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Marketing Defined
Basic marketing is defined by Random House Webster's College Dictionary as "the
act of buying or selling in a market" (Random House 2000), however time and
circumstance have added so much to this definition. Though it still involves the act of
selling or buying, it has grown into a much broader definition. Where as marketing use
to be a very simple concept, the expansion of business, competition and development of
new technology through the years, in particularly over the past decade has added a level
of complexity to the original design of marketing strategies. (Armstrong / Kotler 2005)
Today marketing involves more of an affiliation with a company's customers and the
administration of those affiliations than it ever has before. (Armstrong / Kotler 2005)
Businesses that find a successful way to develop and control their customer associations
are more likely to be profitable in the long run. These businesses do so by exploring
what their customer's desires and needs are as well as identifying how those desires and
needs might be fulfilled by the company's product, service or experience. If customers
do not find a value or gain satisfaction from the offered products, services or experiences
it is improbable that they will maintain their customer/business relationships with a
specific company. Failure to maintain customer relationships prevents a company from
obtaining an exchange value which is measured by the number of transactions that they
potentially a ...