Part 3: Costs and benefits of market orientation.
For this assessment, I will complete the three following tasks:.
1) To compare alternative definitions of marketing and select the definitions that I felt most comfortable with, giving reasons for my choice.
2) To discuss the various elements of the marketing concept and explain why a marketing orientation is becoming increasingly important in today's competitive environment.
3) To identify and assess the costs and benefits to an organization which adopts a marketing approach.
For every part of this project, a detailed description of its content is situated at its beginning and a conclusion at the end. .
1) Selected market definitions:.
There are a total of five marketing definitions listed below. I will state and analyze them one by one, giving my opinion on whether it is better or worse than the last/previous one. I will say which definition is best and give my reasons for my point of view. .
1. "Marketing is to establish, maintain and enhance relationships with customers and other partners, at a profit, so that the objectives of both parties are met. This is achieved by a mutual exchange and fulfilment of promises".
2. "Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others".
3. "Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably".
-The Chartered Institute of Marketing.
4. "Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends.".
5. "The right product, in the right place, at the right time, at the right price.