Marketing Terms
Dogukan Dag
MRK707 Vision in Marketing
1- Definition of Marketing
Marketing:
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
(Approved July 2013)
Source: https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx
2- Four Eras in the History of Marketing
The Production Era: Beginning with the colonization of America and continuing until the early 1900's, this era was focused on reducing the cost of production as there was a seemingly unbound demand for product. The biggest marketing focus was on increasing production while lowering costs of storage and distribution.
The Selling Era: Began in the 1920's and focused on shifting focus from mass production to selling. Selling and advertising took hold in an effort to persuade consumers to purchase existing products.
The Marketing Concept Era: Existed from the end of World War Two until the late 1900's. This era is commonly termed the baby boom as soldiers returned home to start families. This rise in families created a very sudden increase in consumer spending and thus demand for products and services. Out of this boom came the Marketing Concept which was composed of an orientation on customers, service, and profit. In this business were focused on determining what consumers wanted, their overall level of satisfaction, and producing the goods and services that would produce the largest profit.
The Customer Relationship Era: From the late 1900's and early 200's and continuing today, companies have sought to extend it's marketing concepts into the practice of customer relationship management. Customer relationship management is focused on the continuous learning and information gathering about customers and in doing so being able to not only meet a consumers expectations or needs but to go above and beyond in producing ongoing consumer
MRK707 Vision in Marketing
1- Definition of Marketing
Marketing:
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
(Approved July 2013)
Source: https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx
2- Four Eras in the History of Marketing
The Production Era: Beginning with the colonization of America and continuing until the early 1900's, this era was focused on reducing the cost of production as there was a seemingly unbound demand for product. The biggest marketing focus was on increasing production while lowering costs of storage and distribution.
The Selling Era: Began in the 1920's and focused on shifting focus from mass production to selling. Selling and advertising took hold in an effort to persuade consumers to purchase existing products.
The Marketing Concept Era: Existed from the end of World War Two until the late 1900's. This era is commonly termed the baby boom as soldiers returned home to start families. This rise in families created a very sudden increase in consumer spending and thus demand for products and services. Out of this boom came the Marketing Concept which was composed of an orientation on customers, service, and profit. In this business were focused on determining what consumers wanted, their overall level of satisfaction, and producing the goods and services that would produce the largest profit.
The Customer Relationship Era: From the late 1900's and early 200's and continuing today, companies have sought to extend it's marketing concepts into the practice of customer relationship management. Customer relationship management is focused on the continuous learning and information gathering about customers and in doing so being able to not only meet a consumers expectations or needs but to go above and beyond in producing ongoing consumer