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Brief View of Marketing

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Added on  2019-09-22

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Marketing is the creation, communication, and delivery of value, as well as the management of customer relationships for a lifetime. It involves capturing marketing insights, connecting with customers, building strong brands, shaping market offerings, delivering and communicating value, creating long-term growth, and developing marketing strategies and plans. Marketing is one of several functional areas in a business that must be guided by a core company philosophy, while focusing on the exchanges that take place in external markets to maximize performance. The specific role of marketing is to provide assistance in identifying, satisfying, and retaining customers. Marketing adds value to an organization by communicating relevant positioning and building long-term customer relationships. Marketing orientation is a business model that focuses on delivering products designed according to customer desires, needs, and requirements, in addition to product functionality and production efficiency. Since the business environment is constantly changing and customer preferences keep evolving, marketers are required to adapt rapidly.

Brief View of Marketing

   Added on 2019-09-22

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Brief View of MarketingDefining MarketingMarketing is the creation, communication, and delivery of value, as well as the management of customer relationships for a lifetime.Learning ObjectivesDefine marketing, its role within a firm, and the competitive advantages it offers.Key TakeawaysKey PointsThe set of engagements necessary for successful marketing management includes capturing marketing insights, connecting with customers, building strong brands, shaping market offerings, delivering and communicating value, creating long-term growth, and developing marketing strategies and plans.Marketing is one of several functional areas in a business that must be guided by a core company philosophy, while focusing on the exchanges that take place in external markets to maximize performance.The specific role of marketing is to provide assistance in identifying, satisfying, and retaining customers. If marketing consistently highlights a company’s competitive advantage over other alternatives, consumersmay become loyal to the point of selecting the brand by default.Key Termscompetitive advantage:Something that places a company or a person above the competition.Defining MarketingMarketing is the act of facilitating the exchange of a given commodity for goods, services, and/or money to deliver maximum value to the consumer. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through both the exchange processes and building long-term relationships.
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Marketing can be viewed as an organizational function and a set of processes for creating, delivering, and communicating value to customers, and managing customer relationships in ways that benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.The set of engagements necessary for successful marketing management include capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, creating long-term growth, and developing marketing strategies and plans.The Role of Marketing within A FirmThe official American Marketing Association definition published in July 2013 defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”While this definition can help us better comprehend the parameters of marketing, it does not provide a full picture. Definitions of marketing cannot flesh out specific transactions and other relationships among these elements. The following propositions are offered to supplement this definition:1.The overall directive for any organization is the mission statement or an equivalent expression of organizational goals. It reflects the inherent business philosophy of the organization.2.Every organization has a set of functional areas (e.g., accounting, production, finance, data processing, marketing) in which tasks pertinent to the success of the organization are performed. These functional areas must be managed if they are to achieve maximum performance.3.Every functional area is guided by a philosophy (derived from the mission statement or company goals) that governs its approach toward its ultimate set of tasks.4.Marketing differs from the other functional areas, because its primary concern is exchanges that take place in markets outside the organization.5.Marketing is most successful when the philosophy, tasks, and implementation of available technology are coordinated and complementary to the rest of the business.Marketing is often a critical part of a firm’s success, but its importance must be kept in perspective. For many large manufacturers such as Proctor & Gamble, Microsoft, Toyota, and Sanyo, marketing represents a major
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expenditure, as these businesses depend on the effectiveness of their marketing effort. Conversely, for regulated industries (such as utilities, socialservices, medical care, or small businesses providing a one-of-a-kind product) marketing may be little more than a few informative brochures.Marketing Metrics Continuum: The Marketing Metrics Continuum provides a framework tocategorize metrics from the tactical to the strategic.Marketing as a Source of Competitive AdvantageThe specific role of marketing is to provide assistance in identifying, satisfying, and retaining customers. Noted Harvard Business Professor Theodore Levitt claimed the purpose of all business is to “find and keep customers.”The only way to achieve this objective is to create a competitive advantage. That is, you must convince buyers (potential customers) that what you have to offer satisfies their particular need or want. Hopefully, you will be able to provide this advantage consistently, so eventually the customer will purchase your product without considering alternatives. This loyal behavior is exhibited by people who drive only Fords, brush their teeth only with Crest, and buy only Dell computers.Creating this blind commitment—without consideration of alternatives—to a particular brand, store, person, or idea is the dream of all businesses. It is unlikely to occur, however, without the support of an effective marketing program.Adding ValueMarketing adds value to an organization by communicating relevant positioning and building long-term customer relationships.Learning ObjectivesAnalyze, from a marketing perspective, how the “value” of a business and the products sold is quantified and qualifiedKey TakeawaysKey PointsMarketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.
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Value is a customer’s perception of relative price (the cost to own and use) and performance ( quality ) of a product.The “total market offering” includes an organization’s reputation, staff representation, product benefits, and technological characteristics as compared to competitors. Value, in this sense, is defined as the relationship of a firm’s market offerings to those of its competitors.Since value changes based on time, place, and people in relation to changing environmental factors, marketing adapts to consumers changing perceptions and beliefs in order to have optimal value creation.Key Termsvalue:a customer’s perception of relative price (the cost to own and use) and performance (quality)benefit:an advantage, help or aid from somethingcustomer value analysis:the collection and evaluation of data associated with customer needs and market trendsbenefit segmentation:the division of the market into subsets according to benefits sought by the consumer or which the product/service can provideattribute:a characteristic or quality of a thingAdding ValueA main goal of marketing is to add value to an organization. Marketing also aims to present the value an organization’s products can add to a consumer’s life. It is able to accomplish this via the following avenues:It is the link between a society’s material requirements and its economic patterns of response.It satisfies needs and wants through exchange processes and building long-term relationships.It is the process of communicating the value of a product or service through positioning to customers.It is an organizational function and a set of processes for creating, delivering, and communicating value to customers. It also manages customer relationships in ways that benefit the organization and its shareholders.It is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.
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