Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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Question
Explain in details, what is Marketing and its importance.
Expert Solution
Step 1
Concept Introduction :
Marketing is the management function that assesses the purchasing power of customers, converts that power into effective demand for a specific product or service, and moves the product or service to the end user in order to reach the profit objective or other goals defined by the organization.
The use of market research and analysis in marketing can also help to precisely measure engagement or performance by guiding the placement of content and analytics.
By identifying people's unfulfilled desires, marketing can aid in the creation of a service or good better suited to meeting those requirements.
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