Introduction

Abstract

Marketing has traditionally been understood as a distinct organisational function. Its purpose: to efficiently connect a company with the demand side of the market to which the firm is trying to sell its products or services. To this end, marketing seeks to satisfy customer needs at a profit by targeting a carefully chosen segment within that market, and by making optimal decisions regarding the relevant variables for adapting its offer to the chosen segment (McCarthy, 1960; Kotler, 1967). Kotler’s seminal textbook explains: “marketing management seeks to determine the settings of the company’s marketing decision variables that will maximise the company’s objective(s) in the light of the expected behavior of non-controllable demand variables” (1972, p. 42, italics in original).