Accounting technicians scheme west africa
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| Learning Objectives After reading this section, the reader should be able to ▪ Define marketing. ▪ Explain the evolution of marketing management. ▪ State and explain the functions of marketing. ▪ Explain marketing segmentation. ▪ State and explain marketing mix using the 4Ps of marketing. ▪ Explain the extended 7Ps of marketing. C.1 Definition of Marketing Various authors have defined marketing indifferent ways. This is to be expected as every author tends to place emphasis on one core component of marketing or the other. According to the American Marketing Association, marketing is the performance of business activities that direct the flow of goods and services to the consumer. This definition is rather limited. Marketing activities begin even before goods and services are created. The starting point of marketing is the identification and analysis of the needs, wants and demands that consumers have and want to satisfy. Marketing also does not end when the goods and services have been purchased. Marketing includes activities designed to facilitate the purchase of the goods and services in such a manner that will meet their expectations. Examples of such activities are after-sales services such as maintenance and repair services, opportunity to return defective items, etc. Kotler (1988) defined marketing as asocial and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. This definition emphasizes exchange of value between two parties. Each party has something of value which the other wants. Both parties are willing and able to engage in the transaction to the satisfaction of all. A practical illustration of this point is where a manufacturer has a product which it wants to exchange with a consumer in return for the price paid by the consumer. A Chartered Accountant has an audit service which he/she wants to exchange with a client in return for the fees paid by the client. Download 3.37 Mb. Share with your friends:
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