Assignment
“ 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 maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage.
Doyle, P., (2000), Valued-Based Marketing, Chichester: Wiley, p29.
By reference to academic literature, critically evaluate Doyle’s definition of marketing. Indicate how a company could apply this definition to create and manage its marketing
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In 2004, the American Marketing Association (AMA) defined marketing as 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 News,2004). Marketing is described as a process that is performed within an organization; it is one of functions in organization and leads to a model of “mutually beneficial exchange” between provider and customer. Furthermore, AMA gave another definition of marketing in 2007 that 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 (Marketing News, 2008). While the 2004 AMA definition focuses on the significance of stakeholders and customers, the 2007 AMA definition notes the importance of society at large to marketing (Balmer, 2011). Marketing is considered as an organization’s vital options regarding to products, markets, marketing activities and marketing resources in the creation, communication or delivery of products that offer value to customers in exchanges with the organization (Rajan, 2009). In the past, the the function of marketing in many firms often has little strategic role, being relegated to public relations (PR), advertising or sales
The American Marketing Association defines marketing as "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". (2005) Simply put, marketing is the process by which businesses assess the needs and desires of consumers in order to provide products and/or services to meet those needs in the most efficient and cost effective manner. Truly effective marketers do market research in an effort to understand their target market and create marketing strategies based on the characterization of those in the target area.
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. (Approved October 2007) http://www.marketingpower.com/aboutama/pages/definitionofmarketing.aspx
What is marketing? Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy both individual and organizational goals. Marketing also include being able to get the goods from the producer to the consumer. The producer is responsible for the design and manufacture of goods. Marketing also includes market research and product development, design, and testing. Marketing concentrates primarily on the buyers, or consumers and determining their needs and desires. Companies then need to stress the availability of products and the important product features. You then need to develop strategies to persuade them to buy and keep their satisfaction with the product. Marketing management includes planning,
Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
How is marketing defined? What is its importance in a company’s success? This paper will discuss and explain different definitions of marketing along with a definition of author himself. In addition, this paper will elucidate the importance of marketing by giving three examples where marketing was adapted with few mistakes resulting in disaster.
Marketing has become more and more important, especially as the purposes of marketing expanded into performing marketing researches. Through marketing researches, it is asserted that marketing starts with a real customer need. Classic marketing, has, nonetheless, focused on making the need that will draw customers, and this stresses the advertising power of marketing (Woodall 2007, p.1284). This is also called the sales concept of marketing (Woodall 2007, p.1285). An example is how advertising lures people into buying a brand, because of the
Marketing is all about creating a really solid decision, which will lead to more money. In this paper I will give some history of my organization, and explain how each element of marketing affects the organization. In addition I will cover the industry in which the organization resides in.
Marketing is the all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time. It is the action or business of promoting and selling products or services, including market research and advertising. Arby’s, for example, has changed in a revolutionary way. Their marketing strategy has changed which impacted the human resource management department and the financial structure of the business.
Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.(Kotler, Armstrong, Saunders, Wong page 5)
Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.
Marketing is perhaps the most important activity in a business because it forms the communication bond between the customers and the company, and it’s a key aspect of communicating the value of the product.
Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.
In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and
American Management Association: Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organisational goals.