Marketing Management Theory And Practice

Everything that happens in the course of a successful transaction between a buyer & a seller is the focus of marketing. One may say that marketing is based on the premise that the client is the centre of attention for everyone working for the firm as opposed to economics which focuses on the link between supply and demand. Applying the marketing principle to a company means making the consumer the focal point of every decision-making process. In accordance with the marketing philosophy the organization's dominant tendency will be to cater to the demands and requirements of the end user. To provide the goods and services that customers want the company will persistently try to learn what those desires are both now and in the future. The company may need to expand into new areas modify its fixed asset bases or drastically alter the products and services it offers as a result of this. When businesses accomplish their goals—profit and otherwise—by meeting or exceeding the expectations of their consumers they have traditionally adhered to the tenets of marketing. Nevertheless it fails to take into account a crucial element of the business world: competition. To succeed businesses need more than just the...