Marketing is defined in many ways; marketing is the management process responsible for identifying, anticipating and satisfying consumers’ requirements. The essence of marketing is that a business will make what it can sell rather than sell what it can make. Marketing requires an assessment of human needs and the orientation of all the firm’s resources towards the satisfaction of those needs. Marketing is a social and management process by which individuals and groups obtain what they want through creating
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Business Ethics is defined as ethical rules and principles (values) within a commercial context, and applying various moral or ethical problems that might arise in a business setting, and special duties or obligations that arise during the course of commerce In a market economy, a business may be expected to act in what it believes to be its own best interest. The purpose of marketing is to create a competitive advantage. An organization achieves an advantage when it does a better job than its
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Chapter 2: 1) Market oriented mission statement defined in terms of satisfying basic customer needs. Important questions that should be taken into consideration are what is our business, who is the customer, what do customers value and what should our business be? 2) Business portfolio planning involves two steps (1) the company must analyze its current business portfolio and determine which business should receive more, less, or no investment. (2) it must shape the future portfolio by developing
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changes in the business environment. When the management realizes that the company is drifting away, they must renew their search for new mission. This leads to the most critical questions like: what is our business? Who are the customers? What are the things the customers are looking for? What should be the main area the business should concentrate upon? Successful
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performed for customers. Compatible with this simple definition, services include economic activities whose output is not a physical product, are generally consumed at the time they are produced, provide added value in the form of amusement, comfort and convenience etc. and are essentially intangible concerns of the first purchaser. Difference between Service and customer service Services are deeds, processes, performances, and performances of a wide range of industries. Customer service is the
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business situations. • K2. That they can evaluate the potential impact of factors in the external environment on the marketing activities of organisations • K3. That they can understand the major decisions that organisations confront in satisfying market-place needs. • K4. That they can analyse the significance of marketing planning in organisations. • Skills • S1. How to conduct research using relevant marketing journals and business documentation Frankie Lim L1 Module Introduction & Concepts
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Marketing Paper Juan Rangel MKT/421 Marketing Paper Marketing has always played a large role on the choices that consumers make when deciding on the brands of products that are integrated into their life, but how important is marketing for an organization. Understanding marketing and its history aids when further analyzing the importance of marketing on different types of organizations. According to Bartels (1988) “The establishment of a market economy wrought marked changes in the social
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Salespeople who focus on gaining new customers called hunters or pioneers. * Order-takers this category of salespeople try to increase sales as they build customer share * The sales effort by providing information and performing other supplemental services called Missionary sales people * Merchandiser * Personal selling approaches * Stimulus response: stimulus response selling is the least flexible and least focused on the buyer’s unique needs and strategic priorities.
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Marketing and Its Environment art 1 introduces the field of marketing and offers a broad perspective from which to explore and analyze various components of the marketing discipline. Chapter 1 defines marketing and explores some key concepts, including customers and target markets, the marketing mix, relationship marketing, the marketing concept, and value. Chapter 2 provides an overview of strategic marketing issues, such as the effect of organizational resources and opportunities on the planning process;
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Long term Widely influencing Every one involved in market orientation -intelligence generation - intelligence dissamination - intelligence response Business idea – questionnaire- survey –data- information- intelligence Should be shared all at the department Little marketing Tactical Short term Narrow scope Marketing research Marketing research is "the function that links the consumers, customers, and
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