Marketing essay

Marketing is an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders. Marketers usually face the challenge of creating a balance between shareholders’ interest and customers’ interest. To counter this predicament, they perform a particular role.
The most basic function of marketers is to understand the needs of customers that are the states of felt deprivation as well as the wants i.e. the fulfilment of needs based on their culture and personality to develop marketing offerings (i.e. physical products, services, information and experiences) for their actual and potential buyers (or market). However, in addition to identifying wants, it is important for marketers to identify demands of the customers based on their buying power and willingness to buy. Customers choose marketing offerings based on value i.e. benefits (product, service, personnel, image) and costs (monetary, time, energy, psychic) and develop their evaluations based on their experience with the offering that ideally results in satisfaction. Marketers understand that new customers are expensive to procure; therefore they strive to deliver value and maintain a win-win and long term relationship, which results in an exchange in which the marketer obtains loyalty and positive word of mouth in addition to cash.
The marketing environment facing both new and old marketing organisations consists of the actors and forces that affect marketing management’s ability to develop and maintain successful transactions with its target customers. They are the microenvironment and the macroenvironment respectively. The success of marketing management depends on actors in the microenvironment such as the marketing organisation, marketing intermediaries, customers, competitors, publics.
In the marketing organisation, the senior management sets its mission,