Why A Business Market Is It 's Name Value Or Their Customers?

Characteristics of different business markets include: General market description, business opportunity, market segmentation, market size & trends, competition, customer profile and business environment. Looking at the different characteristics can help evaluate the market, this can be achieved by dividing the market into specific segments: by geographical market: by customer type: such as industries, professions, age. Evaluate the market size and trends by breaking the market into segments. This is often done to help assess who is the competition and how strong it may be within its own field.

In these two professors’ work, customers are still in the core of business. According to Vargo and Lush (2004), customers are defined as resources which always change and need to be catched and held. In order to do that, firms have to do marketing researches, understand customers’ demands and conduct promotion activities for their products.

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

How is marketing defined? What is its importance in a company’s success? This paper will discuss and explain different definitions of marketing along with a definition of author himself. In addition, this paper will elucidate the importance of marketing by giving three examples where marketing was adapted with few mistakes resulting in disaster.

Product oriented businesses focus their effort on the quality of the product and work towards having the best product, forgetting that individuals or customers have their own needs and wants. They have more research and testing going towards the product. On the other hand, market oriented businesses have the customer needs and wants at heart. They do research and testing based on the market and focus towards the customer. They understand that the customer is their boss and need to go out of their way to impress the boss. In a long time, it has been known that market oriented businesses make more profits and are successful as compared to the product oriented companies (Helfert, Ritter and Walter 2). This paper will argue out this notion according to different authors.

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.

“It is significant, and I do believe it is coming from consumer desire to have choices and more balance,” The two articles agree that the success of any business is highly dependent on customer relations. Organizations need to accord their workers the maximum support they need

In The Prince, Machiavelli noted that the prince who wants to be more successful should depend on the people. Additionally, he wrote that the prince must not oppress the people that elected him if he hopes to remain powerful (Machiavelli 33). When translated for the business world the principle is comparable to customer satisfaction, a critical concept for businesses. Furthermore, the company resembles the prince, customers are parallel with the people, and marketing departments equal the nobles. In this case, marketing departments create advertisement to give the illusion that their company’s products are perfect. Moreover, the marketing department can fully praise the company in their advertisement, but this alone will not make them successful. Unless the advertisement convinces the customer to make the purchase, it adds no value to the company. However, customers do not need advertisements to purchase goods. If the customer is satisfied with the quality of the product, they will purchase regardless if there is an advertisement or not. Thus, companies exhibit more success when they satisfy the customer than they do by depending solely on

In “Marketing Myopia” by Levitt, the author believes that a corporation is successful because of mass production and not because of marketing. Though he states that industries are product oriented and not customer oriented, he believes that companies should not heavily lean towards mass production, instead the plan of production should reflect the needs of the consumers. In other words, they should focus on the customers, not the product. To back

Professor Philip Kotler beigns his speach held in Bangladesh by desucssing just how important and life changing marketin has been through the past decade. He speaks about how our homes have improved to be safier, easier, higher standard of living. Creating better goods and sercives that are acompanied by forming a better image and easier access. Professor Kotler also touches on social marketing, which looks at how companies can help their customers to improve their lives by living healthier. He names examples such as; improving peoples diets, excerising, quitting drugs and smoking and helping the overall environment. Professor Kotlers last point of mention was noting how companies are transforming, no longer are they just economic machines,

Marketing is all about creating a really solid decision, which will lead to more money. In this paper I will give some history of my organization, and explain how each element of marketing affects the organization. In addition I will cover the industry in which the organization resides in.

He brings up several examples, including Johnson & Johnson (J & J), Procter & Gamble (P & G), and Apple, to demonstrate that by putting customers before shareholders on the pecking order, companies can actually create more value for shareholders. However appealing this customer¬-first theory may look, it is defective in several aspects. Firstly, there is sample error in Martin’s reasoning. The three examples he gives are all renowned multinational companies, who are already hugely successful and then get picked out by Martin to substantiate his argument. It does not take a rocket scientist to figure out that there are tons of companies out there who put customer delight before shareholder satisfaction and go belly up before long. Secondly, the three companies in question are of the same category in that their products (medicines, healthcare products, phones, etc.) are all targeted at customers individually. Given that they need to deal with consumers directly, it makes perfect sense to develop a rapport with their customers and appeal to them emotionally. However, for those companies making products for other corporations or organizations, such personal attachment is not essential since they do not need to appeal to customers on an individual basis; rather, a cost-benefit analysis would be more persuasive than a plain statement that “we care for your

In today’s modern era, the world is moving faster than ever, every organization is running a race of gaining maximum market share, and so as the customers, for their organization’s long-term growth but only those companies who transform themselves according to the need and requirement of the customers are able to achieve success and profit they desire and that’s what exactly said by Theodore Levitt (Head of the Marketing area at the Harvard Business School) in his article “The Marketing Imagination”.

“There are four main elements to our business model – product, distribution, communication and price. Our job is to do such a fantastic job on the first three that people forget all about the fourth.” (Bernard Arnault, CEO of Moët Hennessy-Louis Vuitton. Taken from

The concept of marketing has evolved over time. Whilst in today’s business world “the customer is king”. In the past this was not the case, some businesses put factors other than the customer first. Product focused companies define themselves by their products. For example Kodak originally defined its self as being in the photo processing business. This definition impact the culture of the company in a way that hamstrings thinking and creates impediments for action. When the shift to digital cam Kodak resisted this because of the impact on its “products photo processing”.