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Marketing management - Case Study Example

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However, the year 2007 witnessed a downturn in its operations when it witnessed the first ever decline in the customers’ visit to its…
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Download file to see previous pages Thus, “marketing is the art of finding, developing and profiting from opportunities,” Kotler (1999 p. 36). A need satisfying product or service is exchanged for a certain value and there are mainly four variables that constitute a market offering and they are: product, distribution/place, price, and marketing communication (Strydom, 2000 p.2). This is widely regarded as the marketing mix. As a point of departure, it must be noted that marketing is concerned with satisfying the needs of the consumers with the aid of using various tools in marketing mixes and it should be noted that luxury brands do not constitute basic needs hence the strategies in marketing them are slightly different from those employed when marketing tangible products.
According to the offering concept, “an offering consists of benefits or satisfaction provided to target markets by an organisation. It consists of tangible product or service which may include packaging, warranties as well as guaranties,” (Berry and Wilson 2001 p.149). Thus, providing the right product when and where and how the customer wants it is the major aim of marketing where marketers attempt to make sure that all of these elements fit together. The primary aim of marketing therefore, is attempting to satisfy the needs and interests of the customers profitably. It is a business concept that is meant to increase the profitability of a company.Marketing of luxury brands is mainly determined by focusing on the offering rather than on the actual product or service in order to analyze the customer’s alternatives, to better identify their unmet needs. Marketing tools such as the internet or television that are very popular and easily accessible can be employed to reach the targeted consumers. Advertisements in this particular case are very effective. When marketing a luxury brand, there is need to consider the actual reason why ...Download file to see next pagesRead More
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