It is agreed by many scholars that the concept of marketing was originally brought up around the time when industrial revolution took place. (Elvy, 1991; Evans & Berman, 1994) However, the definitions of marketing varied from time to time. ) People still get confused by the term “marketing” nowadays thinking it is only about advertising and selling the product, however it is actually a broad term that involves not only advertisement but also many other activities for instance, market research, media planning, product pricing, public relations and sales strategy etc.( udemy dog) Over the past 50 years, it has always been controversial for scholars what marketing really stands for. The most recent and recognized definition of marketing is “Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.” (Kotler et al., 2009, cited in Jordan) This definition, like other definition made by other people, is controversial because the definition does not fit in every situation. Thus, there are two major arguments about the definition, one is that none of the definition was right and it is still waiting for people to discover, and the other point of view is the perfect definition does not exist due to its constantly changing environment. (marketing concept) Although all the definitions have different focus of different aspects of marketing, they normally refer to getting in touch of the target users with very specific objective which is selling the product and establishing a relationship between customers for further cooperation. ( Heidi Cohen) To make marketing easier for people understand, it is a combination of strategies in a more practical way which contains market research, product design, product selling and many activities happens during the product exchange process. However, different companies or business will focus on different aspects of marketing activities. For example, Apple Company put great effort in product design and market research and gradually attracted many potential customers and establish relationship between them. It gave customers great experience through using iMac iphone or Ipod product. Therefore, people presume the Apple Watch is a worth-buying product even though Apple Company has no reputation in the field of watch before. Some people may not understand why this phenomenon would happen, but that is the beauty of marketing and the Apple Company certainly performed well in marketing. To explain the phenomenon, it can be led to the next part of the essay, which will help people understand more about the marketing concept by adding an important term “customer value”.
Like other economic terms, there is no general definition of customer value. Its interpretations usually refer to relation between product and price, the…
1 An Overview
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LO 1 LO 2 LO 3 LO 4
Define the term marketing 3–4 Describe four marketing management philosophies 4–7 Discuss the differences between sales and market orientations 7–12 Describe several reasons for studying marketing 12–13
“Marketing is too important to be left only to the marketing department.”
A FTER YO U FIN IS H T HIS C H A PTE R…
Nowadays in Hospitality Industry creation of loyalty program is the key to retain customers and to demonstrate customers that they can trust in companies’ services and products available to consume and to make customers to want to continue stay with that company continually. Loyalty programs it is also useful method to bond the relationship between organisations and customers. Different organizations establish different programs according to their size, competitors, location. Whatever…
is marketing: Marketing is managing profitable customer relationship. The twofold goal of marketing is to attract new customer by promising superior value and to keep and grow current customers by delivering satisfaction.
Marketing is the process by which companies create value for customer and build strong customer relationship in order to capture value from customer in return.
The Marketing Process
1) Understand the marketplace and customer needs and wants.
2) Design a customer driven…
Expert Systems with Applications 31 (2006) 101–107
Customer segmentation and strategy development based on customer
lifetime value: A case study
Su-Yeon Kim a, Tae-Soo Jung b, Eui-Ho Suh c, Hyun-Seok Hwang d,*
School of Computer and Information Technology, Daegu University, 15 Naeri, Jinryang, Gyeongsan, Gyeongbuk 712-714, South Korea
Department of Management Strategy, Samsung Economic Research Institute, 191 Hangangro 2-ga, Youngsan-gu, Seoul 140-722…
Marketing: the activity for creating and delivering offerings that benefit the organization, its stakeholders, and society
For marketing to occur you need: two or more parties with unsatisfied needs, a desire and ability on their part to be satisfied, a way for parties to communicate, and something to exchange
TO SERVE BOTH BUYERS AND SELLERS, and achieving the marketing objectives EXCHANGE must happen: trade of things of value b/w a buyer and a seller so that each is better…
of the marketing process is that the companies must fully understand customers’ needs, wants and demands, and then they provide the customers with the method of satisfaction.
Sometimes maybe the customers do not really want to buy the products, but the companies use the marketing to make people puzzle. Such as undertakes a large-scale selling and promotion effort.
Apply the concept
1. Delivery superior customer value and satisfaction are the most important thing in manage the customer relationship…
based on the study of “Customer Value Marketing” starts with introduction section. We have mentioned the contents of the study in objectives of the report section.
The methodology section deals with the means of preparation of this report and the processes that we have followed.
Then the report describes the theoretical aspects of the study in the literature review. This section mainly consists of brief description about different important topics about customer value marketing.
Finally in the last…
Chapter 7 Customer-Driven Marketing Strategy: Creating Value for Target Customers
1) When a company identifies the parts of the market it can serve best and most profitably, it is practicing ________.
A) concentrated marketing
B) mass marketing
C) market targeting
Diff: 2 Page Ref: 191
2) What are the four steps, in order, to designing a customer-driven marketing strategy?
A) market segmentation, differentiation…
Case Study: Conroy’s Acura: Customer Lifetime Value and Return on Marketing
Conroy’s Acura was founded in November 1986 by Ross Conroy, a veteran of the car industry who also owned a General Motors dealership to open in Toronto and one of the first in North America. Located in downtown Toronto, Conroy’s Acura sold both new and pre-owned vehicles, and its service department was dedicated to Acura Products. Conroy’s Acura was an independently owned dealership that held a franchise…
Principles of Marketing, 14e (Kotler)
Chapter 1 Marketing: Creating and Capturing Customer Value
1) All of the following are accurate descriptions of modern marketing EXCEPT which one?
A) Marketing is the creation of value for customers.
B) Marketing is managing profitable customer relationships.
C) Selling and advertising are synonymous with marketing.
D) Marketing involves satisfying customers' needs.
E) Marketing is used by for-profit and not-for-profit organizations.