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Towards a Contemporary Definition of Marketing - Assignment Example

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One sees from the textbook that there have been five different perspectives of the discipline of marketing that have developed from the latter half of the 20th century to the present day. These are (1) The Production concept (2) the Product concept (3) the Selling Concept (4) the Marketing concept and (5) the Societal Marketing concept. Each of these perspectives put a particular element at the center of the marketing effort, like a better production method, a better product, a better selling effort, distinction between selling and marketing etc. How a Company Has Changed Its Idea of Marketing: A Real Life Example For the purpose of this discussion we will take the case of Scandinavian Airlines System (SAS) and how its CEO Jan Carlzon revolutionized the organization’s way of thinking after he joined them in 1980. At that time, SAS was rapidly losing both revenues and market share, and its reputation was suffering as well. The company was incorrectly focusing on cutting costs and treated their customers as just one mass market with no market segmentation. Carlzon started changing the focus of the organization by asking three basic questions: Who are our customers? What are their needs? What must we do to gain their preference? Carlzon started with small steps, focusing on 1 percent improvement in a 100 different details, rather than expecting 100 percent improvement in any one. To increase customer focus and improve service attitudes, he sent frontline service employees and their managers

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The researcher of this assignment aims to present and analyze the best definition of marketing in the current landscape, that is one taken from the UK Chartered Institute of Marketing, which says that ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.’ The researcher states that it is the best, because it suggests that marketing is a process involving management and other stakeholders and its purpose is to identify, anticipate and satisfy customer needs which are changing from time to time. The marketing efforts should not only deal with satisfying the needs of the consumers, but involving the consumers in the process by taking and getting feedback and opinions about the product or service, with a view to providing a more desirable or better and improved product or service the next time around. When customers are emotionally involved in the marketing process, and a firm genuinely uses the feedback to generate better and improved products and services, it will ultimately give the consumer a WOW experience. Modern and conscientious companies are today also considering the aspects of social responsibility, consumerism and environmentalism as they create products and services for a greener environment. In other words, a business exists to satisfy the needs of its customers and other stakeholders. The changing landscape of marketing today involving consumerism and environmentalism could also be incorporated within the meaning of this definition.

Summary

This assignment discusses the contemporary definition of marketing, that is all about finding a customer’s needs and wants and designing, producing and delivering a product or service that satisfies that need or want, at a price that the customer can afford…
Towards a Contemporary Definition of Marketing
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