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Showing posts with the label market segment

The Nature of Marketing and Marketing Management

At the center of all business is the concept of exchange. Just like when early American traders provided fish in exchange for imported supplies the process of exchanging a value-laden thing (i.e. product or service) for another value-laden thing (i.e. money) still continues on today. It is the process of exchanging something of value for something else of value. Each product or service represents a component of effort, often measured in terms of money, to determine the value of this exchange.   The goal of any company should be to sell additional products or services by ensuring the awareness of its perceived and tangible value to the customer. Marketing is all about the selling of value. The American Marketing Association clarifies the value exchange of marketing management as “a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders” (2011). Marketing i