The role of marketing

• Marketing is a management process that requires people to take responsibility for decision-making. It involves identifying customers' needs and wants. Marketing involves anticipating or predicting what customers might need or want in the future. Price, availability and quality are essential factors that customers consider when assessing value for money when they purchase a good or service. Marketing is about earning profit. Prices must, therefore, cover the costs of production.
• The management process involved in identifying, anticipating

  and satisfying consumer requirements profitably.
• market orientation is a marketing approach used by

  businesses that are outward-looking. They focus on making products that they can sell rather than selling products that they can make. It focuses on the customer in order to identify, design, develop and supply products that meet their needs and wants. means that businesses do not worry about the costs of doing things for the customer; instead, they consider the costs of not doing these things.
• Advantages of market orientation: - Better understanding of customers - Better understanding of competitors - Better understanding of the market; Greater flexibility, lower risk.
• Disadvantages of market orientation: - Costly to implement - Difficulty in measuring success - Lack of control over suppliers
• Product orientation is a marketing approach adopted by businesses that are inward-looking. They focus on selling products they make rather than making products they can sell. Concentrate on producing high-quality products. The belief is that customers are willing to pay a higher price for exclusivity and luxury products.
• Advantages of product orientation: - Focuses on the product - Can be used to develop a product strategy - Quality can be assured - the business has more control over its operations. Also by being innovative, product orientation can give organizations a competitive advantage or a unique selling point.
• Disadvantages of product orientation: - Customers may not want what the organization produces - Businesses may fail to spot changes in demand - Products may become obsolete quickly - High cost of production
• market share refers to an organization's portion of the total value of sale revenue in a specific industry. Businesses that have better price-setting ability and are less threatened by competition.
• Market growth refers to the rate at which the size of a market is increasing. Market growth is often used as a measure of the success of a business in relation to its market share.