Discussion About Marketing Concepts and Their Applications in Sri Lanka
Discussion about Marketing Concepts and their Applications In Sri Lanka
Table of Contents
Table of Contents 1
1. Marketing Philosophy 2
2. Customer Value and Satisfaction 4
3. Marketing Myopia 6
4. Postmodern Marketing 8
5. Marketing Environment 9
List of References 11
1. Marketing Philosophy
Every business organization in the modern world must be associated with Marketing. Its primary objective is to earn profit after fulfilling customer needs, wants or desires. Marketing will be used to find what customer needs or wants and organize to satisfy them after supplying their requirements.
The Chartered Institute of Marketing in the UK defines marketing as follows:
"Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably".
We can imagine how marketing is important as the organizations make the marketing as its business philosophy. Typically every organization has some philosophy which will direct all its decisions, strategies, activities etc. The philosophy might be stated formally, as in a mission statement, or it might become established informally through the communications and actions of top management. We can identify three main philosophies. Those are production, selling and marketing philosophy. Even though we discuss Marketing Philosophy, it is very easy to understand it by knowing other two philosophies.
Production Philosophy (Production Orientation)
Product oriented companies mainly focus on producing best sophisticated product or service by using high end latest technology which can compete with competitors. Marketing is its secondary priority. They believe that the customer will be attracted to the best products. Apple which produces iPhone, iPad, iMac is a great example for product orientation. Within Sri Lankan context, at one stage Maliban was a good example since they were more focusing on its mass production of limited varieties of biscuits without focusing on marketing.
Table of Contents
Table of Contents 1
1. Marketing Philosophy 2
2. Customer Value and Satisfaction 4
3. Marketing Myopia 6
4. Postmodern Marketing 8
5. Marketing Environment 9
List of References 11
1. Marketing Philosophy
Every business organization in the modern world must be associated with Marketing. Its primary objective is to earn profit after fulfilling customer needs, wants or desires. Marketing will be used to find what customer needs or wants and organize to satisfy them after supplying their requirements.
The Chartered Institute of Marketing in the UK defines marketing as follows:
"Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably".
We can imagine how marketing is important as the organizations make the marketing as its business philosophy. Typically every organization has some philosophy which will direct all its decisions, strategies, activities etc. The philosophy might be stated formally, as in a mission statement, or it might become established informally through the communications and actions of top management. We can identify three main philosophies. Those are production, selling and marketing philosophy. Even though we discuss Marketing Philosophy, it is very easy to understand it by knowing other two philosophies.
Production Philosophy (Production Orientation)
Product oriented companies mainly focus on producing best sophisticated product or service by using high end latest technology which can compete with competitors. Marketing is its secondary priority. They believe that the customer will be attracted to the best products. Apple which produces iPhone, iPad, iMac is a great example for product orientation. Within Sri Lankan context, at one stage Maliban was a good example since they were more focusing on its mass production of limited varieties of biscuits without focusing on marketing.
References: 1. William, M. Pride, & Ferrell, O.C. (2010). Marketing Planning, Implementation, and Control. United States: South-Western. A part of Cengage Learning. 2. Levitt, T. (1960), Marketing Myopia. Harvard Business Review, 45-56. 3. Kotler, P., & Keller, K. L. (2009). Marketing Management. New Delhi: PHI Learning Private Limited. 4. Brown, S. (1993), Postmodern Marketing?. European Journal of Marketing, 27(4), 19-34.