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Innovation, Product Development and Commercialization by Dariush Rafinejad

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MARKETING MANAGEMENT

The essence of a marketing concept is to fulfill the purpose of a business in creating economic value. A firm does this by:

  • Producing and delivering products and services that customers want

  • Providing value at a price that is attractive relative to the price offered by competition

  • Having a price that is more than the cost (hence making a profit)

In order to achieve all of this, a company must have a clear purpose and a strategic plan that is well communicated and executed by employees. Taking a long-term view of a business for sustained profitability, Theodore Levitt defines the purpose of a business as creating and ...

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