Critically evaluate the marketing concept. To what extent do you believe it is still relevant in today’s world? Introduction Marketing concept, mentioned by Mckitterick in 1957, means that the purpose of marketing starting a transfer to “customer wants” which was trendsetting and stir up a big “marketing revolution”(Otteson, Converse& Huegy, 1953; Keith, 1960). However, through many year’s developments and change about the marketing, more and more marketing theory and marketing tools are produced. Economic marketing, basis of different culture, politics and the economy are also different in every era. Therefore, rely on the changeable social-cultural and technological context, marketing within the arbitrary nature stems were considered dynamic Furthermore, it is not only metting the customer need, protect on-hand customer source is also important for companies to gain competitive advantage (Grönroos, 1991). According to Grönroos (1989) mentioned that marketing is to build and develop long-term relationship with customers, also the theory from Peter (1988) indicated that most firms choose to keep long-term in warlike relationship with customers, and making them become lifelong customer relationship is vital in the competition. The “customer need” of marketing concept are not enough for the company, the relationship with customer important gradually. Besides, to improve the trust of customer in making relation with them, the firms have to keep and stronger the sources of people, technology and systems. So that, 4Ps on marketing mix was added 3P (Booms& Bitner, 1982) (people, Physical evidence and processes) and become a new relationship marketing paradigm which called 7Ps. It means that marketing concept are also drop the effect on marketing. Marketing transfer the “customer need” to “relationship” marketing. Establishing by Lynch (1994, p. 529) point that, it has continued to develop the concept of relationship marketing in 1990s, marketing requires manufacturers to begin to identify and regulate consumer demand, then the use of company assets and resources they have to reach a mutually satisfactory exchange between company and customers, so that both sides can reap the benefits they need and seek (Baker, 1991, pp. 6-7). Company’s core strategy are not just only put on “customer need” for marketing concept, they also desire to make a relationship with them and benefits for both sides. It illustrates the significance
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
“Our greatest fear is not in never falling, but in getting up every time we do.” – Confucius
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Marketing involves making consumers aware of the value of a product or service offering with the aim of increasing sales for the product or services, developing brand loyalty, and promoting the good or service. There are several techniques used by companies in marketing. These techniques are aimed at ensuring consumers are aware of how the new offering by the company satisfies their needs. Further, application of sound marketing techniques ensures that marketing is an exchange process that results in the long-term relationship. Transactional marketing and Relationship market are two of the common types of marketing applied by organizations who seek to develop their long-term relations with consumers or increase immediate sales for a product
” Chartered Institute of Marketing defines it as the management process responsible for identifying, anticipating and satisfying customer’s requirements profitably. However, there exist numerous definitions of marketing, it is always about “meeting existing needs and anticipating future needs” (Bagozzi, 1975). The marketing concept is a kind of recipe how a company can achieve its goals by understanding the exchange partners and associated costs, being a response to external opportunities and threats and to internal strengths and weaknesses as a means of competitive advantage (Houston, 1986). Bagozzi (1975) underpins this viewpoint, arguing that marketing is much about the exchange paradigm which focuses on the question why parties take part in exchanges and how these work.
It is a well-known fact that marketing is a way to get the business off the ground. Without marketing, then no one will know about the goods and services a brand is selling. “Good marketing makes the company look smart. Great marketing makes the customer feel smart.” (Chernov).
On this occasion to celebrate the 75th anniversary of Journal of Marketing, it is important to recognize its many contributions to the theory and practice of marketing. Marketing is the activity, set of institution, and processes for creating, communicating, delivering and exchanging offerings that have value for consumers, clients, partners, and society. We see the emergence of a whole new marketing environment that will affect the science and practice of marketing in the coming years.
Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.
“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007)
Relationship marketing is a part of the marketing concept and strongly applies to this article. A company wants to build trust with its customers in order to build customer loyalty and a long-term bond. This gives the customer a value-added feature of doing business with a particular company. In marketing orientated companies, the customer's needs have to be targeted and different social classes or issues need to be taken into account. If a company does not take different sensitive and social groups into account when marketing, then they will not build a feeling of goodwill with the consumers. The consumer will think that the firm cares more about selling its goods than the consumer.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
According to the Handbook of Media Management and Economics, marketing is “the art and science of satisfying consumer needs.” Marketing campaigns are strategic plans that will allow a company to push their consumer into buying their product. A good campaign will identify the consumer, their consumer’s needs and desires, and what the consumer needs to experience to convince them the product will fulfill that need or desire. T...
The main topic for this Extended Essay is to analyze the effectiveness of company’s market strategy. A marketing strategy can be defined as a process that helps a business to optimize the opportunities in order to complete business objectives, which mainly gain profits. It includes all basic and long-term field activities of marketing that deal with the analyzing of initial strategy, evaluation of the strategy, and making of a new strategy if the initial strategy is found to be ineffective or even might cause loss. (Homburg, Kuester and Krohmer 2009) To make sure the effectiveness of marketing strategy, its crucial to establish the right marketing mix which cover all the element needed in marketing a product. (Clark, et al. 2009)
Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and customer relationship management that also benefits the organization. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behaviour and providing superior customer value. From a societal point of view, marketing is the link between a society's material requirements and its economic pattems of response. Marketing satisfies these needs and wants through exchange