Marketing : S078 Understanding Marketing

Running head: UNDERSTANDING MARKETINGUnderstanding MarketingInstitution AffiliationDate1UNDERSTANDING MARKETING2IntroductionUnderstanding the concept of marketing is essential for any business since it increases themanagements ability to increase productivity (Armstrong, Kotler, Harker, & Brennan, 2015). Abusiness is supposed to understand the market so as to identify the kind of activities it issupposed to engage in order to increase its revenue. This would also assist in evaluating thebehavior of the customers and deal with their issues. Customer loyalty is also achieved when abusiness establishes the preferences of its customers and decides to address them. Therefore,understanding marketing is essential as it would assist a business to entice the customers inpurchasing its services or commodities which increases the profits.Marketing and Customer Value PropositionMarketing is explained as the action, set of organizations, as well as procedures forgenerating, communicating, distributing, and interchanging offerings which are worth to theconsumers, clients, or the general public. On the other hand, customer value proposition isexplained as the collection of all benefits promised by a seller to a customer as a reward for therelated payment. There exists some distinctions between marketing and advertising and this isusually seen in their procedures. Therefore, marketing displays the general undertakings that aresupposed to promote the commoditie ...


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