...Title: “Why marketing strategy is considered as an important aspect to an organisation’s success” As we know that a successful company depends on the cooperation of functional areas. The examples of functional areas of the organization are accounting and finance, human resource, administration and marketing, etc. However, today’s successful companies depend on marketing which is mainly focusing on creation and retention of customer value (Jobber 2010). For example, Zappos is one of the successful companies in today because of their powerful marketing strategy which mainly take good care of their customers in term of understanding what their customers’ wants and needs; then creating customer value in order to fulfil their customers’ satisfactions (Armstrong 2011). Therefore, here we are going to explain why the marketing strategy can become an important aspect to an organization’s success nowadays. In the old concept, marketing is defined as the task of creating, promoting and delivering goods and services to customers (Kolter 2003). In the new concept, marketing means managing profitable customers’ relationships then only building brand awareness and positioning the brand as customers’ best choice which is more related to the relationship marketing (Ambassador n.d.). Actually, marketing is more than just persuading consumers while it focus on how to attract new customers by promising superior value and also how to retain current customers by delivering higher satisfaction...
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... |SYLLABUS | | |School of Business | | |MKT/571 | | |Marketing | | |Murrieta Learning Center | Copyright © 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This course prepares students to apply marketing concepts to create and sustain customer value. Students learn to solve marketing problems in a collaborative environment. Topics include market research, customer relationships, branding, market segmentation, product development, pricing, channels, communications, and public relations. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the...
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...Syllabus | | | | | |School of Business | | |MKT/571 Version 6 | | |Marketing | Copyright © 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This course prepares students to apply marketing concepts to create and sustain customer value. Students learn to solve marketing problems in a collaborative environment. Topics include market research, customer relationships, branding, market segmentation, product development, pricing, channels, communications, and public relations. Students may find it beneficial to refer to concepts learned in Economics. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the...
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...1. Why is it important for a company to have a well written mission statement? Well written mission statements provide employees with a shared sense of purpose, direction, and opportunity. They focus on a limited number of goals, stress the company’s major policies and values, and define the company’s major competitive scopes. In addition, good mission will have long term view. 2. What key points do you think need to be included in the mission statement? The range of products and applications that a company will supply. The type of market or customers a company will serve. The range of regions or countries in which a company will operate. 3. Should a mission statement also be a marketing tool? Yes, the mission statement should be a marketing tool. The mission statement is like a brand and branding makes the object more memorable. Words that should speak clarity over cleverness and meaning over beauty. 1. Why is it important for a company to have a well written mission statement? Well written mission statements provide employees with a shared sense of purpose, direction, and opportunity. They focus on a limited number of goals, stress the company’s major policies and values, and define the company’s major competitive scopes. In addition, good mission will have long term view. 2. What key points do you think need to be included in the mission statement? The range of products and applications that a company will supply. The type of market or customers a company will...
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...Defining Marketing Paper MKT/421 Abstract Marketing is defined as performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client. We determine why marketing is so important to the success of an organization because it brings to light key factors organizations should be aware of such as target audience, when to sell and produce goods, and how to. Wal-Mart, Apple, and Disney are some of the many companies who use marketing and have become successful business entities. Defining Marketing Paper Marketing is often thought of simply as the promoting of a product or service but marketing goes deeper and involves much more facets then what the average person knows about it. When people think of marketing, they usually just think about the promoting of a product that involves advertising which only a few people that are in a marketing group at a corporation. But as we are going to find out marketing is so much more with different layers and involves more than a small group of people. Defining Marketing “Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.” (Perreault, Ph.D, Cannon, Ph.D., & McCarthy, Ph.D., 2011, p.). Another definition...
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...in a business, the marketing department is the most important” Discuss (20 marks) The marketing department is very important as it is a process by which a product or service is introduced and promoted to potential customers through advertisement, public relations and promotions and sales. Your business may offer the best products or services in your industry but none of your potential customers would know about it without decent marketing. Without marketing, sales may crash and companies may have to close. One reason as to why marketing is important is that it provides your business with the freedom to succeed because if your product or service is known it can attract potential buyers. Without marketing, your potential customers may never be aware of your business offerings and your business may not be given the opportunity to progress and succeed. Another reason as to why the marketing department is so important to a business is that once your product or service gains customer awareness it increases your chances that customers will make a purchase. When the business does begin to make sales customers may spread the word and through this your sales will gradually begin to increase. So this shows that effective marketing can in fact be essential to the success of a business. Furthermore, a very significant reason as to why the marketing department is so important is that the success of a company often rests on the reputation of a business and marketing builds this image and...
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...35% edition Understanding Business Table of Contents Page No. Introduction 1 TASK 1 1-6 1.1 Human Resource Management (HRM) 1-3 1.2 Accounting 3 1.3 Marketing 4-6 1.4 Operations Management 5 TASK 2 Analyzing the Key Issues 7-9 2.1 Human Resource Management (HRM) 7 2.2 Marketing 8-9 Conclusion and recommendations 10 References 11 Introduction Understanding business is very important when a company is going to operate for the first time. Without understanding business and its core component like HRM, Marketing, accounting, and operational management it is difficult to initiate business efficiently. That is why these issues can play a big role in an organization and it is very necessary to understanding business. Eastern food is going to launch its business. So this organization should consider accounting, marketing, operational management and HRM factors so that Eastern food can overcome its challenge when it is starting its business. Task 01 1. human resource management: In the time of consideration of success in any business, human resource management (HRM) is the key player to go forward towards the goal. Only the effective and efficient employee can make every single complex task easier that is the main point to overall success in a certain period. Human resource management itself being thought responsible to operate some major function namely retreatment process, training, and other motivational work events. In the arrival of HRM it maintains...
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...Tutorial 1 * Overview Run through Unit Plan and Assignment question. * Introduction * Definition of Marketing * Importance of knowing the difference between objective, strategy and tool * Importance of Target Market process. * Importance of knowing Positioning. * The evolvement of Marketing Mix from 4Ps to 9Ps but syllabus covers the fundamental which is 4Ps. * Expectations * Tutor’s expectations. * Importance of attendance. * Those with less than 50% attendance will have to meet up with the lead lecturer and stand a chance to be barred from final exam. Tutorial 2 Lecture 1 – Introduction to Marketing ______________________________ 1. How does an organization create a customer? 2. (a) Identify the four types of utility and give an example of each. (b) Why is utility such an important feature of marketing? 3. (a) Define relationship marketing, and describe how it fits into the marketing concept. (b) Why is determining the lifetime value of a customer an important analysis for a company to take? Tutorial 3 Lecture 2 – Understanding Marketing Management _________________________________________ 1. What is the difference between a firm’s mission and its objectives? Why is it important that both are conveyed clearly to employees and to customers? 2. How does the BCG matrix help marketers decide...
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...1. Why are environmental scanning and analysis important to marketers? They are important to marketers because you can gather information about forces in the environment and get to interpret it then you can market based on what you feel would be the best way to either use or avoid the forces. 2. What are four types of competition? Which is most important to marketers? The four types are brand competitors, product competitors, generic competitors, total budget competitors. Brand competitors are most important to marketers because the products are very similar. 3. Define income, disposable income, and discretionary income. How does each type of income affect consumer buying power? Income is how much money people make. The more they make the more they are willing to spend. Disposable income is what you get after tax. The less taxes that get taken out will make your more be able to spend more on products. Discretionary income is disposable income available for spending and saving after individual has purchased their basic necessities. If people still have enough money after getting what they need they will be more able to spend money on what they want. 4. What factors influence a buyer’s willingness to spend? Willingness to spend is inclination to buy because of expected satisfaction from a product. A products price and value also influence almost all of us. Another factor is if people have the power to buy. 5. What are the goals of the Federal Trade commission? List the...
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...1. Why is consumer behaviour an important course in business education? Consumer behaviour is an important topic of course in business education. Why? Because achieving marketing objectives depends on knowing serving and influencing consumers. Today many of the most successful companies in the world have become so by designing the entire organization to serve consumers and stay close to them. These companies are committed to developing quality products and services and selling them at a price that gives consumers want and how much they are willing to pay for a product and then design, produce and market the best quality products they can for the price consumers are willing to pay. To sum it all, many successful companies have recognized the importance of consumers and have sophisticated approaches and detailed data from which to develop organizational and marketing strategy. 2. Do you think marketing is a powerful force in society? Why or why not? Yes! Marketing is a powerful force in the society. I can say this because in the meaning of marketing from Josiah Go’s book of Principles of marketing, it clearly states that marketing is the process of continuously and profitably satisfying the target customer’s needs, wants and expectations superior to competition. Thus from this meaning I derive my answer as” Marketing, particularly as developed and implemented by successful companies, have a powerful force on consumers and society at large. I believe that marketing not...
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...1. Why is consumer behaviour an important course in business education? Consumer behaviour is an important topic of course in business education. Why? Because achieving marketing objectives depends on knowing serving and influencing consumers. Today many of the most successful companies in the world have become so by designing the entire organization to serve consumers and stay close to them. These companies are committed to developing quality products and services and selling them at a price that gives consumers want and how much they are willing to pay for a product and then design, produce and market the best quality products they can for the price consumers are willing to pay. To sum it all, many successful companies have recognized the importance of consumers and have sophisticated approaches and detailed data from which to develop organizational and marketing strategy. 2. Do you think marketing is a powerful force in society? Why or why not? Yes! Marketing is a powerful force in the society. I can say this because in the meaning of marketing from Josiah Go’s book of Principles of marketing, it clearly states that marketing is the process of continuously and profitably satisfying the target customer’s needs, wants and expectations superior to competition. Thus from this meaning I derive my answer as” Marketing, particularly as developed and implemented by successful companies, have a powerful force on consumers and society at large. I believe that marketing not only...
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...Defining Marketing Defining Marketing Kirk B. Carlson University of Phoenix Defining Marketing In the United States of America it is hard to find a place that has not been affected by Marketing. The simple act of turning on a television set or turning on a radio floods the room with thousands of marketing messages. An individual’s daily routine is affected by marketing and has integrated seamlessly in the American life style. An individual may wake up to the killer B B96 then go to the bathroom and brush teeth by using Crest tooth paste. Drive to McDonalds to get a breakfast Barito and then look at thousands of billboards on the way to work. Marketing messages affect an individual’s daily life both on a conscious level and a subconscious level. This paper will address Marketing concepts and make a personal definition of Marketing. Marketing is the process of branding an item or service so that it will be more readily accepted by the public and sold in the market place. Effective marketing can transform an ordinary item and make it the most sought after product in the world. For example a purse costs about twenty dollars to make calculating the materials and labor that go into making a purse. The purse can be sold for five hundred dollars by simply applying a marketing campaign. Marketing usually starts with a name such as Coach, Gucci, and Gustto. With the name a designer creates a logo that can be readily identified by the consumer. The hand bag is photographed...
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............. Table of content Page3........... Executive summary Page 4................ Why goods and services are central to both marketing and operations Page 5.................... Examine why ethical behaviour and government regulation are important in marketing including one example of ethical behaviour and one example of a NSW or Australian government requirement Page 7............... Assess why a mix of marketing and promotional strategies are important in the marketing of goods and services Page 9............. Identify the elements of a SWOT analysis. Explain how a situational analysis assists in a business planning Page 11...... Bibliography Executive summary Operations is the business process that involves transformation or, more generally production. It is a term that applies both to the manufacturing and service sector. It involves the turning of raw materials and resources into the outputs of finished goods or products. Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers. As consumers are constantly exposed to all aspects of marketing consumers might be mislead or manipulated into buying a product that does not meet the requirements it is advertised for. Businesses must ensure that they are up to date with the current laws and then apply them to all marketing practices. A business is required by law to offer a refund if the products provided are faulty...
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...environment of an organization is those factors outside the company that affect the company's ability to function. Some external elements can be manipulated by company marketing, while others require the organization to make adjustments. Some main components of external environment are: Customers Government Economy Competition Public Opinion Growing use of internet Law and Order situation Q2: Show how changes in one of these components have had a significant impact on airlines in recent years? A major change in the airline environment since September 11th has been in airport security, as a result of political and legal pressures. Airlines today have to operate in a much more security conscious environment and this has considerable logistical and cost implications for airlines, including the development of much more security conscious booking and baggage handling procedures, the requirement to use security staff on cross Atlantic routes has also added to costs. Q3: How significant is competition in the external environment? Competition is always important in the external business environment. It is particularly important in the airline business where there are a number of major airlines competing on similar routes. United Airlines has positioned itself as a premium carrier and its marketing mix is designed to differentiate it from rivals in a number of respects relating to high quality and service. Q4: What must companies like United Airlines do...
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...Why is Consumer Behavior Important? Manisha Shrestha MKT 212 Professor Ross March 2, 2012 Why is Consumer behavior important? “Consumer behavior” is the understanding of why, how, where and when consumers make purchases and based on what do they those decisions. It involves the psychological processes that consumers go through in recognizing needs, finding ways to solve these needs and making purchase decisions. Understanding these psychological patterns of consumers help companies produce or provide to the extent where the customer needs are satisfied, as they are the important person to any company. *Why consumers make the purchase they make? *What factors influence consumer purchases? *What are the changing factors in our society that influence the customers? These are some of the basic questions that companies or firms need to analyze and study to improve their marketing strategy. In today’s world of rapidly changing technology and increasing competitions, consumer tastes are also characterized by fast changes. A company’s success largely depends upon the consumer’s behavior and today’s consumer are very aware about the products available in the market. Therefore, understanding their behavior helps companies design the optimal product, determine what location, what price and which method of promotion would be most effective. The study of consumer behavior helps companies improve the performance of the organization and...
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