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Marketing: Definition and Justification - Summary

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The purpose of marketing is to help find and keep customers by creating a competitive advantage.
Marketing, one of several functions operating in an organization, is directed by the mission statement of the organization and provides certain tools to reach objectives.
The value of marketing must be kept in perspective: it must contribute to the growth of the firm.
The primary reasons for studying marketing are:
• It is important to assess the role marketing should play in the firm.
• Marketing offers growing career opportunities.
• Marketing enhances everybody’s chances of becoming more effective consumers and citizens.
Marketing - The process of planning and executing the conception, pricing, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Consumer/customers - Individuals who have needs/wants that can be satisfied by the marketer's product or service.
Transaction - An exchange between the person with the need and the organization selling the need-satisfying thing, inherently economic-based.