1.0 ENTRY RELATING TO FINAL REFLECTION ON THE OVERALL INDIVIDUAL LEARNING DEVELOPMENT
1.1 individual / independent learning Development including Reflection:
Before the marketing strategy lecture for week one I had a basic knowledge of market-led and strategic market planning (Wilson and Gilligan 2005).However, my understanding of marketing before the lecture was that marketing is all about selling products. Nevertheless, after the lecture I discovered that marketing was more than I imagined; that it involves communicating, delivering and exchange of offering that have value for customers, client, partners and society (Piercy 2008).
Nevertheless, expanding my horizon in the components and context of market orientation made me to understand the different approaches in the market-led organisational culture which includes the competitor orientation, customer orientation, interfuctional coordination and how it can long term success of an organization(Piercy 1995). After the week’s lecture I had a full understanding of how these market-led works in the organisational context and how to apply it in real life situation
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Where are we known? What do we want to be? How can we get there? And what implementation and evaluation should be taken by the business(Cravens and Piercy 2008).Nevertheless, I had no knowledge of internal marketing though I see posters and instructions on the wall of the university never had any idea that it was a means of communication to the employee as they are customers which helps to enhance employee’s motivation and retention (Rafiq and Ahmed 2000).However, after the lecture 1 had an in-depth knowledge on how to explore the internal marketing and implement a successful strategy for an organisation in the future(Wieseke, Ahearne et al.
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.
A characteristic of the marketing concept is customer orientation. Business activities are mostly engaged to produce a satisfied customer. They are there to Stress on the desires and wishes of a customer this keeps businesses on track with their target market. The best marketing decisions are completed on the foundation of making a massive impact in the market and towards customers. The consumers/people
Marketing oriented companies are ones that allow the wants and needs of consumers and potential customers to drive the firm's tactical decisions.
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.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
Market Based Management is premised upon a free market system, as described by Jones and George (2014). The principle is based around pleasing the customer by meeting supply with demand. It is imperative to be able to understand the market, and then to react accordingly to the market. These customer-centric values are essential to organizational success in the short-term and long-term (Wenstein, 2012). The values in MBM are integrated into Value Driven Management values because the common denominator between the two is ultimately to add value over time. Any variable that increases customer satisfaction, in turn adds value over time to an organization.
The concept of marketing has constantly been evolving over the past years that there is no specific and precise way to define marketing. Thus, many different marketing definitions emerged and challenged other marketing perspectives. The first official marketing definition was developed by the American Marketing Association (AMA) (Gamble, Gilmore, McCartan-Quinn & Durkan, 2011). The AMA (1960, as cited in Kotler et al., 1983) defined marketing as “the performance of business activities that direct the flow of products and services from producer to consumers” (p. 7). Kotler (2009, as cited in Gamble et al., 2011) defines marketing by which individuals and groups of people acquire their needs and wants through a societal process of creating, offering and exchanging products and services of value with others. Marketing is also described as human activity targeted at satisfying the needs and wants of others through exchanged processes (Kotler et al., 1...
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
First, from the beginning of the classes I was able to design and implement marketing/business strategies in particular areas only. After that, I am able to create long-term and mutually beneficial exchange relationships between an entity and the publics with it interact. Moreover, the strategic marketing analysis & planning process such as internal & external situation assessment, strategy formulation, positioning and marketing mix were taught during lessons in detail that integrated my marketing knowledge. And as a result I also became aware with a range of new issue of marketing management and the marketing tactics in particular that were resulted from
Marketing is a fundamental aspect of all businesses, whether they are set out to make a profit, or charitable organisations - they will have to carry out marketing research of some description. It has been described as being, “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” (Chartered Institute of Marketing) This essay will explore the role of marketing in a marketing oriented business and different aspects of the external environment that a smartphone company should be aware of. The points raised throughout will be supported using relevant journals, textbooks and newspaper articles.
According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products.
Before taking this course, marketing was all about product and the promotion of that product. I took a marketing course during my undergrad about 7 years ago that emphasized the 4 P’s. Building a strategy around promoting a product and/or service seemed to be the most fundamental concept of marketing to me. My narrow thinking soon changed after going into the workforce and after taking this course. Marketing is more than just telling potential and current consumers about your products and why they should buy it. Marketing truly encompasses all areas of business. A great marketing strategy needs to focus on all the new strategic marketing elements of positioning, product, logistics, price, integrated marketing communications, and service. It’s
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.