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This paper examines three definitions of marketing.
Clayton Bacon's definition of marketing is using various advertising tools, such as television, radio, magazines, and direct sales, to tout the capabilities and advantages of a product to businesses or the public to generate sales. This requires a company either have their own advertising group or hire an outside agency and have a sales staff to conduct the direct sales to generate the profits desired. The problem with this definition is that it only deals with one part of the marketing equation for a business. How does a business know what to sell? What group in the business or public sectors will buy the product? What price to sell the product? Is it possible to build/manufacture the product desired? The previous questions were only a few of those that require an answer before a business can even think about what it is going to sell to make a profit...
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Common topics in this essay:
- Cost Leadership and Product Differentiation
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- Definitions of Marketing
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