (5th ed.). p. 7. http://books.goog
le.com/books?id=6T2R0_ESU5AC&lpg=PP1&pg=PA7#v=onepage&q=&f=true. Retrieved 2009-
10-23.
2. ^ a b Kotler, Philip; Gary Armstrong, Veronica Wong, John Saunders (2008).
"Marketing defined". Principles of marketing (5th ed.). p. 17. http://books.goo
gle.com/books?id=6T2R0_ESU5AC&lpg=PP1&pg=PA7#v=onepage&q=&f=true. Retrieved 2009
-10-23.
3. ^ "Definition of Marketing". American Marketing Association. http://www.ma
rketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx. Retrieved 2009-10-30
.
4. ^ Paul H. Selden (1997). Sales Process Engineering: A Personal Workshop. M
ilwaukee, WI: ASQ Quality Press. p. 23.
5. ^ "Definition of marketing". Chartered Institute of Marketing. http://www.
cim.co.uk/resources/understandingmarket/definitionmkting.aspx. Retrieved 2009-10
-30.
6. ^ a b Paliwoda, Stanley J.; John K. Ryans. "Back to first principles". Int
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2009-10-15.
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Misspellings:
marketing
Top
Home > Library > Literature & Language > Common Misspellings
Common misspelling(s) of marketing
* marketting

Translations:
marketing
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Home > Library > Literature & Language > Translations
Marketing
Dansk (Danish)
n. - marketing, handel, køb, afsætning
Nederlands (Dutch)
marketing, markthandel
Français (French)
n. - marketing, mercatique, service de marketing
Deutsch (German)
n. - Marketing


Ελληνική (Gree )
. - (οικον.) μάρκετινγκ, αγοραλογία
   (I )
I 

 

m  
 
P  u
uês (P  u
u s )
. - m 
 
(m)

Русский (Russ )

маркетинг, торговля, предмет торговли
Esp ñ  (Sp  sh)
. - m c d , c m c z c ó


Sv s  (Sw d sh)
. - m 
 dsfö 
,  
h d , m 
 dsv 

中文（
体）(Ch  s (S mp f  d))

行
,



中文（繁體）(Ch  s (T d   ))
. - 行銷, 買賣

(K  )
. - , ( )
日本語 (J p  s )
. - 売買, マーケティング, 市場での売り物, 買物

(A b c)
( )
‫( תירבע‬H b  w)
. - ‫קוויש‬, ‫הרוחס תצפה‬


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