Marketing is The management process of anticipating, identifying and Essay - 1

Marketing is The management process of anticipating, identifying and satisfying customer requirements profitably (CIM, 2001) - Essay ExampleIt involves formulation and communication of information that puke generate utility to different stakeholders to a subject entity and such stakeholders may be customers, business associates, the community, and contractual parties to an institutions activities. In addition, the scope of the commentary of selling identifies a dual approach to information transfer between an entity and its stakeholders (Taylor 2010, p. 152).This definition is valid because it identifies with the American Marketing Associations (AMAs) definition. The CIMs definition of marketing focuses on customers utility and organizations profitability. Even though the AMAs definition does not focus on profit motive for organizations fitting in marketing, this is trivial from the scope of corporate ventures that profit motive drives. Such a scope validates CIMs definition of m arketing as a scheme to profit optimization by business organization and is consistent with organizations initiatives for efficiencies and effectiveness that can results to low production costs for higher profit margins and economies of scale advantage. CIM as well identifies customer utility as a driver to marketing initiative and this is reflexive of the definition of marketing according to AMA. According to AMA, the focus of marketing is to get hold of customers needs, at individual and societal levels. The CIMs definition of marketing also identifies, though not directly, associated activities with marketing that AMA outlines. Anticipating and identifying customers needs, for example, involves exploration of background information into customers needs for reality of information or commodities while satisfying such needs relates to communication and transfer of utilities for customers satisfaction. CIMs definition is further consistent with AMAs previous definitions of market ing that that identified focus on business undertakings and development of values for