Marketing Theory and Practice
Tutors: Peter Wagstaff and Kristel Proctor
This essay considers the foundations of marketing through the prism of the
MKF1120 Marketing Essay
A Brief Introduction to Marketing
Marketing as an academic discipline is relatively new concept a little over 100 years old, with associated theories that now form the core of marketing created by the numerous production factors in the business environment which conversely influenced existing relationships between the vendor and the purchaser. To have remained viable, the adaptation of innovative selling strategies by business formed the basis of what is now considered the concept of marketing. Like most academic concepts, marketing has been the subject of continuous improvement; today, businesses hold what consumers actually want in higher regard than in times past.
Marketing and its Application
Reputable Marketing academic, Kotler (1991) understands marketing to be a “social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others”. The basic concept of satisfying demands underpins the many definitions that exist, however, nuances in the rationale of marketing exist due to the process businesses undertake in better extending relationships with their customers. In this sense, the notion of customers is a rather loose one; for the interactions can be between actual or potential customers.
Such interactions occur frequently, however, the reasoning to present benefit to society is a shared one. Marketing ability to promote extensive benefits to society and business makes it a fundamental aspect of success. Such benefits often transpire in the form of a flow-on effect that can be passed on to the customer from the business (The reduction in price due to increased sales) or through to the business from the customer (Loyalty to the brand or product) (Sirdeshmukh, Singh, & Sobel, 2002).
A paradox, however, is formed when considering marketing’s primitive function to develop an understanding of the customer and their demands, and the susceptibility of it towards misconceptions about the ulterior motives of the marketer (Stern, 1990). Perennial misconceptions regarding the true value of a marketed product are faced by many businesses, including Apple, who prone to comments regarding the performance of the iWatch. It is reasonable to believe that the large monetary investment will result in a longer-battery life. However, analysis of the product and its production have insofar suggested that the claim to an 18 hour battery life may be an overstatement based on unrealistic indicators and usage (“Apple employees 'have set low expectations' for 'iWatch' battery life
— report," 2014).
MKF1120 Marketing Essay
A focus on the Five Marketing Philosophies
Development of technologies and influence of the PESTN factors in the macro-environment gave way to revived marketing philosophies over time. The mutual belief held has become that to engage in successful marketing is to have a precise and exact understanding of what it was that the customer needed and desired. Indeed, a marketer is most successful when they’ve created demand for their product. Numerous alternative philosophies now permeate throughout organisations. Whilst subtle distinctions about the application of the five alternative philosophies exist (Chaston, 1998), they include the production, product, selling, societal marketing and marketing philosophies. Such philosophies operate with the aim to influence the methods to which an organisation will organise their marketing activities (“Five principles of enlightened marketing, 2014).
Whilst all philosophies have various advantages and disadvantages, the production concept maintains a focus on the