MarketingMarketing involves having the right product available in the right place at the right time andmaking sure that the customer is aware of the product.Marketing is part of all of our lives and touches us in some way every day. To be successful eachcompany that deals with customers on a daily basis must not only be customer-driven, butcustomer-obsessed. The best way to achieve this objective is to develop a sound marketingfunction within the organization. Marketing is defined as “a social and managerial process bywhich individuals and groups obtain what they need and want through creating and exchangingproducts and value with others.” Marketing is a key factor in business success. The marketingfunction not only deals with the production and distribution of products and services, but it also isconcerned with the ethical and social responsibility functions found in the domestic and globalenvironment. Marketers must also be aware of customer value and customer satisfaction and makethese concepts a central part of the firm’s strategic plan. Marketing must also be aware of andrespond to change. Four of the greatest changes that have had an impact on the way companiesbring value to their customers are the explosive growth of the computer, the Internet,telecommunications, and information technology. Marketing and its core concepts, the exchangerelationship, the major philosophies of marketing thought and practice, customer relationshipmanagementWhat is Marketing?a. Creating customer value and satisfaction are at the very heart of modernmarketing thinking and practice.b. A very simple definition of marketing is managing profitable customerrelationships.1). The twofold goal of marketing is to attract new customers by promisingsuperior value and to keep and grow current customers by deliveringsatisfaction.2). Sound marketing is critical to the success of every organization.c. You already know a lot about marketing—it’s all around you.