Research evidence suggests that many SMEs lack marketing focus and expertise - Discuss what you understand marketing to mean and then discuss how acceptance of the marketing concept can aid SMEs.

... Research evidence suggests that many SMEs lack marketing focus and expertise. Discuss what you understand marketing to mean and then discuss how acceptance of the marketing concept can aid SMEs Marketing is perceived in many different ways, there is no correct definition of what it is. The Chartered Institute of Marketing defines marketing as "the managerial process responsible for identifying, anticipating and satisfying customer requirements profitably." This definition is stating that the organisation needs to understand the requirements of the marketplace and the individual customer, and supply to their demands but at the same time producing income for growth and profit. An alternative view of what marketing is that "marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products of value with others." (Kotler and Armstrong, 1996) Kotler and Armstrong are emphasising the fact that marketing is group

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