Marketing is the study and management of exchange relationships. It is the business process of creating relationships with and satisfying customers through a value exchange; because marketing is used to attract customers, it is one of the primary components of business management and commerce. Marketers can direct product to other businesses or directly to consumers. Regardless of, being marketed to, several factors, including the perspective the marketers will use; these market orientations determine. This leads into the marketing mix, which outlines the specifics of the product and how it will be sold; this can in turn, be affected by the environment surrounding the product, the results of marketing research and market research, the characteristics of the product's target market. Once these factors are determined, marketers must decide what methods will be used to market the product; this decision is based on the factors analyzed in the planning stage as well as where the product is in the product life cycle.
Marketing is defined by the American Marketing Association as "the activity, set of institutions, processes for creating, communicating and exchanging offerings that have value for customers, clients and society at large". The term developed from the original meaning which referred to going to market with goods for sale. From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction". Philip Kotler defined marketing as "Satisfying needs and wants through an exchange process". and a decade defines it as “a social and managerial process by which individuals and groups obtain what they want and need through creating and exchanging products of value with others.”The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying and satisfying customer requirements profitably". A similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value.
In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage". In the past, marketing practice tended to be seen as a creative industry, which included advertising and selling. However, because the academic study of marketing makes extensive use of social sciences, sociology, economics and neuroscience, the profession is now recognized as a science, allowing numerous universities to offer Master-of-Science programs; the process of marketing is that of bringing a product to market, which includes these steps: broad market research. Many parts of the marketing process involve use of the creative arts. The'marketing concept' proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more than its competitors; this concept originated from Adam Smith's book The Wealth of Nations but would not become used until nearly 200 years later.
Marketing and Marketing Concepts are directly related. Given the centrality of customer needs, wants in marketing, a rich understanding of these concepts is essential: Needs: Something necessary for people to live a healthy and safe life; when needs remain unfulfilled, there is a clear adverse outcome: death. Needs can be objective and physical, such as the need for food and shelter. Wants: Something, desired, wished for or aspired to. Wants are not essential for basic survival and are shaped by culture or peer-groups. Demands: When needs and wants are backed by the ability to pay, they have the potential to become economic demands. Marketing research, conducted for the purpose of new product development or product improvement, is concerned with identifying the consumer's unmet needs. Customer needs are central to market segmentation, concerned with dividing markets into distinct groups of buyers on the basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes."
Needs-based segmentation "places the customers' desires at the forefront of how a company designs and markets products or services." Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment a market. In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations in a unique way; the two major segments of marketing are business-to-business marketing and business-to-consumer marketing. B2B marketing involves a business marketing its products to groups or individuals who will use the products for uses other than consumption. Examples of products sold through B2B marketing include: Major equipment Accessory equipment Raw materials Component parts Processed Materials Supplies Business Services The four major categories of B2B product purchasers are: Producers- use products sold by B2B marketing t
Køge Iron Foundry is a former iron foundry situated in Vestergade in Køge, Denmark. The complex consists of a residential building fronting the street and a factory building and various lower buildings in two successive courtyard to its rear; the residential building, the factory building and a side wing are listed. Køge Iron Foundry was the first enterprise of its kind in Køge, it was established by the blacksmith H. C. Hansen in the 1830s Products included stoves and pans, plaws and threshing machines. From 1869, it manufactured bicycles; the two-storey building fronting Vestergadeis the former home of H. C. Hansen, it was built in 1875 as a replacement for an older building. It stands in undressed brick with arched windows; the cast iron reliefs on the frontage was manufactured by himself. A gate opens to a large courtyard. A long, low side wing dating from 1837–40 extends from the rear side of the western end of the building; the two-storey factory building at the far end of the courtyard is built in limestone.
Its arched cast iron windows were made by the company. A gate in the factory building opens to a second, smaller yard with stables. Hans Christian Andersen and Køge
Plum Johnson is a Canadian writer and publisher, who won the RBC Taylor Prize in 2015 for her memoir They Left Us Everything. Born in Richmond, she spent her early childhood living in Asia until her parents moved to Oakville, Ontario, she studied education at Wheelock College in theatre at York University in Toronto. In 1983, she established her own company, KidsCanada Publishing, to publish parenting publications such as the periodical Kids Toronto and children's and family service directories in both Toronto and Vancouver. In 2002, she launched Help’s Here!, a similar resource publication for senior citizens and caregivers. Johnson has studied various art disciplines, including illustration and printmaking, her daughter Virginia is a noted Canadian textile artist. Plumjohnson.com