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What is Marketing?

Marketing exists through exchange, which is the act or process of receiving something from someone by giving something in return. It could be an idea, service or money and so on.

What is marketing for you? Is marketing like this photo, it means selling products to someone? Does marketing mean promotion? Oh, is it an advertisement?

Peter Ferdinand Drucker has been hailed as the man who invented corporate society, father of modern management.
Because the purpose of business is to create and keep customers, it has only two central functions-marketing and innovation. The basic function of marketing is to attract and retain customers at a profit. – Drucker, 1990
So, what can we learn from his statement?
1. Creating Value for Customers

“There is only one valid definition of business purpose:to create a customer” (Drucker 1973, p.61). “Valueand service first, profit la ter. Maximizing profit,perhaps never.” (Drucker in Bialkowski 2000, p.3).

Marketing is “…a central dimension of the entirebusiness. It is the whole business seen from the point ofview of its final result, that is, from the customer’s point ofview. Concern and responsibility for marketing must,therefore, permeate all areas of the enterprise” (Drucker1973, p.63).

2. Broadened Roleof Marketing in Society

Drucker was a fervent catalyst to grow the utilization of marketing to im prove quality of life in a consumption society. He passionately argued for corporate social responsibility, and embraced consumerism as the reaction to poor management.

From the father of marketing management, we know marketing is not only a department for profits, but also for social responsibility!

What is Marketing?

Marketing exists through exchange, which is the act or process of receiving something from someone by giving something in return. It could be an idea, service or money and so on.

The marketing concept can help you achieve your business goal by meeting and exceeding customer needs and expectations better than competitors. A firm can uses production orientation or market orientation to satisfy customer needs.

So, as a firm, we have to know what is marketing: Marketing is  an art of management!

Relevant:

How to manage distributors by B2B management?

How is relationship marketing important?

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media@dr.marketingconsultant

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