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Marketing is managing profitable customer relationships. The twofold goal of marketing is to
attract new customers by promising superior value and to keep and grow current customers
by delivering satisfaction. (Armstrong & Kotler, 2007, Marketing: An Introduction)
Marketing has just begun to tap into the resources that are available to help assist companies to retain customers by providing that key ingredient, promising superiority. I can say that I am a pro Wal-Mart shopper. Every year I hear the same story in the paper. Keep your money in the community and shop locally. Every year, I do the same thing. I drive an hour away to another state, nonetheless, so that I can shop at Wal-Mart and save my pocketbook. Why do I spend all that time driving to another state so that I can make purchases for me and my family? Wal-Mart saves us money and the customer service is far superior to local stores. Don't get me wrong, I still make some purchases locally. I just make the majority of my shopping at a place that treats me good, and has a better selection of items to purchase. Not to get off track from marketing, I like to provide personal information as to why I came to a conclusion.
MARKETING: Definition: The systematic gathering, recording, analyzing, and use
of data relating to the transfer and sale of goods and services from producer to consumer.
(About Inc., The New York Times Company, 2007)
So this is what I obtained from the web resources and of course, it is similar to the other definition except for the fact that it is missing some crucial information about retaining customer loyalty. I think that I have definitely expounded on how importantly I place this categorization in my own personal commitment to being a Wal-Mart shopper. I can add that most of the employee's at the current Wal-Mart recognize my family and go out of their way to assist us in our shopping experience. No it is not that small, it is a Super Wal-Mart.
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AFFILIATE MARKETING: Revenue sharing between online advertisers/merchants
and online publishers/salespeople, whereby compensation is based on performance
measures, typically in the form of sales, clicks, registrations, or a hybrid model.
Also Known As: associate marketing (About Inc., The New York Times Company, 2007)
So this is what started me on the whole concept of marketing because there are so many different variations of marketing. It's basically the same definition but larger but it got me in the direction of thinking smaller too. What I am trying to say is that we are involved in marketing on an everyday basis. We go to college, get a job, or continue college while we are on the job. We are basically trying to obtain leverage so that our families can have that purchasing power. Are we not marketing our skills and certification? We network on a constant basis to analyze our current situations and how to fulfill our families' continual consumer needs. If you watch your children in school, are they not learning to market also? They have all the different categories such as scholars, athletes, punk rockers, future politicians, poets, beauty queens, and just about any other code you can think of. Are they not learning how to analyze how to market their talents for future reference just as we try to market our abilities? By high school, most children have already come to some conclusion by some form of analysis about what it is they want to pursue next? Could this be considered marketing tactics in the most basic elements? What I mean to point out is that eventually who is the next consumer, or customer, for that matter?
Marketing is often defined as providing products and services that help satisfy the needs of a particular market. To find out what the market's needs are marketers must learn as much as they can about their customers. In fact, marketers have an insatiable desire to find out more and more about who they sell to. So much so that it has created an enormous marketing research industry that supports the need for more information. (Christ, Paul PhD., KnowThis.com)
This is just more proof that we are going to have to continually learn about marketing, especially with expanding technology. We can't just say this is the definition of marketing and I am happy that I learned about this section. We have to apply marketing to our every day situations and think. Could I have responded to that with a more appeasing solution? Would the outcome have been better if I had researched that aspect of the problem? Maybe if the pet food epidemic had not caused such mass paranoia, I might have went out and bought a pet. Who wants to injure their pet by trying to provide the every day necessity of feeding the poor animal? What about the pet food companies who are trying to stay afloat and provide animal feed that does not have contamination?
More than 100 brands have been recalled, sending customers in search of all-natural alternatives.
The ongoing recalls from major pet-food distributors have forced small retailers to create ways to calm the hysteria and still provide safe food for frisky felines or canines in
their communities. ( Ryan Derousseau, About, Inc.)
I lived in the Phoenix-Scottsdale area during 2003-2005 and I can remember having a fuel shortage, contaminated water, and contaminated paper products. There was a news article and people were in the store aisles fighting over toilet paper and other paper products. If the news is reported incorrectly, there could definitely be major communication issues. If people (marketers)are not prepared to handle shortages, there could be a whole lot of other problems.
Now, database marketing, relationship marketing, and customer
management combined represent the fastest growing marketing investment
in North America, in every field. It is changing everything we ever
thought we knew about marketing. (Newell, Frederick. New Rules of Marketing :
How to Use One- to-One Relationship Marketing to Be the Leader in Your Industry.)
It prepares to always research and then when you read an item. Deliberate on what it is that you actually read, summarize what you read, and then be prepared to change the scenarios. Be creative and don't be afraid that your ideas and summation are not what everyone else wants. Don't hesitate to jump out of the box and above all, be considerate that other people are doing the same thing and have their own ideas about what a question or answer should be. Always avoid trying to think the right answer has to be like everyone else in the room. When it seems like one person has the right answer try to play the devil's advocate as to why this answer could be wrong? Try to come up with a marketing plan that could sound even when some unmentionable could occur.
By listing approximately five such issues, the company
can begin to plan how to address them.
For example, how do your company’s costs compare with
your competition’s? Is your company ahead or behind in
the development of an Internet presence? Are you facing
comparatively high employee or customer turnover? All of
these questions represent critical business issues that need
to be addressed.
Finally, your situation analysis should have a list of
main assumptions about the future. For instance, what do
you expect your market share gains to be this year? Will
inflation be an issue in the next year or two? How will
competitors respond to any losses in market share? Will
they reduce their prices? Is there pending legislation that
can affect the company or the industry? After assessing
your company’s current situation, you are in a much better
position to lay out a strategy for marketing the company’s
products and services. It makes sense that you
should first know where you are and what your objectives
are before determining the best way to reach your goals.
(Turner, Marcia Layton. How to Think Like the World's Greatest Marketing Minds :
Business Lessons from David Ogilvy)
To sum it all up, what I have learned about Marketing is that you can never stop learning about this field. We all have to continue to learn to think like the World's Greatest Marketing Minds. No answer is stupid. Respect others in the field, admit when you have made errors, and learn something from those mistakes. Handle your companies business as if it were your family business. Customer Service and Customer loyalty will go hand in hand. Do not always think inside the box.