Contemporary Vision on Marketing

Subsequent to the emergence of marketing concept, a series of other definitions tried to comprise the content of marketing activities, especially from a managerial perspective, marketing actually becoming the philosophy that rules the entire business approach.

In a definition of American Marketing Association from 1995, marketing is the process of planning and achievement of conception, pricing, promotion and distribution of goods, services and ideas, process that creates exchanges that meet both the objectives of individuals and organizations.

Apart from the managerial perspective approach, contemporary marketing takes into account a series of specific activities, associated with building mutual beneficial relations between the exchange participants, marketing being practiced by various types of organizations and individuals, no matter if they are profit-oriented or nonprofit.

Moreover, the organizations with a marketing orientation are concerned about harmonization of their own objectives with the consumers', while respecting the society's values overall.

The contemporary marketing has the following characteristics:

The general objective of marketing is the fulfillment of customers, this being figured as a psychic state when the consumer perceives the product as a higher value for money.

The fulfillment is caused by the comparison between the perceived value of the product and opportunity cost reasoned by the acquisition of the product. The result is an excess of profit to the consumer that causes a higher level of satisfaction, the higher the excess is.

customer satisfaction = total value percieved - opportunity cost

As the previous figure shows, the consumer perceives the total value of the product as an accumulation of more factors including the inherent value of the product but also a series of factors related to the relation between the producer and the buyer: extra services added to the product, the way the buyer is treated, the trust he has in the company brand.

Also, the costs include above the financial charge, other efforts as the time spent buying the product, the other products he had to give up.

Considering all these elements, a company focuses on offering the client a value as high as possible, with lower costs in oder to acquire a higher satisfaction of the client and eventually, repeated purchases.

Contemporary marketing is also described by the appearance of a new marketing approach that concentrates on the importance of establishing, maintaining and consolidating the relation between manufacturer and customer, as well as between the organization and its partners.