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Transactional marketing in short words
Transactional marketing in short words
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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 …show more content…
It was the traditional focus for marketing and promotional campaigns. Transactional marketing focuses on attaining individual sales of a product through boosting volume of sales made for a product or service. It hence targets mass markets within a short period. Therefore, this technique invests little in strategies that strengthen customer service and experience of the product (Challagalla, Murtha & Jaworski 420). Also, the types of strategies used in transactional marketing are aimed at convincing the consumer to make the single purchase hence a single point sale strategy. The mass marketing strategies used in transactional marketing include gaining competitive advantage through low-pricing, cutting costs of production, return on investment and investing in market promotion (Challagalla, Murtha & Jaworski 420). Consequently, this marketing technique is focused on application of the 4Ps of traditional marketing mix, which are price, product, promotion, and place. Moreover, the marketing technique is applied on the assumption that proper price setting is enough to gain market share without much consideration for customer service. Promotional techniques involved include telesales, mass e-mailing, use of sales agents, and other similar promotional activities that are done after purchase of consumer information from Internet databases. However, such promotion does not have an after sale consulting services for customers hence making it unpopular. Also, the technique can be said to focus primarily on maximizing the profits of the company by attracting new customers to purchase the product offered by the
Gordon (1998) explains that Relationship Marketing is the “process of identifying and creating new value with the individual customers and then sharing the benefits of this over the lifetime of association” (p.9). This rather simplistic definition does not explain how businesses should
Relationship marketing is also a key technique used by businesses because it involves building relationships with customers for example giving out discounts and special offers; this can help a business out as the customers may potentially become repeat customers meaning more products would be bought resulting in a bigger profit.
“Our greatest fear is not in never falling, but in getting up every time we do.” – Confucius
There is a belief that firms have a different marketing approach depending on if the firm is trading services or goods. Service firms are assumed to have a more relational approach where they manage the whole buyer-consumer communication process while the goods firms are transactional. The main purpose of this study is to find out how firms relate to their markets and what the relative emphasis of these firms on transactional and relational aspects of marketing are.The study distinguishes the firm type by the most dominant type of product offered and the most dominant of customer
Intro Deciding what you want to study during your college career can be a difficult and tedious task. This is due to fact that many young adults coming out of high school are unsure of what they want to do or what path to take career wise. It is also tedious because this requires that these individuals have to constantly try and explore new avenues so that they can find their passion in life. The path I chose to take when coming out of high school was entering the business school at Howard University.
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.
Grönroos, C. (2004). The relationship marketing process: communication, interaction, dialogue, value. Journal of Business & Industrial marketing, Vol 19, Issue: 2, 99-113.
Furthermore, I will explain the application of theory relating to me and my purchase. I will also review the marketing activity of the organization where I purchased from. This is to explain how the two theories have been used in the marketing strategy. In addition, recommendations regarding how the marketing strategy could have been improved by applying the 2 buyer behaviour theories are given.
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.
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
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
"Marketing consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion and pricing of goods, services and ideas." (Dibb et al 2001, p1)
All humans are exposed to branding and marketing on a daily basis. Commercials, internet ads, t-shirts, television shows. In today’s fast moving society, we’re constantly bombarded by the marketing and branding practices of businesses. As a new business owner, it can be daunting to step from being the observer to a creator of marketing and branding.
Before starting the module; Marketing Theory and Practice, I had a perception that it would be a bulky module and challenging to cover in a short time span. However, my thinking totally changed after starting the module as I found Marketing flexible, understandable and highly relevant to the business world. My expectation in marketing was to learn fundamental marketing theories and techniques that would help me build a sustainable business that would extend across the borders of my home country. This essay is going to cover weeks 20, 21 and 22 that is International Marketing, Marketing ethics and CSR, Managing Marketing Implementation
Entrepreneurial marketing is an attempt to explore the new markets or products within an industry with the new degree of innovation. It is about the marketing strategies and the spirit to differentiate between the traditional marketing with the gathering of evidence to convince individuals. It has the strong relationship between the marketing and entrepreneurship and usually practices by the start-up company. An entrepreneur is a person who manages the business in order to gain the profit and dare to take risk, seek the new markets, adventurous, innovative and other characteristics. The marketing is a theory to be applied and practices by the entrepreneur or owners to promote their products and services by using the 4P or 7P. Entrepreneurial marketing is the combine of two components by using the characteristics of entrepreneurship and marketing approaches such as interactive marketing and alternative marketing method to manage the businesses.