Aspects of Marketing

Marketing affects us in our daily lives even when we are unaware of its presence. Broadly defined as the flow of goods and services from producer to consumer or user, market has evolved into the anticipation, management and satisfaction of demand. Marketing itself is concerned with what goods and services to produce, how to distribute them, the promotional efforts (including advertising) that go into supporting those products and services, and the pricing strategy that is used. The marketing concept, which has largely evolved since the Industrial Revolution, has three components: it requires that an organization be consumer-oriented, have a coordinated marketing program, and be goal-oriented. Where a sales approach to business concentrates on selling product and assessing the revenue from that product (a narrow view), the marketing concept takes a broad view and considers consumer demands and tastes as well as long-term strategy. This research considers the critical factors of marketing, and pays specific attention to the issue of ethics in marketing.

All marketing decisions are made within the confines of the marketing environment, which c

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is the process of classifying a market into two or more parts, each of which share common characteristics. Target marketing also uses sales forecasting techniques to help the company and the marketing department develop budgets, allocate resources and adjust the market program. Product planning is what enables a company to firmly determine its opportunities, develop its marketing programs, develop and implement a strong product mix, maintain its successful products and eliminate those that are no longer strong fits to the company's long-term objectives. One of the tools that is used in this process is the product lifecycle, which consists of the introduction, growth, maturity and decline phases. The marketing objective changes at each phase of the lifecycle, which is useful as a planning tool, but which should not be relied upon as an infallible predictor of events. Companies can use marketing to help alter the lifecycle, resulting in products that are able to remain on the market longer than previously planned, or the competition may take action which greatly reduces a product's lifecycle. The same underlying marketing principles are used to market both goods and services, but there are specific differences that come into
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Approximate Word count = 3454
Approximate Pages = 14 (250 words per page)

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