Principles Of Marketing
Gregory Williams
Principles Of Marketing
BUS 330
Kristin Brocklesby
28 Sep 2009
The subject of my final paper is Principles of Marketing. I will cover the following topics: Definition of Marketing; The Marketing Process; An Understanding of the Marketplace; Marketing Strategies; and Marketing Ethics and Social Responsibilities. Marketing defined is the process by which companies create value for customers and build upon that value by forging strong relationships with the customers (Clark, 2007). Marketing involves more than just selling and advertising, but also involves understanding customer needs and developing products and services to satisfy those needs (Clark, 2007). It consists of those efforts which
…show more content…
. The key questions ask by sales professionals were can we sell the product? Can sell enough of the product?
Marketing – This concept states achieving organizational goals depends on knowing the need and wants of target markets and delivering the desired satisfactions better than competitors do (Blackwell, 2009). Customer focus and value are the paths to sales and profits under this concept (Kotler & Armstrong, 2008).
Societal Marketing Concept – This concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare (Kotler & Armstrong, 2008). Once a strategy has been decided upon marketer must prepare an integrated marketing plan and program deliver the intended value to customers. To do this marketer develops a set of marketing tools to implement their strategy. These tools are classified into broad groups called the four Ps of marketing: product, price, place, and promotion (Kotler & Armstrong, 2008). Once the first three steps in the marketing process have been implemented, marketers begin building customer relationships. This process is by far the most important step in the marketing process. This concept involves managing detailed information about individual customers and carefully managing this information in order to maximize customer loyalty (Kotler & Armstrong, 2008). The final step in the marketing 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.
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’.
The essence of marketing is value creation, where the goal is a long-term satisfaction by building relationships and attracting new customers by offering better value than the competition. Because marketing is based on exchanges where the objective is for all parties in the exchange to feel satisfied and gain some kind of value (Jobber and Ellis-Chadwick, 2013).
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.
The overall concept of marketing is a management philosophy according to which a firm 's goals can be best achieved through identification and satisfaction of the customers stated and unstated needs and wants. Companies should identify the needs of their customer and produce products and
| The marketing concept stresses the commitment to satisfying customer needs and wants with an entire range of marketing tools, not just selling or advertising.
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
You will provide your completed assessment for all of Part One in one document with cover page (included in this assessment tool on page 2). You are required to professionally format your document including spell-check and indicating each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc.] according to this Assessment Tool Task requirement. You may lose marks if you have not spell-checked your document (as this is a professional formatting requirement, a business skill). Whenever conducting a Presentation, you must always provide copies of MS PowerPoint slides as evidence for your Trainer/Assessor. Be sure to properly reference your sources of information using the Harvard referencing system. For more information go to:1. Student Handbook - latest version 2. AIPE Connect online resources; or 3. Ask your Trainer/Assessor to provide you with this information In order to determine if you are addressing this assessment adequately in terms of competency/comprehension (prior to due date) a draft copy of your assessment should be discussed during class time in consultation with your Trainer/Assessor. For this feedback/ support from your Trainer/Assessor, you will need to bring to class your “draft copy” with any evidence of the research you have conducted to produce the assessment. AIPE accommodates students with reasonable adjustments to training and assessment. This could include variations in course delivery or assessment methodology and it
Therefore, the third stage is develop marketing strategies. In this marketing planning process, managers must choose the target markets and positioning their products in the markets at first, and then they will develop the marketing mix strategies to support the
The Marketing Concept. This is a business philosophy that challenges the above three business orientations. Its central tenets crystallized in the 1950s. It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage. This philosophy is the foundation of consultative selling.
The three most powerful marketing concepts are customer focus, marketing imagination, and market segmentation. Each of the three concepts when used alone establishes an intimate customer following (further described individually below); as they are aimed at satisfying a customer’s needs rather than persuading a customer that they need a certain product or service (“product”). When used in conjunction with one another, these concepts cultivate a relationship with customers that will lead to repeat business, word-of-mouth advertising, and brand loyalty; thus
Marketing is the process by which an individual or a group obtain that identifies and meet the needs of the customers whilst making a profit.
The process of communicating the value of a product or service to customers, for the main purpose of selling that product or service is known as marketing. The science of choosing target markets through market segmentation and analysis, and understanding consumer behavior while providing superior customer value to the customers is termed as Marketing Management. It can be looked at as one of the most important of the organizational functions and a set of processes for creating, communicating and delivering the value to their customers or potential customers, and a customer relationship management that benefits the organization in a variety of ways.
Definition of Marketing – Marketing can be defined as the process of converting wants into needs. In other words it can be defined as the process of selling products or services to the customers by an organisation.
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.