What is Marketing?
Marketing is the practice of allocating resources to gain awareness and consideration from future customers for the purchase of a product or service. Marketing satisfies the need for the company to create customers and build relationships that will bring the business sustainable growth. Marketing also communicates the value of a product or service to the marketplace. Because marketing communicates the value of the organization even shareholders benefit from having marketing programs that are effective at creating profitable customers for the business enterprise.
Definition of Marketing
1: the process of allocating resources for the purpose of attracting a customers to purchase a product or service.
2: the action or business of promoting and selling products or services, including market research and advertising.
3: a system of communicating the value of a service or product to customers, for the purpose of attracting customers.
4: the science of consumer buying behavior and providing customer value.
What is Marketing Concept & Meaning
The theory of business was forever changed after the 1930s when the Age of Marketing was born: Supply for a product is greater than demand, creating intense competition among suppliers. In the marketing approach to business, the company first determines what the consumer wants, then produces what the consumer wants, and then sells the consumer what it wants.
Leon Leonwood Bean, who founded retailer L.L. Bean in 1912, expounded on the marketing concept in his first circular: “I do not consider a sale complete until goods are worn out and the customer still satisfied. We will thank anyone to return goods that are not perfectly satisfactory … Above all things we wish to avoid having a dissatisfied customer.”
In 1954, management guru Peter Drucker said: “If we want to know what business is we must first start with its purpose…There is only one valid definition of business purpose: to create a customer. What business thinks it produces is not of first importance-especially not to the future of the business or to its success. What the customer thinks he/she is buying, what he/she considers “value” is decisive determines what a business is, what it produces, and whether it will prosper.” (The Practice of Management, 1954, P.37)
Cult Branding Company Explains Marketing
Marketing originated in the earliest societies and continues today in our largest and most remote cities around the world. Some of the top marketing efforts in the world include companies that sell soft drinks, cars, music, airplanes, and airplane tickets even software has been marketed widely in today’s techno culture.
Each day more and more choices for products are available to consumers around the globe. This rise in choices for consumers means the importance of marketing continues to grow. Without a solid marketing strategy, most products and services will go unnoticed. With the rise of customers having more choices of products and services to choose from marketing will continue to be an important part of any successful business plan.
There are companies that have used marketing to create customer loyalty. Companies that do this exceedingly well are known as Cult Brands and have emerged in different markets and business categories around the globe.
Cult Branding examples using marketing
Some very special companies have mastered the art of marketing their products and services to attract loyal customers.
Here are 21 of the most powerful Cult Brands and how marketing has shaped their relationship with their best customers.