P1 Unit 3 Marketing

This paper will introduce a product and service which operates in the U.S. with the intent to expand within foreign markets eventually. The service that I chose is a current service in the food service industry that does exist but would benefit from enhancing it; there are market trends for the new service that would definitely satisfy potential customers’ needs and wants once the idea is brought to their attention. The goal is to bring the feel of the city’s fine dining and lounging experience to areas outside the city without having to travel far or spend more. The service is an

The process of marketing involves the action of advertising and promoting a company, product or service. This includes everything the customer encounters in relation to the company, from advertisements to customer service experiences. Marketing is often broken down into four sections, known as ‘the four P’s of marketing’.

Firms have developed ways to influence consumer demand which effect supply, one such technique is demarketing or the process of reducing consumer demand for a product to a level that the firm can reasonably supply.

7) The significance of the shift from transaction-based marketing to relationship marketing is that firms realize that just attracting customers to buy their products is not quite as important as establishing and maintaining relationships with them so that they will turn into loyal repeat customers. Relationship building begins early in marketing. It starts with what customers want and need, and then developing high-quality products to meet those needs.

Not-for-profit and nonprofit organizations include Dakota Clinic and Innovis Health, Prairie Public Television, and United Way. Such schools as the Moorhead Independent School District and Minnesota State University Moorhead are also acceptable.

* Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction

Marketing have the five different phases of the evolution from the beginning: the Simple trade era, the sales era, the marketing department era, and the marketing company era.

A brand is utilized by a company to differentiate its products from others in the market. Some techniques for accomplishing this are through the use of distinguishing

In the theory, it defines a brand as a name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate the offering from those of other competitors. Simply put, branding is one of the most important aspects of any business, large or small, retail or B2B, which is the promise to customers and tells them what they can expect from the products and services. (Lake, 2015) (Williams, 2014) Consistent, strategic branding leads to a strong brand equity, which means the added value brought to your company's products or services that allows you to charge more for your brand.

There are many theories to successful branding for products or companies. I remember that a professor in my undergrad mentioned that audience, being unique, being passionate, being consistent, being competitive and leadership (UNC, 1995). These factors are not a secret formula, you want your audience to have knowledge of your product, you want it to stand out, and your product should be passionate aligned with your audience, have consistent branding, be competitive in the segment group and most of all have people who can lead the product/brand thru the life cycle. Brand management and positioning for

According to the American Marketing Association (AMA), a brand is a “name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition”. However, as Keller highlights, a brand is also “something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace”. Therefore, a brand is an identity created to differentiate itself from the competitors and to be remembered in consumer’s mind.

P. Tailor of the www.learnmarketing.net see that: 'Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customers.

Branding has become the key concept of marketing strategies. Brand is the name of firm, products, services, and above all, it is coherent with the firm’s image from

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

Inimitable philosophies significant to relationship management include but are not limited to the following: Marketing Theory (Tadajewski & Jones, 2014), Consumer Culture Theory, Critical Theory, and Theory of the Leisure Class, which looks at in what behaviors individuals make purchases based on their cultural surroundings and perceived class. Everyone wants a visionary car and house and subsequently, it is a normal replicative behavior existent in society. Lastly, Social Theory is a personable approach to marketing which reinforces positive influential strategies to encourage results from consumers (Tadeajewski, 2010). Each theory exists solely from societal standards and echelons of acuity within consumerism.