...sales era, the marketing concept era, and the current customer relationship era. The production era covers the period to the 1920s when buyers were willing to accept virtually any goods that were available. The central notion was that products would sell themselves. The sales era lasted from the 1920s to the 1960s. Manufacturers found they could produce more goods than buyers could consume, and competition grew, so the solution was to hire more salespeople to find new buyers. In the 1960s, the marketing concept era dawned, when organizations began to integrate marketing into each phase of the business. In today's customer relationship era, organizations focus their efforts on (a) continuously collecting information about customers' needs, (b) sharing this information across departments, and (c) using it to create customer value. The first objective in maintaining customer relationship is discovering the needs of prospective consumers. This is not an easy task because consumers may not always know or be able to describe what they need and want. A need occurs when a person feels physiologically deprived of basic necessities such as food, clothing, and shelter. A want is a felt need that is shaped by a person's knowledge, culture, and personality. Effective marketing can clearly shape a person's wants and tries to influence what we buy. Having selected its target market consumers, the organization then takes action to satisfy their needs by developing a unique marketing program to reach...
Words: 795 - Pages: 4
...ideologies which include concepts and principles. However, the most important thing in business is marketing because it creates awareness to customers of the products of a business. As this is the case, managing directors and marketing managers should always make sure that they employ effective marketing principles in attracting customers and retaining them. The objective of marketing is to retain existing customers and attracting new ones. Business is about satisfying customers and thus increasing their activity with your business. As in most business sectors there is tough competition meaning that businesses can only gain competitive advantage when they are effective in marketing & good customer service, which includes creating good rapport via public relations. However, this is not as easy as it sounds and much work has to be done in order to attain it. Customers will make choices of where to go for goods or services based on many things - including their perception of the attitudes of employees. Four main aspects have been selected as the main determinants of the success of any business. They include the place where the business is located, the product(s) itself, the price of the product and the manner in which the company promotes its products. A combination of the 4 P’s and a PEST analysis are likely to improve or produce excellent results. Introduction Applying marketing principles are the building blocks in business growth and provide a business with in-depth exposure...
Words: 2228 - Pages: 9
...an export department with a sales manager and a few assistants (and limited marketing services). As they go after global business more aggressively, they can create an international division with functional specialists (including marketing) and operating units structured geographically, according to product, or as international subsidiaries. Finally, companies that become truly global organizations have top corporate management and staff plan worldwide operations, marketing policies, financial flows, and logistical systems. In these organizations, the global operating units report directly to top management, not to the head of an international division. Evaluating and Controlling the Marketing Process To deal with the many surprises that occur during the implementation of marketing plans, the marketing department has to monitor and control marketing activities continuously. Table 1.1 lists four types of marketing control needed by companies: annualplan control, profitability control, efficiency control, and strategic control. The Fourteenth Edition of Principles of Marketing! Still Creating More Value for You! The goal of every marketer is to create more value for customers. So it makes sense that our goal for the fourteenth edition is to continue creating more value for you—our customer. Our goal is to introduce new marketing students to the fascinating world of modern marketing in an innovative and comprehensive yet practical and enjoyable way. We’ve poured ...
Words: 860 - Pages: 4
...Capturing vs. Creating Value The way in which value is added to agricultural production can affect the potential for risk and reward. When evaluating value-added enterprises, it is important to recognize the difference between capturing value and creating value. production processes are generally well known and established through the link to traditional agricultural production. To illustrate: • An alliance of beef producers, backgrounding or retaining ownership, generally has knowledge of cattle feeding and the skills to background calves. Marketing Research -• Finding the Best Consultant to Hire Individual members of an ethanol or meatpacking Capturing value occurs through changes in distribution of value in the Food/fiber production chain. These changes are generally efforts to “capture” more of the consumer dollar. Direct marketing, vertical integration, producer alliances and cooperative efforts are often directed toward capturing more of the enduse value of farm production. Following are examples of capturing added value: • Beef producers who join an alliance to market back-grounded calves or retain ownership of animals in the feedlot. • Producers who form cooperatives to build meatpacking or ethanol plants. • Producers who package or market their production directly to consumers. Creating value occurs with actual or perceived value to a customer for a superior product or service. The objective is to create something that has value. New products...
Words: 1662 - Pages: 7
...The approach taken in solving Marketing assignment and Marketing homework is to lucidly explain the concepts involved as well as how to apply these to practical problems. HwA’s expertise in MarketingManagement Assignment solving spans various streams such as 5 C's of marketing - company, collaborators, customers, competitors, and climate Market Segmentation Target Market Selection Market Analysis – involving market sizing, drivers, restraints, trends, distribution channel, etc. 4P’s of Marketing Brand Equity Pricing Strategy Product life cycle Business Marketing Customer Lifetime Value Customer Relationship Management Marketing Orientation Integrated marketing communication Our highly qualified, professional and skilled team members can provide you help with complex marketing case study, report writing, essay writing, research paper, term paper, dissertation involving multiple disciplines and concepts, research proposal writing, presentation in areas like brand equity, marketing mix, etc. The HWA team has highly qualified tutors with many years of industry experience. The team has helped a number of students pursuing education through regular and online universities, institutes or online MBA, MA, or BA Programs. What is Marketing Management? Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Marketing is a business function which deals...
Words: 521 - Pages: 3
...Marketing is the process of communicating the value of a product or service to customers. Marketing might sometimes be interpreted as the art of selling products, but selling is only a small fraction of marketing. As the term "Marketing" may replace "Advertising" it is the overall strategy and function of promoting a product or service to the customer. The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."[1] From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. The process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value. There are five competing concepts under which organizations can choose to operate their business; the production concept, the product...
Words: 289 - Pages: 2
...fvdvdfbhnjkljjkhnbvc Does marketing create or satisfy needs? Take a position, marketing shapes or merely reflects needs and wants of conso answer these questions, we must know what market is. Market is the set of all actual and potential buyers of a product or service and marketing is a social and managerial process where by individuals and groups obtains what they need and want through creating and exchanging products and value with others. The traditional view of marketing is that the firm makes something and then sells it. In my words, marketing is how the producers create value to the customer and receive it by needs and wants. We must know that marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Ever since man started to trading goods, marketing was created. Suppose that marketing was never exist, we cannot buying foods, houses, car, etc. Without marketing, this world is nothing. Marketing involves the satisfying customers’ needs and wants. Marketing has a value creation and delivery sequence that consists of three parts. That is choosing the value, providing the value, and communicating the value. From my understanding, marketing does both. It creates and satisfies needs of customers. Marketers must use the marketing development’s term to create needs. They must learn how to change in knowledge, behavior, attitudes, or creativity. Then, it helps customers...
Words: 878 - Pages: 4
...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 ...
Words: 541 - Pages: 3
...Marketing and the Marketing Process Marketing deals with customers more than any other business functions. Marketing is managing profitable customer relationships. Marketing has a twofold goal. They are to attract new customers by promising superior value, and keep and grow current customers by delivering satisfaction. The American Marketing Association defines marketing as “The Process of planning and executing the conception, pricing, promotion, and distribution of ideas, good, and services to create exchanges that satisfy individual and organizational objective”. The Marketing process is the method of evaluating openings, choosing the proposed customer, addressing the consumer needs and wants, describing the price, product, place and promotion and addressing the marketing campaign. The marketing process takes major responsibility to control overall marketing strategy. The marketing process has 5 steps that lead to a successful advertising campaign. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the reward of having superior customer value. Now, we will explore the steps of the marketing process. Step 1 is marketers need to understand the market place and the needs and wants of customers. There are five core customer and market place concepts. Needs, wants, and demands is one. Human needs are states of felt deprivation. Human wants are the form human needs...
Words: 1265 - Pages: 6
...Chapter 1 - Defining Marketing for the 21st Century Questions to be answered 1. Why is marketing important? 2. What is the scope of marketing? 3. What are some fundamental marketing concepts and new marketing realities? 4. What are the tasks necessary for successful marketing management? Reviewing important marketing concepts, tools, frameworks and issues. The Importance of marketing * Creating demand * Introduce and gain acceptance of new products * Increasing demand creates jobs * Allow firms to more engage in socially responsible activities The scope of marketing Marketing is about identifying and meeting human and social needs. 1. Meeting needs profitably Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. We see marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Important part of Marketing (Peter Drucker) The aim of marketing is to know and understand the customer so well that the product of service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available. What is marketed Marketers market 10 main types of entities: * Goods...
Words: 2406 - Pages: 10
...MKTM001/3 (Principles of Marketing) This assignment constitutes 40% of your overall grade for this module. Submission date: Thursday 31st March 2011. “The centrality of marketing in creating growth and shareholder value suggests a new role for marketing both as a discipline and function…The concept of marketing that will make it more effective in tomorrow’s boardroom is one of contributing to the creation of shareholder value. It can be defined as follows: Marketing is the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage.” Doyle, P., (2000), Value-Based Marketing, Chichester: Wiley, p29. 1. What is marketing: discipline and function 2. What benefits of marketing to an organisation and customers, focus on organisation : creating growth and shareholder 3. How to create growth and then maximise share holder value: + developing relationships with valued customers: how to develop relationship, take an example +creating competitive advantage: how to, take examples Conclusion. By reference to academic literature, critically evaluate Doyle’s definition of marketing. Using examples, indicate how a company could apply this definition to create and manage its marketing strategy. You are required to produce an academic paper which demonstrates your understanding of key aspects of the Principles of Marketing. The paper should...
Words: 478 - Pages: 2
...the most valuable employees “if you write a sentence in business without a number you’re doing something wrong” 3 contributions and 3 questions Insights – wow factor Implications – so what is the impact of the insight over business Porter’s five forces – Shows how value is captured Threat to substitute Intensity of competitive of competition Power of buyers Power of suppliers Threat of new entrance Level of risk (low, medium or high) Why? (justification of risk level) How can we mitigate the risk * Concentrate on high level risks within porters 5 forces * * GE Mckinsey Matrix – category attractiveness and competitive position * SWOT Relative Strength Relative weaknesses Competitive advantage: Superior inputs Superior technology Superior operations Superior data Superior collaborators/partners Superior branding Superior offering Superior perceptual positioning Superior access Superior segment Superior customers Protano 8 C Category – demand - willingness to buy and ability to pay, need is perceived lack, never a product. Customers buy benefits and solutions Perception – the world according to you Marketing manager: Creator of value Manager of perception Master of persuasion Keeper of relationships for a lifetime Want – a specific satisfier (product or brand) * Competition – any player in the market going after the same customer Horizontal competition – competition across similar competitors Vertical...
Words: 892 - Pages: 4
...Chapter 1: Creating and Capturing Customer Value Marketing: creating value for customers and building strong relationships to capture from customers in return - All about managing profitable customer relationships (satisfying customer needs) Core Customer and Marketplace Concepts 1. Needs wants and demands * Needs: states of felt deprivation * Wants: the form human needs take as shaped by culture and individual personality * Demands: human wants that are backed by buying power 2. Market offerings – products, services, info or experiences offered to satisfy a market need * Marketing myopia: mistake of paying more attention to the products itself than to the benefits and experiences produced by these products (brand experience) 3. Value and satisfaction – must set smart and realistic product expectations for customers 4. Exchanges and relationships – the act of obtaining a desired object from someone by offering something in return 5. Markets – the set of all actual and potential buyers of a product or service Marketing Process 1. Understand the marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity Marketing Management: choosing target markets and building relationships with them ...
Words: 523 - Pages: 3
...* What is Marketing? 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. * Marketing: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. * What is Marketing Management? Marketing management is the art and science of choosing target markets and getting, keeping, and growing Customers through creating, delivering, and communicating superior customer value. * What is the Value Chain? The value chain is a tool for identifying ways to create more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver, and support its product * Holistic Marketing; sees itself as integrating the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and coprosperity among key stakeholders. | What is Marketed? Goods: automobiles, computersServices :airlines, hotels, car rental Events :trade shows, sporting like the Olympics Experiences: Disney Land visit, Exotic Vacations Persons:artists, musicians, politicians, lawyers Places: Atlantic City, New York, and Las Vegas Properties :stocks,bonds, mutual fundsOrganizations :DuPont...
Words: 604 - Pages: 3
...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...
Words: 1404 - Pages: 6
