Marketing Decisions
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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 (12). 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 (12). 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 (14). 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.All marketing decisions are made within the confines of the marketing environment, which consists of five components: controllable factors, uncontrollable factors, the organization's level of success or failure in reaching its objectives, feedback and adaptation (32). In an effective business environment, those factors that can be controlled are determined both by top management (strategic direction of the company) and by the marketing department (selecting target markets, for example). Uncontrollable factors are those which e
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ples are used to market both goods and services, but there are specific differences that come into play when specific goods or services are considered. Goods marketing is concerned with the sale of tangible items; service marketing involves renting tangible goods, providing personal service, or selling/repairing goods (380). Services have special considerations in that they are not physical items, and are therefore subject to qualitative rather than quantitative analysis by their consumers (387). At the same time, services often cover a wider geographic area than do goods marketing and suffer from the problem that they are, by nature, perishable (one cannot keep a service for future use, generally speaking (387). In addition, just as goods and services use similar techniques, with services lagging slightly behind, profit and not-for-profit operations also use similar marketing techniques, although not-for-profit organizations generally lag slightly behind their profit making counterparts (397).
Product management is a critical part of the marketing process, and companies that engage in product management are introducing new products and evaluating the progress of their existing products on a regular basis (414). New products
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Approximate Word count = 3746
Approximate Pages = 15 (250 words per page)
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