In the modern world, it is essential for businesses to know about the markets they serve , so that they can work to serve these better. Marketing is the whole process of finding out what customers need or want, continually striving to meet their requirements in full and to relate products to these requirements.…
Marketing is above all satisfying customer needs and as competition grows fiercer and fiercer, understanding customers today is crucial; but that is not enough. Under the marketing concept, companies try to gain competitive advantage by satisfying target consumer needs better than competitors do, and in achieving this, ensure their own survival.…
Marketing has evolved over time especially with what their focus was on, it went from product to being most important to selling to marketing to not the main focus being relationship. The marketing concept is a philosophy that makes customer satisfaction now and in the future the central focus of the entire organization. It is all based on relationship to now maintain loyal customers that will make your company a…
Marketing involves more than product development, research or advertising. According to Schaefer A. (2012), the concept of marketing is when a business strategically research and tries to understand customers in order to satisfy their needs and develop products to meet those needs.…
Marketing is the management procedure in which the product or service is moves from concept to the customer. It includes the co-ordination of the 4 P’s of marketing: product, price, placement and promotion. [tutor2u.net]…
Marketing is a continuing process and with customer preferences constantly evolving a successful marketer must be able to develop and implement a strategic marketing plan that persuades the audience to choose your product above all others. Aspects of psychology, sociology, and economics are also used when putting marketing into action.…
A: Marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. (customer focus and value are the path to sales and profits)…
Even more the competition has not been clearly identified. The idea of other health entities is being ignored. The traditional healthcare is not the only healthcare which will be a competitor. The competitor should be anyone who has knowledge of healthcare. Competitors are increasing from many nontraditional sources. Also be very sure of whom your competitors are.…
‘Marketing concept is a philosophy that an organisation should try to provide products and services that satisfy customer’s needs through a coordinated set of activities that also allows the organisation to achieve its goals’ (Dibb, 2012:18). According to marketing concept customers should be at the centre of all the organisations activities. Therefore all departments of organisation are responsible for customer satisfaction and only in that way organisation goals can be achieved.…
Marketing is a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships. o Marketing is more than just about buyers and sellers exchanging money for goods and service or making a profit. Marketers must address the ethical implications of their actions on society in general. The main goal of marketing is to create value for both the firm and customer. o Value is in essence what you get for what you give up. The 6 core aspects of marketing are:1) Marketing is about satisfying customer needs and wants. The first step is to understand the needs and wants of consumers. A need is when a person feel deprived of the basic necessities of life such as food, clothing shelter or safety. The want is the particular way in which a person chooses to satisfy a need, which is shaped by a person’s knowledge, culture and personality. The market refers to the groups of people to whom an organization is interested in marketing its products, services or ideas. Therefore, it is vital that a company must first identify the market that it wants to develop its products and services for. 2) Marketing entails value exchange Marketing is about an exchange or trade of things of value between the buyer and the seller so that each is better off as a result. Examples of exchanges can include goods, services, information, knowledge, etc. 3) Marketing requires Product, Price, Place and Promotion Decisions Marketing has traditionally been about making decisions about the marketing mix (four Ps). The marketing mix consists of the following components:• Product: Refers to goods, services and ideas that a firm is marketing to the consumers. • Price: Marketers must determine the price of a product carefully on the basis of the potential buyer’s belief about its value. This is dependent on the time, money and energy a consumer is willing to expend. • Place: Refers to all the…
The first step in the marketing process is to identify a need or want within the market to cater to. A need…
First of all we have to define some terms in order to fully understand the marketing concept. The definition marketing concept is that it is a process in which a company is permitted to concentrate the resources it has which are limited on the best opportunities in order to increase the total revenue or the total sales to meet or to achieve a sustainable…
The "marketing concept" is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case.…
Marketing concept is the marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.…
When developing financial services marketing strategies, it is essential to appreciate some of the limitations cited in this chapter. However, it is equally imporant to appreciate the ethical dilemmas that these limitations present to the financial services marketer. The abuse of the consumers' inability to process the necessary information when evaluating a financial service is not only unethical, but in certain cases, it may violate regulations and result in legal repercussions. It is therefore essential for a financial services marketer not only to be aware of regulations that govern and restrict their marketing activities, but also to be fully aware of the company policies that may constrain the scope of activities one could engage in.…