BA_Assignment_1_Marketing_Essentials_2012_2013 Essay

BA_Assignment_1_Marketing_Essentials_2012_2013 - Essay Example the various definitions of marketing that are there, the most prominent as well as well accepted ones are given by Chartered Institute of Marketing (CIM) and American Marketing Association (AMA). On the other hand, the American Marketing Association (AMA) has defined marketing as ‘activity, set of institutions, and processes for creating communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ (AMA, 2007). Again, eminent marketing gurus such as Kotler and Armstrong has been of the opinion that marketing is ‘the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return’ (2008). Thus in the light of what the most eminent associations as well as personalities in marketing have opined, it becomes clear that marketing is basically a holistic process that includes a lot of processes as well as functions. However, whatever the number or for that matter purview of the functions be, the ultimate end that marketing serves is basically value for customers, clients, partners, and society alike. Thus, apart from the varied functions marketing serves, generation of value through the process of marketing is the ultimate end it serves. Among the basic concepts that marketing takes into consideration, needs, wants and demand are of paramount importance (Abu & Kamarulzaman, 2009). The basic premise of marketing is verily dependent on these three terms since it is the proper understanding of needs, wants and demand of the marketer’s target customers that leads to successful marketing efforts on the part of the marketer. Also, the product or service on offer by the marketer is of immense importance. Given that the concept of modern marketing revolves not around the product but around the customer, marketing efforts should focus on the needs, wants as well as demand of customers and use these pieces of information to