Assignment 1

ASSINMENT NO. 1

NAME:

ERP ID:

COURSE: MARKETING MANAGEMENT

SUBMITTED TO: SIR JAMI MOIZ

Q.1) Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty.

Ans.1) Marketing as an art: Art, in itself is based on complex processes of the mind and involves long processes requiring decision making. While intuition is the root of the art process, personal technique, creativity, motivation for a purpose and a lot more account for beneficial practice in business. Marketing is a task that requires both creativity and vision.

Marketing as a science: There is a strong emerging belief that marketing is reducible to formulation, experimentation, hypotheses testing and statistics that inform decisions and therefore, the practice is a science. It is an approach that relies on data and numbers to arrive at workable decisions through an assortment of researches such as qualitative and quantitative marketing, experimental and observational technique and is therefore, purely science.

Theoretical Response: In support of marketing’s artistic nature cite creativity, experience and innovation as its hallmark. Scientists think it is purely a discipline involving data manipulation, research and numbers. However, there is a strong belief that it belongs in both disciplines. Nevertheless, there is a science to everything as well and the fact that the art of marketing makes the science complete. Art is the best original piece of marketing but for workable marketing strategies of businesses, science will make artistic things come true. Marketing is therefore a scientifically managed art.

Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.  Marketing identifies...