Examples include cereals, coffee beans, sugar, palm oil, eggs, milk, fruits, vegetables, beef, cotton and rubber. Thus, within a particular grade, and with respect to a given variety, commodities coming from different suppliers, and even different countries or continents, are ready substitutes for one another. For example whilst two varieties of coffee bean, such as robusta and arabica, do have differing characteristics but two robustas, albeit from different continents, will, within the same grade band, have identical characteristics in all important respects.
Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and Marketing information system at large.
From a sales process engineering perspective, marketing is "a set of processes that are interconnected Marketing information system interdependent with other functions" of a business aimed at achieving customer interest and satisfaction.
The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably. However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science,  [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.
Concept[ edit ] The 'marketing concept' proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors.
Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: Needs can be objective and physical, such as the need for food, water, and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.
Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups. When needs and wants are backed by the ability to paythey have the potential to become economic demands.
Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality.
The approach is most effective when the firm has deep insights into customers and their needs and desires derived from research and or intuition and understands consumers' quality expectations and price they are willing to pay.
For example, Sony Walkman and Apple iPod were innovative product designs that addressed consumers' unmet needs. Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing.
Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible.
A meta analyses  has found that the factors with the greatest impact on sales performance are a salesperson's sales related knowledge knowledge of market segments, sales presentation skills, conflict resolution, and productsdegree of adaptiveness changing behaviour based on the aforementioned knowledgerole clarity salesperson's role is to expressly to sellcognitive aptitude intelligence and work engagement motivation and interest in a sales role.
A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation.
The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries.
Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing. It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes.RTI specializes in remote control products for A/V, lighting, security and more - for your home or office.
Learn about our custom automation systems today. Email marketing from GetResponse. Send email newsletters, campaigns, online surveys and follow-up autoresponders.
Simple, easy interface. FREE sign up. Inbound marketing is just one part of a larger movement in the business world. That movement is inbound. Inbound is a method of attracting, engaging, and delighting people to grow a business that provides value and builds trust.
Supporting the efficient marketing of U.S. Cotton through classification, standardization and market news in addition to providing inspection, grading and market news information for tobacco.
A marketing orientation has been defined as a "philosophy of business management." or "a corpora A firm employing a product orientation is mainly concerned with the quality of its own product. Email marketing from GetResponse. Send email newsletters, campaigns, online surveys and follow-up autoresponders.
Simple, easy interface. FREE sign up.