Download file to see previous pages...
In the present day, the motive behind production is no more about searching customer but delighting customers through path of customization and research.
According to the American Marketing Association, Marketing is “an organizational function and a set of process for creating, communicating, and delivering value to customers and managing customer relationship is a way that benefits the organization and its stakeholders” (AMA, 2004).
Financial success fully depends upon right marketing. Corporate goals are achieved through meeting customer needs and delighting customer expectancy and right marketing is the way to it. Right marketing is obtained through research oriented planning and execution of those marketing strategy effectively.
Ten types of entities can be marketed by marketers to these categories of market. These entities include properties, services, organization, events, place, goods, information, experiences, persons, and ideas. All organizations that work under this umbrella need marketing to sustain in ever rising competitive market of the present day. Due to the affects of globalization, changing technology, deregulations, privatization, customer empowerment, customization, increasing competition, there has been a remarkable change in behavior of market. It is facing new challenges and new opportunities with changing environment. Even market leaders like GE, Microsoft, Walt Mart, Intel, and Nike are kept on their toes. In order to ensure sustainable development, the companies need to remain flexible and adaptable to the external situations.
Marketing function survives on its fundamental core concepts as well as changing trends. Its fundamental concepts include needs which are basic requirements of an individual and can comprise of stated needs, unstated needs, real needs, secret needs, and delighted needs, whereas want and demand are specific needs towards a particular object (Kotler & Keller,
...Download file to see next pagesRead More
A marketing concept embraces the philosophy that good marketing strategy always has the needs and wants of the target market in mind. Marketing concepts are formed as creative approaches to the problem of how to get a product needed and desired by a group of consumers to be selected and purchased by this group.
The Marketing Teacher (2000) cited Barwell to expound on the term by indicating that “the marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires” (Marketing Teacher, par.
Hence marketing becomes one of the most crucial aspects of a business. Kotler et al (2007:7) has defined market as ‘a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others’.
The guerilla marketing campaign of the T-Mobile company was run for five consecutive months by sponsoring near to 25 events in the local festivals, state, and county fairs. T-Mobile has very well comprehended the importance of such marketing initiatives for the company’s success by activating 5,000 new accounts at such events and organizing more than 26,000 “Mobile Makeovers” (Chipps 1).
This is because the objectives of the issues involved can have resemblance. Whether large or small, most marketers if not all, always struggle to meet customer requirements and at the same time meeting their own commercial and marketing objectives. The marketing planning process needs the harmonization of open- based decisions at the peak of the commercial level with more closely distinct actions at the bottom.
It is in this reason that the proponent of this paper tries to gather information about the basic concept of marketing and the probable impacts of internet on the dominant logic of marketing. Considering that the traditional-based marketing has