Principles of Marketing

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Principles Of Marketing

Gregory Williams

Principles Of Marketing

BUS 330

Kristin Brocklesby

28 Sep 2009

The subject of my final paper is Principles of Marketing. I will cover the following topics: Definition of Marketing; The Marketing Process; An Understanding of the Marketplace; Marketing Strategies; and Marketing Ethics and Social Responsibilities.

Marketing defined is the process by which companies create value for customers and build upon that value by forging strong relationships with the customers (Clark, 2007). Marketing involves more than just selling and advertising, but also involves understanding customer needs and developing products and services to satisfy those needs (Clark, 2007). It consists of those efforts which effect transfers in the ownership of goods and care for their physical distribution (Clark, 2007). Marketing grew out of the division of labor manifested through large scale production and the localization of industry (Clark, 2007).

The marketing process involves the following steps: understanding consumers; creating customer values; building strong customer relationships; creating marketing strategy; and capturing the value from customers (Kotler & Armstrong, 2008).

The first step in the marketing process understands the market place and customer needs (Kotler & Armstrong, 2008). During this step the marketer needs to understand the customers’ needs, wants, and demands and then offer products, services, and experiences to satisfy those needs, wants and demands (Kotler & Armstrong, 2008). A customers wants are shaped by cultural and individual personality (Kotler & Armstrong, 2008). When backed by buying wants become demands (Kotler & Armstrong, 2008). To fulfill customers wants and needs, marketers offer a combination of products, information, services, or experiences (Kotler & Armstrong, 2008). A market is formed at each point where a specific commodity is concentrated (Clark,...