...The Future of Relationship Marketing Introduction Marketing theory and related approaches had been founded since 1950s that have been playing a major role in academic and business administration perspectives for nearly half of a century. As market grows and environment changes by, new theories and approaches have been innovated by antecedent scholars and practitioners in addition to traditional transaction marketing. Relationship marketing is a relatively new theory that emerged since 1990s. Egan (2008) addresses that service marketing and industrial marketing are the two crucial theories contributing to relationship marketing. Gronroos (1994) indicates the paradigm shift is taking place from marketing mix to relationship marketing. Like other perspectives in the business world, evolution of the theories and approaches may eventually bring actual changes to the implementing level. For instance, in recent decades, conversion happened in most of the organizations that personnel department turned into a human resource department and computer department turned into an information technology department. As marketers recognized the importance of developing buyer-seller relationships (Dwyer et al, 1987), relationship marketing may play more important role in the future and widely spread over to all kinds of businesses. Nevertheless, this is not a comfortable highway since people do have limited knowledge and individual manner in applying the relationship marketing without...
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...Mart 302 Essay The Future of Marketing Management Name: Ge Wenbo ID: 7241137 Tutor: Ming Wong Tutorial time: Friday 2 pm Introduction “The organizational environment has two components: general environment (comprising economic, technological, regulatory, and socio-cultural sectors) and market environment (comprising customer and competitor sectors) (Fahey and Narayanan 1986).Most organizations are susceptible to volatility in their market environment because changes in customer expectations or competitor actions can directly affect their performance (Boyd and Fulk 1996). Shifting market structures and competitive dynamics have compelled organizations to collect, analyze, and act on information from their market environment at an increasing pace (Eisenhardt 1989). It is evident that environmental change is an issue that has strong implications for organizations through its extensive debate in business literature. This essay will endeavor to identify and explain why Internet emerge that have taken place in the external environment is important to the air travel industry, and discuss the likely impact on air travel industry and how marketing might be applied to create a solution, and finally this essay will comments about the effect of Internet on the future of marketing. Discussion Fewer than ten years ago, commercial use of the Internet was considered improper. From 1969 to early 1990s, the Internet was restricted to military, academic, and a few corporate...
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...The Future of Mass Marketing Marketing Strategies Mass marketing is often practiced to provide the maximum exposure of a product or service to its consumers. The term mass marketing is also known as undifferentiated marketing because the whole concept is to go after the market as a whole, rather than targeting specific segments (Kotler & Keller, 2012). In the passed decade, our world has become more depend on technology, thus providing our society with what ever we want – when we want it. This new age of media and marketing has been forced to mold and adapt to the new technological demands of their target markets. In the previous decades mass marketing was profitable and effective for those companies who had the budgets for it. However in this new age of new media marketing styles, the future of mass marketing techniques is being questioned. Long ago, direct mail advertisements and telemarketing efforts were some of the most effective strategies of reaching out to the most consumers on a large scale. Over the past decade, those techniques have become less effective and the marketing industry has had to adjust. Some marketers argue that those traditional means of marketing are dying, but others seem to think its nonsense to think that the mass market is dead. It's just harder to reach. But great advertising still has the capacity to bring consumers together, to reassemble them as a mass market. The problem is there's very little reason for them to get together...
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...phones are not accomplished only for receiving and talking phone calls, but can also stores important data, takings cameras, stores songs amongst other uses. Moreover, the moderns cell phones are capable of internets access, savings data and files and also it can be used to indulge into business and marketing. (Uses of Cell Phones, 2011) Mobile marketing has basically two definitions due to its evolution from the past. The first one which is relatively a recent one, is meant to describe marketing on or with a mobile device, such as a mobile phone whereas the second describes a more conventional marketing which is marketing in moving fashion, for example, technology road shows, moving billboards, or advertising on vehicles. (Mobile Marketing, 2009) Even if there are various definitions for the concept of mobile marketing, there are actually no commonly accepted definitions for it and hence generally defined as "the use of the mobile medium as a means of marketing communication". (Karjaluoto Heikki and Leppäniemi Matti, 2005) Since the past two decades, mobile marketing has known a drastic evolution in its concept and hence its contributing factors together with future expectations will be discussed in this essay. One of the factors which prompted its evolution is that the use of...
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...1.Is a company that forecasts future sales, and develops a budget on the basis of these forecasts, conducting marketing planning? Marketing planning contains more than forecasting future sales and developing a budget on these forecasts. Forecasting future sales is one of the key factors resulting from the internal marketing audit. First of all the company should develop a core strategy based on an analysis of the marketing objectives, the market segmentation, the competitive advantage of the products, the core competences, the positioning and the portfolio. This internal marketing audit should support the forecasts of future sales. 2.Explain how each stage of the marketing planning process links with the fundamental planning questions identified on slide 4 of the session The business mission links with the question ‘where are we now’. It is important to understand where the company stands for and what the ambitions are. The business mission must be translated in relevant and real goals in order to fulfill the mission. The marketing audit and the SWOT analysis clears out where we are now and how we got there. It is a reality check on your business today. From the marketing audit and the SWOT analysis you can formulate ambitions for the future and learn lessons from the past. The marketing objectives clear out where we want to be. It completes the mission with a vision towards the future. In order to be able to realize the objectives, it is important to develop a core strategy...
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...Brand Image in Cola Drinks CASE:Future Cola of Wahaha Group Co.Ltd,China Sun, Jianfei 2010 Laurea Leppävaara Laurea University of Applied Sciences Laurea Leppävaara Brand Image in Cola Drinks CASE: Future Cola of Wahaha Group Co.Ltd,China Jianfei Sun Degree Programme in Business Management Thesis April, 2010 Laurea University of Applied Sciences Laurea Leppävaara Degree Programme in Business Management International Business-to-Business Marketing Abstract Jianfei Sun Brand Image in Cola Drinks; Case: Futre Cola of Wahaha Group Co.Ltd, China Year 2010 Pages 45 In Chinese beverage market, there are three mainly cola brands, Coca cola, Pepsi and Future Cola, these three brand share almost 90% cola market, so that competition is omnipresent ,not only in the consumer market, but also very intensive in business to business market. Business-to-business brand building involves various aspects, for example, attributes of products and services, brand image, brand position, and B2B brand management, Wahaha Co., Ltd as a case company need to build brand image and find a solution on how to be a stronger brand in order to attract more potential customer. The theoretical context of this thesis lies in marketing management. The theoretical emphasis and framework is however in brand management: brand concepts, brand building and brand image. As the study is made in B2B environment the difference between B2B and consumer markets will be specified. The quantitative research...
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...Session 2 : Foundations of strategic marketing Can you say what your strategy is? Companies that don’t have a simple and clear statement of strategy are likely to fall into the category of those that have failed to execute their strategy or those that never had one. Often many employees are frustrated that no clear strategy exists for the company. Leaders of firms assume that the initiatives described in the documentation that emerges from an annual budget or a strategic planning process will ensure competitive success; they fail to appreciate the necessity of having simple and clear strategy statement that everyone can internalize and use. A well understood statement of strategy aligns behaviour within the business: it allows everyone in the organization to make individual choices that reinforce one another. With a clear definition an executives know what they’re trying to create and implementation becomes simpler as the strategy can be communicated and easily internalised. Most executives don’t actually know what all the elements of strategy statements are, which make it impossible for them to develop one. Mike Rukstad identified three components (objective, scope and advantage) of a good strategy statement and believed that executives should be forced to be clear about them. Any strategy statement must begin with a definition of the ends that the strategy is designed to achieve; the definition of the objective should include not only an end point but also a time...
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...Defining Marketing Companies in today’s market compete with one another to sell their products and in hope of making profits. The tool to get consumers to notice and buy their products is marketing. Generally, consumers think marketing is made of two factors which are advertising and selling. In a nutshell the thought is essentially letting people know what the company has to offer. This concept however is just part of marketing. There are other factors contributing to how the companies market their products. Those factors are the constant analyzing in the numerous changes in competitive environment, to strategize to meet those changes, and to create their business niche. This paper will define marketing by providing definition from two sources. It will explain the importance of marketing to the organizations’ success. Also, it will provide three examples from the business world. Marketing Defined Marketing had been a crucial tool for businesses. It is use to influence and create the urge to in the heart of the consumers. To understand the influence and the need to create this urge lets define marketing on how it impacts the consumers’ choices. According to the text by Kotler and Keller, marketing is an expression of art and science. The statement itself illustrates the boundary between the formulated and creative side. In short it identifies the needs and meeting those needs. Generally, companies want to build a long lasting relationship and trust with...
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...are illegal in many countries including Albania, Australia,[3][4] Austria,[5] Brazil, Canada, China,[6] Colombia,[7] Denmark, the Dominican Republic,[8] Estonia,[9] France, Germany, Hong Kong,[10] Hungary, Iceland, Iran,[11] Italy,[12] Japan,[13] Malaysia, Mexico, Nepal, the Netherlands,[14] New Zealand,[15] Norway,[16] the Philippines,[17] Poland, Portugal, Romania,[18] Russian Federation, South Africa,[19] Spain, Sri Lanka,[20] Sweden,[21] Switzerland, Taiwan, Thailand,[22] Turkey,[23] Ukraine,[24] the United Kingdom, and the United States.[25] * These types of schemes have existed for at least a century, some with variations to hide their true nature. Multilevel marketing plans have also been classified as pyramid schemes.[26][27][28][29] II. What is Multi-Level-Marketing? * Multi-Level Marketing really isn’t something that is bad. Some MLM companies have given the home business industry a bad name. Many companies will tell their associates to only take care of those that chose to be associates with the company and not just customers * Associate based companies will never survive and in a way they are more of a illegal pyramid company. The reason I say this is most companies only make money when they sale their products to consumers and not to the associate. * Consumers are what real honest companies focus on. Think about it …If you take a 100 percent of a companies earnings and break it down * You will realize that only 20% are sales associates...
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...1. Why is sustainable marketing important? Sustainable marketing is “socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.” Businesses prosper from day to day by determining the current needs and wants of their target group customers and by fulfilling those needs and wants more effectively and efficiently as their competitors can. This is recognized by the marketing concept, along with focusing on meeting the company’s short-term sales, growth, and profit needs by giving the company’s customers what they want when they want it. Satisfying consumers' immediate needs and desires isn’t always in the best interests of either customers or the business. For example, a company may start out with an idea that satisfies what its customers are asking for, for it in turn cause its customers to believe the company is causing more harm to their health, the environment, or any other causes. This in turn can cause a loss in the company’s profits forcing the company to develop another strategy for running its business. The societal marketing concept takes into account the future welfare of its consumers and the strategic planning concept considers the company's future needs, the sustainable marketing concept considers both the consumers and company’s future welfare; this calls for socially and environmentally responsible actions that meet both the...
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...suggest how to improve the course material on those topics. 4. Think of ways you might measure the future effects of what you have learned in this course or your future progress/improvement. 5. State whether you achieved the Course Outcomes (listed on the Module 6 Home page and course Syllabus page). Reflective Essay This class provided important learnings for me and there will be application in my current role as a trainer and marketing leader in the months ahead. As I reviewed the learning outcomes for this class, I believe I increased and improved my understanding of marketing, especially in understanding consumer behavior and the importance of the STP process. Understanding segmentation and conducting research to identify the market in demographics, psychographics and customer behavior helps us to better understand current customers, non-users and describe ideal customers for the future. Targeting helps us to estimate the size and lifetime customer value of segments. Lastly understanding positioning help us to determine how our strategic position compares to competitors and determine how we wish to be viewed by the outside world. The SWOT analysis we completed helped in using critical thinking skills and viewing our company in from a strengths and weakness standpoint. Knowing the threats and opportunities from an external standpoint helped a great deal in formulating future...
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...Internet Marketing Opportunities Prepared for: CEO of Community Empowerment City of Philadelphia Prepared by: Denise Martinez, Employee of Community Empowerment Devry University April 3, 2015 Mobile revolution chart 1400 John F Kennedy Blvd Philadelphia PA 19107 (215) 696-7617 April 8, 2015 Community Empowerment Chief Executive Officer Attention: Ms. Marilyn White, CEO INTERNET MARKETING OPPORTUNITIES On behalf of the company’s future development, there was some research conducted for purposes of enhanced marketing opportunities. I have researched and finished a proposal on Internet marketing. The report describes some of the major benefits that are associated with online marketing. This proposal provides a detailed research with data and examples to support all the facts. This report provides a scope that offers all the reason that you should invest and take advantage of Internet marketing. There are detailed sections along with illustrations for better understanding of the proposal. There is also a list of recommendations and references so there can be further research done and you can come to a conclusion that online marketing will expand the future plans of the company. Thank you for the opportunity to complete the research for this proposal. As an employee to this company, I look forward to your feedback and I hope you take into consideration this great opportunity. Sincerely, Denise Martinez ...
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... The role of marketing has gone through rapid changes that require marketing strategies to be adapted to meet the needs of organization. Many organizations focused all their attention to inventory of a product or service, today the focus is all about the customers. The role of research in marketing Marketing research is the systematic and objective search for information that is relevant to the identification and solution of any problems that might arise in the field of marketing (Kotler & Keller, 2012). Marketing research is important for various reasons; it helps an organization, communicate effectively, identify and understand opportunities, and pinpoint obstacles or problems (Regional Entrepreneurial Collaborative, 2014). Marketing research plays a vital role in any organization that is trying to succeed in an existing competitive market. There are many businesses that compete for the same consumers. In order to maintain a competitive edge against the competition organizations need to stay ahead of the game with up to date information. The only way to obtain up to date information they must perform some research. Marketing a product into an unknown market is risky, organizations must first find out everything they can about that market, as well as evaluate through research the consumer of that targeted market. This type of information is vital for the success of any product or service the organization offers. In the definition of marketing the key words...
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...customer relationships in order to maximize profitability and ensure customer loyalty for future profitability. Relationships with customers are not always secure. It is difficult to predict for how long the customer is going to stay with a firm in a non-contractual setting. Customer management strategies are aimed at addressing the needs of every customer and by developing a one-on-one relationship with them Companies’ outlook can be broadly categorized into two types namely, Product-centric and Customer-centric. Product-centric firms concentrate more on their product line and therefore on increasing the product line for customers. In marketing, the economic value of a customer during the life of the customer's association with a business. An estimate of customer lifetime value allows a business to determine the amount of money that can be spent on acquiring and retaining a customer .The shareholder value and the customer lifetime value approach are conceptually and methodically analogous. Both concepts calculate the value of a particular decision unit by discounting the forecasted net cash flows by the risk-adjusted cost of capital at first we have to know comprehensive calculation method for estimating both the individual Lifetime value of a customer and the customer equity. Concept Customer Life time value is defined as: “The net value of all net payments from the moment the marketing efforts start towards a potential customer and until the...
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... 1.1 The Philosophy of Marketing Theory: Historical and Future Directions – Mark Tadajewski 1 1.2 “Paradigms Lost”: On Theory and Method in Research in Marketing – Rohit Deshpande 4 1.3 Empirical Business Ethics Research and Paradigm Analysis – V. Brand 6 2 Summary on key learning notes 9 Bibliography 12 The Philosophy of Science The discussion of marketing as a science and the different paradigms related to it were unfamiliar to me before I read these articles included in the assignment. I had earlier gotten familiar with the discussion of economic sociology and the discussion and the debate between economics as a science (especially the neo-classic economic approach) and the subject it researches, i.e. the economic markets where these economic practices take place. It is thus also logical to become familiar with the evolution of marketing practices, as this to many degrees resembles and also equates to the evolution of economic sciences and other sciences alike. The articles are assessed in the order that I read them, since it is hopefully also possible for the reader to follow a logical construct in the development and adoption of the insight that the articles provide on marketing research. Even though this does not pose a logical progression of the articles time-wise, I still feel that it is natural to address these articles in this mentioned fashion. The first one of the articles discussed is “The Philosophy of Marketing Theory” by M. Tadajewski...
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