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Marketing Managemnt - Assignment Example

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From the research it can be comprehended that the challenge lies in bridging the two ends of core benefits and augmented benefits. Throughout literature various attributes and benefits of targeting both these benefits has been demonstrated. …
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Marketing Managemnt
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Download file to see previous pages The focus in this paper is on marketing management that has gained increasing importance in recent years owing to the notion of globalization and internationalization which has given way to the boundary-less movement of goods and services. Marketing for products that are sold across various cultures, languages, tastes, demographics and external conditions is no longer a simplistic job- it requires adequate and periodic management so that the product achieves a strategic fit with the diverse external environment. No longer can marketers focus their efforts on just the four P’s (product, price, promotion, place)- they have come to realize the blooming significance of 4C’s; Consumer (as opposed to Product), Cost (as opposed to Price), Convenience ( as opposed to Place) and Communications ( as opposed to Promotion). Thus, the above indicates the growing importance of marketing management which enables managers and executives to deal with strategic marketing challenges that the organizations face every day. An important task for marketing managers is the creation of value for consumers. The challenge is thus, how to offer that value? The idea of customer relationship management (which is a part of marketing management) stems from the notion of value creation. At the heart of successful marketing efforts is the ability of the company to provide a product that satisfies the needs of customers. Towards this end it is important to define what a need is- a need is defined as a felt deprivation for something. So, for instance, to feel thirsty is a need that has to be satisfied. A want refers to the means by which that need is satisfied. Thus, how the thirst is quenched (through water, drink, and juice) would become a want. Marketers must target customer needs and satisfy wants. On the contrary, however, it is observed today that marketers are creating needs rather than satisfying them. To this end, the importance of product comes into play. The product is the crux of marketing- Marketing is grounded in “consumers” and consumers demand products to satisfy their needs. The product is the starting point for most marketing efforts. It is interesting to note that a product consists of five layers although it may appear as a single, holistic object to us. The central part of the product is referred to as the “core”. It is this core that forms the basis for the other layers (including basic, expected, augmented and potential product). An example would be of a Nikon camera. Its core benefit would be to allow the user to take photographs and make videos with ease. The actual product will comprise of the brand name (Nikon), high resolution, carrying case etc. The augmented product would be warranty, demonstration and repair etc. Core benefits are often represented as order qualifiers or the bare minimum necessary for products to stay in the market (Homburg et al., 2005). This would simply mean the delivery for what is promised. A product or a brand is s promise, and when it is fulfilled in the quantity and quality desired by consumers the phenomenon is termed as core benefits or order qualifiers. For instance, the basic attribute of a bank is to offer accurate maintenance of consumer accounts. Bottled/mineral water provides consumer with a basic minimum level of ingredients or required calorie intake. Conceptual studies from research have revealed that core benefits are a subset of the larger group “customer benefits” which encompasses not only core benefits but also add-on benefits as discussed earlier. These customer benefits are viewed as the constructive values of customer relationship (Homburg et al., 2005). The core of a product is not tangible- it takes the form of a benefit or an advantage that a consumer may have from using it (Homburg et al., 2005). Thus, the core of a product is in abstract form and cannot be touched. Alternately, core defines the need that marketers ...Download file to see next pagesRead More
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