Defining Marketing What comes to a person’s mind when the word Marketing comes up? Marketing is a word that is used every day in a organization. The word marketing has so many definitions that one can use. According, ( Kotler, P. 2009 ) the best definition that best describes the word marketing is identifying organization objectives satisfying services and meeting the customer’s needs. A person might say that the word marketing only means to sell a product.Marketing does not just mean to sell
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clients, partners, and society at large” (para. 1). The above sentence covers all the aspects of marketing but there are other that just keep the logistics of marketing simple. “Marketing is managing profitable customer relationships” (Armstrong & Kotler, 2011, p. 4). Organizational Success Marketing focuses organizational attention on meeting consumer demand. To accomplish this goal a company must first anticipate consumer needs and then direct a flow of acceptable goods and services from
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processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (AMA, 2012). Kotler and Armstrong define marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return ( Kotler and Armstrong, 2010). What I gather from these two different definitions is that the importance of marketing is the value for the customers. Without
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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” (p. 6). This definition is a more accurate view of what marketing is. Kotler and Kevin (2011) define marketing in much simpler terms, “meeting needs (those of human and social) profitably” (p. 5). Importance of Marketing Everything that an organization does revolves around customer satisfaction. This includes marketing
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Nonprofit Organization. 3rd edition. Wiley, 2000. * Jensen, Bill. Simplicity: The New Competitive Advantage in a World of More, Better, Faster. Perseus, 2001. * Kaplan. Jerry. Startup: A Silicon Valley Adventure. Replica Books, 2001. * Kotler, Philip, and Alan Andreasen. Strategic Marketing for Nonprofit Organisations. 6th edition. Prentice Hall, 2002. * Lovins, Amory, Hunter Lovins, and Paul Hawken. Natural Capitalism: The
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shows the number of units that need to be sold in order to show a zero profit. This tells you when the services you provide stop costing the company money and start producing a profit. The graph below will help in the understanding of the analysis(Kotler, 2011). Q = Break-even Point, i.e., Units of production (Q), FC = Fixed Costs, VC = Variable Costs per Unit UP = Unit Price Therefore, Break-Even Point Q = Fixed Cost / (Unit Price - Variable Unit Cost) Using the formula below will
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creating new products they are just developing new market ideas from gathering feedback from the fans, which in turn allows the artists to continue to evolve to keep the experience fresh for the fans so that they will continue to connect with them (Kotler, Philip, and Gary Armstrong 44-45). To back the market development strategy, Live Nation is the largest producer of
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23(1) e.V., T., 2014. How corrupt is your country?. [online] Cpi.transparency.org. Available at: <http://cpi.transparency.org/cpi2013/results/> [Accessed 18 Apr. 2014] Hollensen, S (2012), Essentials of Global Marketing, 2nd ed, Pearson Kotler, P & Keller, K (2012), Marketing Management, 14th Ed, Prentice Hall. Chee H & Harris R (1998), Global Marketing Strategy, Pitman Golea, V., 2009. THE IMPACT OF THE GOVERNMENTAL POLICY ON THE TRANSNATIONAL COMPANIES'ACTIVITIES. Review of
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Classic Airlines Problem-Solving Process Barbara Terry MKT/571 – Marketing April 10, 2012 Clifford M. Lavin MSIM University of Phoenix Classic Airlines Problem-Solving Process Classic Airlines, one of the largest airline carriers in the world, servicing 240 cities, and more than 2,300 flights every day is in the service industry (UOPX Classic Airlines scenario, 2012). Classic Airlines is making a profit; however
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Praxis II: Marketing in the 21st Century Marketing: Strategic Innovation in Globally Diverse Markets December 23, 2012 Abstract This paper will explore the potential evolution of the role of consumer marketing. I will examine the role of the retailer and the consumer on the Internet and the vital changes retailers must incorporate to stay competitive in the marketplace. In addition, I will discuss the role of personalized marketing, traditional advertising versus online advertising, changes
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