1. WHY IS MARKETING IMPORTANT?
According to Philip Kotler, Marketing is the process of planning and executing conception, production, pricing, promotion and distribution of goods, services & ideas in order to satisfy consumer needs and wants as well as to achieve organizational Goals. So what is the importance of Marketing? The importance of it is that it help the product to survive in the market, Marketing helped to introduce new products that will eased or enriched people lives. It also Innovate product through the research where marketers is the one who will ask for feedbacks from consumer. Successful Marketing build demands for product and services which will create more jobs.
2. EXPLAIN THE MARKETING MANAGEMENT PROCESS. CITE EXAMPLES.
The first step in marketing
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WHAT ARE CUSTOMER VALUE, SATISFACTION AND LOYALTY, AND HOW CAN COMPANIES IN THE RETAIL INDUSTRY DELIVER THEM?
Customer Value satisfaction is a feeling of pleasure in a product after using it. If the performance falls under the expectation of the customer, the customer is dissatisfied but if its matches the expectation the customer will be delighted or satisfied. Loyalty is the continuous buying of a customer to a specific product even there is a lot of other product or brand. A Company in retail industry can deliver them through building relationship with the customer and telling them the truth about your product.
5. EXPLAIN THE DIFFERENCES BETWEEN THE CONSUMER AND BUSINESS (INDUSTRIAL) MARKET IN TERMS OF BUYING BEHAVIOR. CITE SPECIFIC EXAMPLES.
In terms of buying behaviour the difference between Consumer and Business Market is that Consumer market buy a little amount of a product while Business market buy a large amount or in bulk. For instance ASUS buy their micro processor in INTEL, ASUS buy a large amount of Micro processor because ASUS make a lot of laptops and Smart Phones. In Consumer market my example is Jollibee there market target is many but a lot of them buy in a small
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 a very unique process that enables limitless methods or variations for an entity to appeal to a particular target market as well as to deter from a particular market. Marketing is used in more than just business; The kinds of clothes an individual wears and the attitude a person portrays can be used to market him or herself to the public for many reasons: Maybe to attract a woman a man is attracted to, possibly to impress the president of a company a person is interviewing for, and even to just create a base of his or her character in which other people will judge him or her by. Marketing is everywhere from the business side of the spectrum to relationships people have
'Traditional marketing in the business-to-business environment requires very different strategies from those campaigns directed towards the consumer market.' (ExtraVision, n.d., p. 1) 'Consumer competition can be a lot fiercer, with customer loyalty a constant battle.? (ExtraVision, n.d., p.1)
Customer Value is ‘the performance characteristics, features and attributes, and any other aspects of goods and which customers are willing to give up resources’ (Robbins, Bergman, Stagg and Coulter, 2012). This broad definition highlights the fact that there are multiple aspects that contribute to create a sense of value within the customer.
Before i go further let me touch on a brief introduction on customer value, customer value can be defined as the difference between what a customer gets from a product and what he or
Over the decades there were tremendous amount of challenges for every business. Customers have more knowledge, they have more options, and they have higher expectations. Customers are more informed with the humungous development in technology. Having more options in front of them, expectations has surpassed in retail industry. Loyalty is a customer having faith that your organization’s product or services offered is the best for them. It is the process of tapping the buying pattern of customers in a store based on their preferences. Customer loyalty is significant because it is economical to retain the old customers rather than acquiring new customers. So, organizations employ loyalty programs which reward customers for their repeat business.
(Toolkit.smallbiz.nsw.gov.au, 2015)Marketing is integral to the success of a business, large or small, with its primary focus on quality, consumer value and customer satisfaction.
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
Consumer loyalty => We put our customers' needs first and endeavor to surpass their desires.
Companies are misguided nowadays by the notion that customers depend on them, when the truth of the matter is that companies are dependent on those customers. Customer satisfaction and customer loyalty is now essential for a business or company to survive. So what is the difference between customer satisfaction and customer loyalty and how to companies and or business achieve this? Also when you have difficult customers how do you achieve customer satisfaction?
Customer satisfaction and service quality are the two important components that direct anyone’s attention in every concept related to marketing, services, etc. (Spreng and Mackoy, 2006). In today’s competitive era, the success lies in
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.
Aiming on customer loyalty, superior value must be delivered along with the superior performance. Narver and Slater (1990) said there are 5 components which composed those things, which are:
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
Marketing is a crucial activity for the survival and success of a business. Businesses today have more marketing opportunities than ever (Bresciani & Eppler, 2010). In small businesses, marketing relies heavily on word of mouth recommendations for customer acquisition.Today’s economy, distinguished by relationships, technology, and networks, favors some of the characteristics of SMEs (Walsh & Lipinski, 2009).