marketing
Title: Better by the Circle? The dynamic effect on the Marketing Concept.
Abstract
The marketing concept is an overarching concept that links the philosophies, practices and theories of marketing. It closely examines an organisations ability to analyse the needs of the customer and make informed decisions based on these needs. These decisions are based on evidence and work towards matching the organisations capabilities and the customer needs, ultimately, to satisfy both the organisation and the customer.
Introduction
The evolution on marketing dates back to the Neolithic revolution approximately 12,000 years ago. A classic definition of marketing is “The human activity directed at satisfying needs and wants through the exchange process”. (Kotler, Fitzroy & Shaw, 1980, p.14). This definition describes the simplistic notion of marketing. Over this period of time marketing has evolved through society, technology and adaptive change. The contemporary definition of marketing can be described as “An iterative process where an organisation works with and adapts to the market and then through the process of communicating, creating, distributing, promoting, and pricing products endeavours to facilitate profitable exchange relationships with customers, channel partners, and society.” (Fanning, 2014, p11). Both definitions highlight key components of satisfaction, exchange processes and needs and wants in relation to customers. Furthermore, working towards the key marketing objectives of “increase sales, reduce costs as a percentage of sales and build the value of the business.” (Fanning, 2014 ,p.8). which will in turn aim to “attract customers, retain customers and enhance customer relationships.” (Fanning, 2014 ,p.8).
Organisations that are able to successfully achieve this are practicing the marketing concept hence would be applying aspects of the marketing mega concept, the circle of satisfaction. The circle of satisfaction links the buyer decision process and the
Abstract
The marketing concept is an overarching concept that links the philosophies, practices and theories of marketing. It closely examines an organisations ability to analyse the needs of the customer and make informed decisions based on these needs. These decisions are based on evidence and work towards matching the organisations capabilities and the customer needs, ultimately, to satisfy both the organisation and the customer.
Introduction
The evolution on marketing dates back to the Neolithic revolution approximately 12,000 years ago. A classic definition of marketing is “The human activity directed at satisfying needs and wants through the exchange process”. (Kotler, Fitzroy & Shaw, 1980, p.14). This definition describes the simplistic notion of marketing. Over this period of time marketing has evolved through society, technology and adaptive change. The contemporary definition of marketing can be described as “An iterative process where an organisation works with and adapts to the market and then through the process of communicating, creating, distributing, promoting, and pricing products endeavours to facilitate profitable exchange relationships with customers, channel partners, and society.” (Fanning, 2014, p11). Both definitions highlight key components of satisfaction, exchange processes and needs and wants in relation to customers. Furthermore, working towards the key marketing objectives of “increase sales, reduce costs as a percentage of sales and build the value of the business.” (Fanning, 2014 ,p.8). which will in turn aim to “attract customers, retain customers and enhance customer relationships.” (Fanning, 2014 ,p.8).
Organisations that are able to successfully achieve this are practicing the marketing concept hence would be applying aspects of the marketing mega concept, the circle of satisfaction. The circle of satisfaction links the buyer decision process and the
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