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 Example It involves formulation and communication of information that can generate utility to different stakeholders to a subject entity and such stakeholders may be customers, business associates, the community, and contractual parties to an institution’s activities. In addition, the scope of the definition of marketing 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 Association’s (AMA’s) definition. The CIM’s definition of marketing focuses on customers’ utility and organizations’ profitability. Even though the AMA’s definition does not focus on profit motive for organization’s engagement in marketing, this is trivial from the scope of corporate ventures that profit motive drives. Such a scope validates CIM’s definition of marketing as a strategy 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 also 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 meet customers’ needs, at individual an d societal levels. The CIM’s 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 creation of information or commodities while satisfying such needs relates to communication and transfer of utilities for customers’ satisfaction. CIM’s definition is further consistent with AMA’s previous definitions of marketing that that identified focus on business undertakings and development of values for