Quick Study Notes for markets, sub-markets and product-markets

Segmentation, Targeting and Positioning / By

Quick Study NotesMarketConsists of many buyers and sellers, within a particular industry or product category, who are seeking to create or gain value through the exchange of products for money.Sub-marketA smaller and more defined sector of an overall market, which has a number of differing marketing and structural features, which may include distinct distribution channels, […]

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Definitions of Marketing

Introductory Concepts / By

Some definitions of marketingThere are several formal definitions of marketing and hundreds of informal definitions of this concept, but the simplest way to define marketing is: to satisfy customers’ needs in a profitable manner for the organization.According to the American Marketing Association, marketing is:“the activity, set of institutions and processes for creating, communicating, delivering and

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AMA’s Definition of Marketing

Introductory Concepts / By

 The American Marketing Association’s Definition of Marketing ExplainedProbably the best definition of marketing to consider is the one that is published by the American Marketing Association. Although many textbooks will have their own variation of the definition of marketing, the American Marketing Association is really the peak body for marketing practitioners, and therefore reflects current

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Customer Satisfaction in Marketing

Customer Satisfaction, Introductory Concepts, Services Marketing / By

 Understanding Customer SatisfactionCustomer satisfaction is a fundamental concept in modern marketing. In many organizations, customer satisfaction is considered the most important marketing metric, primarily because it is considered a key driver of customer loyalty and bottom-line financial performance.In most cases, customer satisfaction is more important to service firms (as opposed to manufacturers). This is because

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