Questions for Lesson 1
Define marketing and the two goals of marketing. As a company president, explain why each of the two goals of marketing is important to your company. Give examples.
Marketing deals mainly with customers although it can have many definitions. This simplest definition is: Marketing is managing profitable customer relationship. (Kotler & Armstrong, 2008). Marketing has two main goals of attracting new customers and keeping current customers. In my company the goals of attracting new customers and maintaining current customers is essential to keeping the company profitable and relevant. My company Vice GOLD, which is a clothing brand, will be launching soon and our marketing has to be effective. We have good reviews
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The next step in the process is to design a customer driven marketing strategy. They do this by choosing target markets and work on building profitable relationships. This is important because you have to know who to serve and how to best serve them. BMW has target market of affluent professionals and their tagline “the Ultimate Driving Machine” promises fun and excitement in driving their cars.
The third step is preparing an integrated marketing program that will actually deliver the intended value to target customers. In this step the marketing strategy is turned into action. The marketing mix, which are the tools used to implement a marketing strategy, has four main parts: product, price, place, promotion.
The forth and most important step is building profitable customer relationships. With this step the company must provide excellent customer value and satisfaction because this creates loyal customers. BMW creates value for their customers because of their high performance and reliable vehicles that also serves as a status symbol to their target market. Also BMW is known for it’s highly focused customer service from purchasing to service and maintenance of the vehicles. This creates satisfaction for their current customers and build and builds positive reputation for BMW. This leads to the fifth and final step of the process
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.
In conclusion, this essay has outlined the six key elements of the marketing process: (i) situational analysis; (ii) market research; (iii) establishing marketing objectives; (iv) identifying target markets; (v) developing marketing strategies; and (vi) implementation,
Orange Kingdom is a clothing retail store owned by Between, Inc. It is differentiated from its family brands such as Between and Old Marine, as it gives an upscale image compared to the other two brands, and targets young professional population aged mid twenties to mid thirties both men and women. It provides mid-scale work-to-play casual and business apparel, accessories, and shoes through about 500 stores including factory stores in the United States. It is also gaining market share in Asia, South America, and Europe as well. In this marketing proposal, I would like to discuss three service options to retain and acquire customers.
Competitive advantage - Nundies is an innovative product which provides an alternative to visible panty lines; no other company produces the same type of product
A. Describe the environment, as viewed by Michael Porter’s model of competitive forces, that Valuejet was trying to compete in. consider competition, suppliers, customers, new entrants, substitute products? The five competitive forces that shape strategy are competition, suppliers, customers, new entrants, substitute products. Michael E. Porter demonstrates how the five competitive forces can be used in any industry. The results from all five forces not only look at the narrow aspect of competition rivals but as well as broader aspect of competitive interaction within an industry. These five competitive forces can also be used in the case of Valuejet. Competition within the airline industry is highly
Target Market – a specific group of customers on whom an organization focuses its marketing efforts.
Discuss what is meant by the term “customer orientation”. Illustrate with examples how companies demonstrate their customer orientation by reference to at least two elements of the marketing mix.
Top managers develop long-range plans, called strategic plans that define the company's overall mission and goals. Strategic planning focuses more on issues that affect the company's future survival and growth. To develop strategic plan, top managers also need information from outside the company, such as economic forecasts, technology trends, competitive threats, governmental issues and shareholder concerns.
This document represents The i-Fusions Consultant’s Report on BRITA. The company’s current business situation is analysed and various options for action considered. The report aims to identify a clear marketing strategy for Brita in order to address the current issues facing the company the associated falling sales.
This entire process is known as marketing management " the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value" (Kotler & Keller, p.5).
The main target of marketing is to understand customer’s needs wants and demands and to develop a way that can satisfy all this essential matters and maintain a long term profitable customer relationships. In short, the main task of marketing is to make sure, find out and provide the customer requirements.
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”.
BMW choose to sell to those clients who have excessive requirements for exceptional and luxury as their products are constructed on those attributes. The agency makes a specialty of the top-class segments on a global scale. producing appealing and trend-putting merchandise which ranges from three to 7 collection are targeted to affluent clients by using correctly demonstrating the worldwide advertising method. BMW has managed its worldwide advertising and marketing approach by way of integrating the emotional advertising angle which interchanges synergistically to keep its management presence in the automaker industry. In Korea, the employer also donates pre- production vehicles to the faculty and college students to in addition study in the car era. who help in making the product to be had to the
Our initial priority is understanding the desires of the customers and delivering the just service and message. Also, we face the audience head-on. To integrate people-to-people interaction and have a clear perspective. Ensuring
The first step of strategic marketing process understands the customer. Customer is the god of any business. So we must understand the customer about their need by getting feedback from them and by the market research about their demand.