Ex.1. Read the text.
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.
From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value. Market segmentation is the process of classifying a market into distinct subsets (segments) that behave in similar ways or have similar needs.
Marketing people should be involved in all aspects of marketing mix. These aspects are called four Ps – product, price, place, promotion. Product – they should decide what product or service to sell in the first place; price – they should set prices that are attractive to particular groups of customers and that are profitable for the company; place – they should find suitable distribution channels to reach these customer groups; promotion – they should do everything to support the product, from advertising to after-sales service.
Marketing has become a key factor in the success of companies. Its role in determining company policy, influencing product development, pricing, methods of distribution, advertising and promotion techniques is increasing.
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