Category 1 The goal of the marketing process is to capture value from customers to create profits and customer equity. Customers have a large range of products and services to choose from.
Marketing includes all types of advertising, ranging from websites and television commercials to print and outdoor advertising. Businesses spend huge sums of money on marketing to improve their sales, but marketing also benefits society as a whole in several key ways.
Informing Consumers One of the ways in which marketing benefits society is by informing and educating consumers. Marketing often has a persuasive intent, but it generally begins when a company identifies a customer need and seeks to explain how its products or services meet that need.
For customers with clearly defined needs, marketing provides a means of learning about new products and what they do. Marketing can also include more practical information to assist in making a purchase, such as addresses, phone numbers, product release dates, store hours and Web addresses.
Managing Consumer Expectations Besides providing consumers with useful information about products and services, marketing can also help set and manage customer expectations. Consumers rely on trusted brands and the consistency that comes from brand loyalty.
They also use information from consumer advocacy groups to learn about which brands are most reliable and represent the best values. Businesses use marketing to make consumers aware of major changes, such as mergers and transfers in ownership that affect product offerings or seek to improve quality.
Government regulations prevent marketers from making false or misleading claims. This allows consumers to make informed decisions without as many risks as they would face if they had to buy without the benefit of marketing.
Economic Benefit Marketing drives a consumer economy, promoting goods and services and targeting consumers most likely to become buyers.
Higher sales for a business that employs successful marketing strategies translate into expansion, job creation, higher tax revenue for governments and, eventually, overall economic growth. In addition, the marketing industry itself creates jobs and wealth as businesses seek new and innovative ways to promote themselves and their products.
Consumer demand for marketing in new venues, such as cellphones, creates new branches of the marketing industry and furthers growth.
Modeling Behavior Marketers work to understand consumer behavior and produce advertising that is most likely to influence it. This provides a place for behavioral researchers and economic analysts to model consumer behavior.
By examining marketing data and its correlation to consumer behavior, analysts can learn about how and why people make the decisions they do. This is useful in crafting awareness campaigns for major public and social issues.
It also serves to advance the fields of behavioral psychology and economic forecasting.Mar 16, · This assignment defines marketing, the customer value proposition, and creating mutually beneficial relationships between the organization and target, as well as applies these concepts to the student to create a personal brand.
Marketing strategy assignment essay on: Marketing plan for business. Introduction This paper Consist information about marketing plan that focuses and provides in depth information on definition of marketing plan, role and nature of marketing plan, relationship between marketing plan and business plan, structure of marketing plan, elements of marketing plan and their relevance in the marketing.
The most effective means by which a company can build value in its name and its brand is with an effective marketing strategy. An organisation’s existing brands, customer relationships and channels of distribution are pivotal when creating shareholder value. Competitive Advantage in Technology Intensive Industries advantage on both levels, with higher perceived value created than Firm A, with, at the same time, lower costs to produce the good or service.
The most widely accepted definition for marketing is that marketing is the activity, a set of institutions, and the processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
1 Marketing is used to identify the customer, satisfy the customer, and to be able. Customer Driven Marketing Strategy: Creating Value for Target Customers Words | 32 Pages 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 ________.