Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value.

1. Process of communicating the value of a product or service to customers, for
the purpose of selling that product or service.
Marketing
Marketing is the science of choosing target markets through market analysis and market segmentation,
as well as understanding consumer behavior and providing superior customer value.
WWW.AIRR.ME
Earlier approaches
The marketing orientation evolved from earlier orientations, namely, the production orientation, the product
orientation and the selling orientation.
Production
A firm focusing on a production orientation
specializes in producing as much as possible of
a given product or service.
Product
A firm employing a product orientation is
chiefly concerned with the quality of its own
product.
Selling
A firm using a sales orientation focuses
primarily on the selling/promotion of a
particular product, and not determining new
consumer desires as such..
until the 1950s
until the
1960s Needs and wants of
customers
Contemporary approaches
Recent approaches in marketing include relationship marketing with focus on the customer, business
marketing or industrial marketing with focus on an organization or institution and social marketing with focus
on benefits to society.
Relationship
marketing /
Relationship
management
Societal marketing
Business marketing
/ Industrial
marketing
Customer orientation
Recent approaches in marketing include relationship marketing with focus on the customer, business
marketing or industrial marketing with focus on an organization or institution and social marketing with focus
on benefits to society.
Ask customer if they like the product?
Yes/No
Fix the product/ QC
Progress and selling.
Market value
Market segmentation
Market segmentation pertains to the division of a market of consumers into persons with similar needs and
wants. Market segmentation allows for a better allocation of a firm's finite resources. A firm only possesses a
certain amount of resources.
field research
desk research
60%
30%