What Is Marketing?

1.

Marketing Strategy

THE CENTRAL ROLE OF MARKETING IN THE ENTER-prise stems from the fact that marketing is the process via which a firm creates value for its chosen customers. Value is created by meeting customer needs. Thus, a firm must define itself not by the product it sells, but by the customer benefit provided.¹

Having created the value for its customers, the firm is then entitled to capture a portion of that value through pricing. To remain a viable concern, the firm must sustain this process of creating and capturing value over time. Within this framework, the plan by which value is created on a sustained basis is the firm’s marketing strategy. Marketing strategy involves two major activities: (1) selecting a target market and determining ...