Marketing theory and practice

Marketing Theory and Practice primary theory forwarded by Webster (1995) is that the organization must first identify the markets' needs and requirements before actually starting production of a respective item. This would ensure that they manufacture an item that will be desirable to the consumers. Another theory revolved around the idea that all marketing actions must be linked to the direction set by the organization. In other words, the management and marketing operations must be part of an integrant set. A third theory stated that the marketing strategies have to be flexible and that the organization has to be able to adapt to the changes in the market place. Ultimately, he encompassed all organizational processes under the relationships that occur between several participants, such as employees, customers or other stakeholders. Marketing strategies must be developed in full accordance with the relationships and characteristics of these stakeholders.

The above mentioned theories apply to all organizations, regardless of the industry in which they operate. However, they apply at varying degrees.