Historical And Current Marketing Theories

This business report aims to show how important a marketing plan is, demonstrate the key elements of a successful marketing plan and how a marketing plan helps a company to sell its products and service. This Marketing plan will use the company Aldi as a case study, (the supermarket chain) to demonstrate how a marketing plan works. Aldi is a major supermarket chain that provides highly competitive retail food products to households. As a retail company they face all the marketing problems that other retail company faces (product range, price and marketing segmentation).

Throughout The Marketing Era the tables have turned from producers to consumers, which changed the market with alluring choices. This was when businesses began to develop brands, to differentiate themselves from their competitors, helping their customers identify various unique products. Last but least The Relationship Era is where businesses aim to build long-term relationships, because they believe a satisfied customer can become great assets for a business. A satisfied customer is a loyal and businesses rely on customers to spread the word on their goods and services.

The purchasing goods & services have throughout the years begun to lead to a new perception of consumer relationship and in ways businesses conduct their operations. Not only is a business concerned with the buying and selling of goods & services but to further maintain that relationship with their customers to correlate between both parties. As this being the prime functionality of businesses, each business must differentiate themselves with other businesses offering different and wholesome services, which overwhelms their competitors, thus adding their own individualistic value to the marketing

3.) Transactional marketing, in the perspective of luring the customer for a one off purchase, focuses strongly on price and short term benefits and product performance, with limited service. Relationship marketing is all about generating repeated sales and customer interactions, thus focusing on bringing value to the customer, and assuring long term performance and service, all aspects of quality become major concerns. Relationship marketing brings customer centricity to the spotlight. This vision has

Branding is about establishing an image of how you would like to be seen and thought of by others. In business, for instance, those people are usually consumers. In other words, companies want clients to think of them in a positive light so they purchase their products.

The authors supply a road-map of types to people who see 1to1 marketing since the key to promote dominance; (1) identify your customers, (2) distinguish them from what they want and from their value for you, (3) interact together, and (4)) personalize your product or service to satisfy their independently expressed demands. This is how the 5 "I"s Five "I"s: Identification, Interaction, Individualization,

In the article Marketing is Everything, the author Regis McKenna emphasizes the significant of managing strategic marketing. He also highlights that the transformation process of marketing and several important marketing elements that lead originations toward success. First and foremost, McKenna compares two periods of companies. Before technology developed, most companies concentrated on sale or product driven. In other words, during that time, products were displayed as the first priority in corporations rather than being customer oriented. Instead of researching customers’ desires and customizing new products for them, manufacturers and sellers did not pay attention to their customers’ needs and only tried to alter their minds to match products.

In this paper, I have researched to find out how this grant empire has become and remain so successful. I found out that one of the reasons is because it has been able to maintain the goals and standards that its owner, Mr. Sam Walton has built it upon. Even after his death, Wal-Mart continues to expand and grow in other countries. Wal-Mart is considered one of the top ten global companies today. Mr. Walton’s main goal was to sell products at a low price so that people could live a better life. Another reason is because Wal-Mart uses certain market mix strategies such as the four P”. These strategies, price, promotion, product and place.

5. RELATIONSHIP MARKETING: In this competitive era, companies are always looking for ways to develop and maintain a long lasting relationship with customers, employees and even suppliers. Relationship marketing is two way traffic; it goes beyond just making ‘sales’ and companies are beginning to realize. Good relationship with customers is a strategic weapon for any company, this is because long term customers buy more, do referrals and give back valuable and truthful feedback. Keeping a customer requires an extra effort. According to the founder of Walmart: “There is only one boss, the customer, and he can fire

The marketing segmentation concept allows a company to focus on a specific group of customers that it is best prepared and suited to satisfy. Rather than trying to be all things to all people, selecting a target market enables a company to tailor its offerings to more specific customer needs and preferences (Schewe & Hiam, 1998, p. 200). When a company focuses its efforts and capital (both tangible and intangible) on a more narrowly defined set of needs, it is more likely that the customers will get the product they desire. Companies that use the marketing segmentation concept typically have a more intimate knowledge of the customers they target, and customers usually relate better with companies that understand their interests. As such a relationship is built.

Another important thing is trust. There has to be a belief in the other partner’s trustworthiness that results from the expertise, reliability or intentionality of that partner. Futhermore, it views trust as a behavioural intention or behaviour that reflects reliance on the other partner and involves uncertainty and vulnerability on the part of the trustor. Relationship marketing is still in its infancy as a mainstream marketing concept, although it has established itself as an underlying paradigm in modern industrial marketing and services marketing. Its importance is recognized to a growing extent. However, Philip Kotler concludes in a recent article that “companies must move from a short-term transaction oriented goal to a long-term relationship-building goal”. Market communication is a central means of reaching customers, and the focus on relationship building leads to an interest in emphasizing dialogues and creating, for example, advertising campaigns that facilitate various types of dialogues with identified customers. The major problem with the marketing mix and its Four Ps has been their position as the major, and in many situations as the only, acceptable marketing paradigm. Relationship marketing must not become such a straitjacket. However, developing enduring customer relationships and achieving exchanges in such

Long before now has branding been considered as one of the peripheral aspects of business. Manufacturers, investors and other key players focused on the product without paying much attention to the consumer. But as the business landscape got tougher, marketing became not just an integral part of business but one of the fundamental principles of success.

Recently, I have read two pieces of article related to a services marketing issue. One is titled “Relationship VS. Traditional Marketing” by Murad Ali and the other one is “Relationship Marketing” posted by Margaret Rouse. In “Relationship VS. Traditional Marketing”, Murad Ali introduces the definitions of relationship marketing and traditional marketing, displays the differences between them and analyzes the advantages and disadvantages respectively. Murad Ali thinks that it is a good choice to combine the relationship marketing with traditional marketing when companies practice in the real world. The former one can expand the market and attract new customers and the latter one can retrain them as long as possible. (Murad, A., 2007) In “Relationship Marketing”, Margaret Rouse considers that relationship marketing is a kind of strategy whose goal is to make the best use of customers’ behaviors such as the word-of-mouth promotion and collect customers’ information making contributions to building a good image of the company. She makes a contrast between relationship marketing and traditional transaction marketing. Besides, she introduces CRM and marketing automotive software to implement the relationship marketing strategy. (Margaret R., 2014)

The business article which I came across was about extending the competitive market strategy and also it’s was in the Academy of marketing science. Its purpose is to study and also improvement of marketing scholarly research and also the practice of the publishing research and the article is a substantive domain of marketing. The marketing concept has been a philosophy that many firms should always analyze the needs of their customer and also make a need to satisfy their needs better than the competition.

Marketing is the organizational function together with a set of processes for the creation, communication and delivery of value to consumers as well as for managing the consumer relations in a manner that can be of benefit to the firm and the stakeholders. The 21st century is characterized with accelerated manufactured goods lifestyle, as well as an easy flow of messages together with globalization. In the 21st century, it is very easy to for an organization to enter any market and the competitiveness among organizations and firms has greatly increased (Constantinides, 2006). Therefore, the goods together with services tend to be delivered in accordance with the needs as well as wants of the consumers. The significance of marketing management in the organizations of the 21st century is identifying together with measuring the needs together with wants of the consumers. The importance of marketing to a firm’s success in the 21st century is vital. For any business to remain successful in any single business environment, the organization must market their brand so as to create awareness as well as attract consumers concerning the services they offer.