...The core concept of marketing is divided into five: the consumers' needs, wants & demands; products and services; value, satisfaction and quality; exchanges, transactions and relationships; and markets. Needs may be defined with the deprivation of basic things needed for survival, wants are the things desired but are not explicitly needed in order to survive, demands are human wants supported with an exchange. Products may be things given in exchange for something else of value in order to satisfy a need or want, while services may be a product in the form of an activity. In order to be able to keep up with the market, it is important for the marketers to always be extra attentive with the needs and wants of their consumers. Marketing revolves around the exchange of anything of value that is able to satisfy a need or want. Costumer value may be the weigh of pros and cons of buying a product versus the amount spent on a certain product. Costumer satisfaction heavily relies on the performance of a certain product, and how impressed a consumer is with the product. The total quality management is a form of management in which a company constantly evolves in a way that improves the quality of their products, and services. For companies like this, it is important for them to have an excellent strategy in keeping their quality and monitoring their consumers, and be able to provide both marketing quality and production quality. Exchange is the process of obtaining a desired...
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...Instructor’s Visual Index Kotler/Armstrong Chapter 1: Marketing in a Changing World PRINCIPLES OF MARKETING Philip Kotler and Gary Armstrong Chapter 1 Chapter 1 Marketing in a Changing World: Creating Customer Value and Satisfaction What is Marketing? What is Marketing? • Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. • More simply: Marketing is the delivery of customer satisfaction at a profit. © Copyright 1999 Prentice Hall Instructor’s Visual Index Kotler/Armstrong Chapter 1: Marketing in a Changing World Core Marketing Concepts Core Marketing Concepts Needs, wants, and demands Products and Services Core Core Marketing Marketing Concepts Concepts Markets Value, satisfaction, and quality Exchange, transactions, and relationships What Motivates a Consumer What Motivates a Consumer to Take Action? to Take Action? • Needs - state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging. i.e. I am thirsty • Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a Coca-Cola. • Demands - human wants backed by buying power. i.e. I have money to buy a Coca-Cola. © Copyright 1999 Prentice Hall Instructor’s Visual Index Kotler/Armstrong Chapter 1: Marketing in a Changing World What Will Satisfy Consumer’s What Will Satisfy Consumer’s Needs and Wants? Needs and...
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...MARKETING FOR MANAGERS [Student Name] [Instructor Name] [Course Name] [Date] MARKETING FOR MANAGERS 1. Are the corporate objectives clearly stated and do they lead logically to the marketing objectives? Telstra is the largest telecommunication player in Australia’s market, however, the very essence of the organisation’s goals is to expand to a level where it changes the lives of a majority of Australia’s population. The company also aims to create simple tech solutions that are easy to used by everyone. It should be noted that it is hard for marketing goals to be out of line with the corporate vision as it is very generic and holds true for almost all companies, telecommunication or otherwise. (D. jyh-Fu Jeng, 2012) The corporate objectives of firm are however very well defined and lead logically to the marketing objectives. The said objectives are also reasonable and achievable while being challenging. One of the Corporate goals was to increase the number of bundled plan customers by 1 million, but with clever marketing techniques and strategies Telstra was able to raise the number by 1.9 million in 2014. A further increase in business was brought in by marketing with 16 million customers in the domestic retail market. It is easy to see that the corporate goals of Telstra are directly linked to its marketing goals (Telstra Corporation, 2015) 2. Does the organisation follow the marketing concept, the selling concept or production concept? The Selling and Production...
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...What is Marketing? • Meeting needs profitably • Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging product and services of value with others. (Philip Kotler) • Marketing is the activity, set of institutions and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. (American Marketing Association) What is Marketing Management? • The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering and communicating superior customer value. Importance of Marketing • Marketing has helped introduce and gain acceptance of new products that have eased or enriched people’s lives. • It can inspire enhancements in existing products as marketers innovate to improve their position in the marketplace. • Successful marketing builds demand for products and services, which in turn, creates jobs. The Scope of Marketing What is Marketed? • Goods • Services • Events • Experiences • Persons • Places • Properties • Organizations • Information • Ideas Who Markets? • Marketers • Prospects Eight Demand States • Negative Demand • No Demand ...
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...Using a product development process 10 Process application – Opportunity identification and selection 10 Concept generation 10 Concept/Project evaluation 10 Defining the product protocol 11 Conclusion 12 Recommendations 13 References 14 Executive Summary New product development in tourism companies has been a nearly ignored theme in tourism marketing. Research on product development has in major studies handled destinations, development of resorts or sites as a total tourist product. We will aim to identify the major problems as well as key phases of the new product development process in tourism. We will have the challenge to innovate more and more attractive activities to fulfil the customers’ needs for emotional experiences. The theoretical framework is based on the traditional product (and services) development theory, which suggests it to be a process of following stages: idea generation, service concept development and evaluation, business analysis, service development and testing, market testing, commercialisation and post introduction evaluation. We will evaluate the usefulness of the traditional product development model in the direction of creating a service to give adventurous experiences to tourists. INTRODUCTION The service concept, the core product is built on an idea of e.g. hard adventure, soft adventure, water sports etc. The concept is then developed in accordance to the limiting factors of the company resources, what is possible. The next...
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...VIEWPOINT Core Competence, Distinctive Competence, and Competitive Advantage: What Is the Difference? ANN MOONEY STEVENS INSTITUTE OF TECHNOLOGY HOBOKEN, NEW JERSEY ABSTRACT. Core competence, distinctive competence, and competitive advantage ABSTRACT. are 3 of the most important business concepts that managers, researchers, and educators rely on for decision making, pedagogy, and research. However, little attention has been paid to defining these concepts. As a result, they have become buzzwords that are used so frequently that their meanings are often taken for granted but are not fully understood. In this article, the author reviews the evolution of these concepts in business literature and provides comprehensive definitions, conceptual models, and examples to help clarify and distinguish the concepts so that failures of communication can be avoided. Keywords: competencies, competitive advantage, strategy Copyright © 2007 Heldref Publications 110 Journal of Education for Business S R ince its genesis in the mid-20th century, the study of business disciplines has become an established academic discipline. The proliferation of business curricula, journals, and academic and professional associations is evidence of a dramatic growth in business education. Although the growth has improved the understanding of business and informed business practices, with growth comes various problems. For example, business practitioners, researchers...
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...What is marketing? Marketing can be referred to as a form of communication with your customers, with the help of marketing tools such as advertising, promotion, publicity, design aspects related to the look of the product etc. All these are aimed at getting the target audience (customer) to first get interested in your product or service and then ultimately buy them. * Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others * PHILIP KOTLER) ANY INTERPERSONAL AND INTER ORGANISATIONAL RELATIONSHIP INVOLVING AN EXCHANGE IS MARKETING . WILLIAM J. STANTON.) Explain its core concepts. Needs, wants and demands are the core concepts of marketing. These are basically inter related to each other which means needs which could be individualistic, social or physical arise due to a state of deprivation and have to be fulfilled for a basic human survival. Some human needs shaped by cultural and individual experiences and lifestyles take the form of wants. Ultimately demands are those sets of wants which are backed by the power to buy and could be related to many needs & wants. Other related concepts of marketing may include the Marketplace with exchange and the actual transaction as its base. The essence of Marketing is a transaction - an exchange- intended to satisfy human needs and wants.There are three elements in the marketing process : (A) MARKETERS (B)WHAT IS...
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...Definitions of Culture A Paper Presented to The Faculty of the Department of Business Administration In Partial Fulfillment of Course Requirements For B7312- Cultural Marketing Access – Module I - Assignment 1 Spring II, 2013 For The Doctor of Business Administration Degree, D.B.A. David F. Black, B.A., M.B.A., C.D.P. Dr. Cliff Butler Argosy University/Seattle March 11, 2013 © Abstract This paper provides a summary review of B7312, Cultural Marketing Online Argosy Module I, a comparison of two different definitions of culture (Webster) (CARLA). An additional element of contrasting these two definitions is also provided. The overview provides discussion points for the classes of March 7th & 18th, 2013 or sooner as defined by Dr. Butler. Perspectives This paper is submitted in partial fulfillment of the B7312 Course Module I Assignment 1 for the Cultural Marketing Online Course Class on March 7, 2013, B7312, Spring II, 2013, Dr. Cliff Butler, AU-Seattle. Summary of Assignment This student is to write a talking-points paper for the selected definitions of culture as outlined in B7312 Cultural Marketing. After the two out of hundreds (Kluckholn) (CARLA) of cultural definitions are selected, this Doctoral candidate is to compare and contrast them. For this paper, the two selected definitions are from the Merriam-Webster...
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...Identifying the targeted customer is one of the most important steps in marketing. Why? One of the most important elements of a marketing strategy is the development of an ideal target customer profile. Effectively understand who makes an ideal customer allows you to build your entire business, message, product, services, sales and support around attracting and serving this narrowly defined customer. When working with businesses that have an established customer base you can generally identify their ideal customer by finding the common characteristics found in their most profitable clients that also refer them to others.. Today, however, I want to address the needs of the start-up or business with very little customer experience. Finding and serving an ideal customer is equally important for a business just getting started and establishing a focus on discovering a narrowly defined ideal client from the very beginning will save months of wandering in the dark trying to be all things to all people. The targeted audience will heavily affect the communicator’s decision on what will be said, how it will be said, when it will be said, where it will be said, and who will say it. Explain the use of the U.S. information and VALS indicators as just two ways to identify customers. An important part of a social marketing campaign is segmenting your market, i.e. dividing it into coherent groups, each of which might respond to a different approach. Creating an approach for each segment...
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...Island Life Case Study 1. Identify and briefly justify the core problem (major internal weakness) faced by Island Life Insurance. The core problem lays in the marketing concept i.e. the Product concept undertaken does not suit the industry in which the company is in. This can be seen where the company focuses mainly on quality and continuous improvement with little promotion. Since insurance is an unsought good, promotion is highly needed, yet there is limited promotion and no marketing department. 2. Suggest a marketing strategy to increase sales at Island Life. The marketing strategy should identify the target market and the marketing mix. Briefly justify each element of the marketing strategy. The marketing strategy that should be implemented holds a selling concept; this concept can increase sales by developing a strong promotional strategy as well an established marketing department, which can be highly effective once the promotional budget is well planned. Although the company has a target market of mainly males who hold 52.5% of the population, the company is not capitalizing out on the other 47.5% of women who can attribute highly to increase sales; therefore insurance should be sold to persons who need insurance and the target market focuses on persons between 25-65 years of age. Along with the right marketing concept and a readjusted target market, the marketing mix would be as follows: Product High quality should be continued in order to maintain existing...
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...Classic Airlines and Marketing Paper Your Name University of Phoenix MKT/571 Your Instructor Date Classic Airlines and Marketing Classic Airlines has seen decreases in its profit shares and Classic Rewards members than in the past (University of Phoenix, nd., p. 1). Such decreases have had a significant impact on customer satisfaction levels and organizational profits. Therefore, senior executives, marketing, and financial analysts must use the appropriate marketing approach to address such issues and concerns of the organization potentially filing for bankruptcy. The senior management and analysts at Classic Airlines must use the organizational data to address the organization’s dilemmas; meanwhile, implementing marketing concepts that will be in the best interest of the commercial airline. Marketing Concepts Related to Classic Airlines The marketing concepts that have been identified in this scenario are a combination of various concepts and information systems, such as those described in this week’s required text readings. However, one of the marketing concepts that can be related to the Classic Airlines scenario is the holistic marketing concept. “The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies” (Kotler & Keller, 2006, p. 17). This marketing concept has four components which are the following:...
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...The Composition Of Virgins Portfolio Marketing Essay The Virgin Group is a multi national corporation with a hugely diversified business portfolio. This essay examines how the Virgin Groups corporate strategy has allowed it to sustain competitive advantage. The first area that is covered is the composition of Virgins portfolio, namely what businesses Virgin is in and what is the logic of their portfolio. Within the composition section it puts forward two models that help to show why Virgin has chosen particular avenues for achieving growth and sustaining competitive advantage. The Core Competence Theory and Parenting Concept are then reviewed critically in regard to Virgin. Porters three tests are then related to the Virgin Group. Next the co-ordination of Virgins portfolio is addressed, how Virgin has managed its portfolio in its quest for growth and a sustained competitive advantage. Within the composition section of the essay is the issue of control versus the co-operation of Virgin and its business units. It then handles the four concepts of corporate strategy and how Virgin can and has used them to add value to its business units. The link between Virgins Corporate and Marketing strategy is then discussed before the other side of the argument is considered, looking at how Virgins corporate strategy destroyed rather than added value. Finally having synthesised the various diverse elements the essay concludes by using the knowledge gained to raise questions for Virgin about...
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...joumal of Marketing Management 1999, 15,43-51 Kevin Lane Keller Brand Mantrais: Rationale, Criteria and Examples hi this paper, we consider how marketing managers can benefit from the concept of a "brand mantra." We examine how brand montras relate to brand positioning and a related concept, "core brand associations." Our focus is on how brand mantras can be used to improve intemal brand management We consider design and implementation issues in temi of characteristics of good A/nos Tuck School of brand mantras as well as process issues in developing Business brand mantras. It is noted that brand mantras, as with Dartmouth College Nike's "authentic athletic perfonnance" and Disney's "fun family entertainment" often consist of three words that combine brand functions with descriptive and emotional modifiers. Procedurally, brand mantras are developed at the same time as brand positioning. At tlwt time, brand mantras would then be judged on their ability to effectively communicate, simplify, and inspire, as reflected by employee research. Organizational Brand Management Through Brand Mantras Introduction An increasing number of firms have embraced branding as a business priority and marketing imperative. Despite that fact many firms are unsure as to exactly what they should do to effectively manage their brands and maximize their equity. Much of the branding literature has taken an extenial perspective to focus on strategies and tactics that firms should take to build...
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...1. Identify and briefly justify the core problem (major internal weakness) faced by Island Life Insurance. The core problem lays in the marketing concept i.e. the Product concept undertaken does not suit the industry in which the company is in. This can be seen where the company focuses mainly on quality and continuous improvement with little promotion. Since insurance is an unsought good, promotion is highly needed, yet there is limited promotion and no marketing department. 2. Suggest a marketing strategy to increase sales at Island Life. The marketing strategy should identify the target market and the marketing mix. Briefly justify each element of the marketing strategy. The marketing strategy that should be implemented holds a selling concept; this concept can increase sales by developing a strong promotional strategy as well an established marketing department, which can be highly effective once the promotional budget is well planned. Although the company has a target market of mainly males who hold 52.5% of the population, the company is not capitalizing out on the other 47.5% of women who can attribute highly to increase sales; therefore insurance should be sold to persons who need insurance and the target market focuses on persons between 25-65 years of age. Along with the right marketing concept and a readjusted target market, the marketing mix would be as follows: Product High quality should be continued in order to maintain existing customers, as...
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...WHEN ARTS MET MARKETING Arts marketing theory embedded in Romanticism Hye-Kyung Lee Cultural Lee &and Creative IndustriesSchool Hye-KyungFrancis Ltd November (print)/1477-2833 (online) 000000and 2005 Ltdof Cultural Policy or Humanities, King’s College London, StrandLondonWC2R 2LStsrbd@yahoo.com 3 11 2005 Original Francis 1028-6632 International Journal 10.1080/10286630500411309 GCUL_A_141113.sgm Taylor Article This article argues that arts marketing theory is embedded in the existing context of the nonprofit arts sector – that is, Romantic belief in the universal value of the arts and producer authority over the consumer. As “a set of techniques” and “a decision-making process”, marketing was able to sit comfortably in the nonprofit arts context during the 1970s and 1980s. However, recent recognition of marketing as “a management philosophy” has brought out incompatibilities between the customer orientation of the marketing notion and the Romantic view of artistic production. This article demonstrates that arts marketing writings embrace Romanticism through the following: generic marketing concept; relationship marketing approach; extended definition of the customer; extended definition of the product; and reduction of marketing to function. Such findings suggest that persistence of the existing belief system and the embeddedness of the market be considered when marketisation in the arts sector is analysed. KEYWORDS arts marketing; Romanticism; marketisation; cultural persistence...
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