Discussion About Marketing Concepts and Their Applications in Sri Lanka

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Discussion about Marketing Concepts and their Applications In Sri Lanka Table of Contents Table of Contents 1 1. Marketing Philosophy 2 2. Customer Value and Satisfaction 4 3. Marketing Myopia 6 4. Postmodern Marketing 8 5. Marketing Environment 9 List of References 11 1. Marketing Philosophy Every business organization in the modern world must be associated with Marketing. Its primary objective is to earn profit after fulfilling customer needs, wants or desires. Marketing will be used to find what customer needs or wants and organize to satisfy them after supplying their requirements. The Chartered Institute of Marketing in the UK defines marketing as follows: "Marketing is the management process which identifies, anticipates, and…show more content…
Its mission is to improve quality of life by providing comforts and conveniences at fair prices. So the mission statement itself describes the Singer’s marketing orientation. At once singer identified that all levels of customers can’t buy its products by paying full amount of the price in cash. Also they identified that the customer wants easy payment schemes like installments with low or no interests. So Singer is the first home appliance retailer who introduces the Easy Payment Plan (EPP) which enables the customers to take what they need for their homes after small down payment. This shows how Singer as a company organizes itself to implement marketing philosophy. 2. Customer Value and Satisfaction Customers are the key to every business organization. There won’t be any organization exists without customers. Customer is always trying to get more than the cost he pays for product or service and get maximum satisfaction by consuming them. So every organization should have a way to identify whether their customers get best out of the product or service compared to the cost that the customer pay to obtain it. Also they should identify whether the customer has fulfilled his requirements by consuming their goods or services. If an organization identify them and make their strategies to maximize them, then we can say that those organizations are more towards customer value and their satisfaction. Customer Vaule Customer Value is the difference between
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