Marketing Concept
Most people, when think about marketing, thinks generally in the 4 P’s of mix-marketing. However, the meaning of the term Marketing is much wider and designates an entire approach (or orientation) of the market which focuses in the identification of the client’s needs and preferences. Based on the information about these needs and preferences, the entity can then adapt the product or the service that offers to the consumer and develop adequate strategies to make them reach its target audience. It should be emphasized that to have a market orientation doesn’t only mean the existence of another functional area in the company but rather a concern with the client widespread by all areas of the company.
Even though the quite qualitative definition of the term marketing generally linked to creative elements, its practice requires a very strong quantity orientation. In fact, the marketing managers systematically recur to statistic analyses as information source along the different steps of the marketing process. They use statistics, for example to obtain information about the intensity of the consumers’ preferences, or to extract conclusions about the satisfaction degree.
