...fvdvdfbhnjkljjkhnbvc Does marketing create or satisfy needs? Take a position, marketing shapes or merely reflects needs and wants of conso answer these questions, we must know what market is. Market is the set of all actual and potential buyers of a product or service and marketing is a social and managerial process where by individuals and groups obtains what they need and want through creating and exchanging products and value with others. The traditional view of marketing is that the firm makes something and then sells it. In my words, marketing is how the producers create value to the customer and receive it by needs and wants. We must know that 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. Ever since man started to trading goods, marketing was created. Suppose that marketing was never exist, we cannot buying foods, houses, car, etc. Without marketing, this world is nothing. Marketing involves the satisfying customers’ needs and wants. Marketing has a value creation and delivery sequence that consists of three parts. That is choosing the value, providing the value, and communicating the value. From my understanding, marketing does both. It creates and satisfies needs of customers. Marketers must use the marketing development’s term to create needs. They must learn how to change in knowledge, behavior, attitudes, or creativity. Then, it helps customers...
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...DEFINING THE MARKETING FOR THE 21ST CENTURY 1 C H A P T E R _________________________________________________________________________ INTRODUCTION Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties: ➤ Global forces will continue to affect everyone’s business and personal life. ➤ Technology will continue to advance and amaze us. ➤ There will be a continuing push toward deregulation of the economic sector. These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” Whether the marketer is Procter & Gamble, which notices that people feel overweight and want tasty but less fatty food and invents Olestra; or CarMax, which notes that people want more certainty when they buy a used automobile and invents a new system for selling used cars; or IKEA, which notices that people want good furniture at a...
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...MARKETİNG MYOPİA The marketing myopia theory was originally proposed by Theodore Levitt. The needs of the market should receive first priority. An industry is a customer-satisfying process, not a goods-producing process. Businesses will do better in the end if they concentrate on meeting customers’ needs rather than on selling products. Companies stop growing because of a failure in management, not because the market is saturated but because of MYOPIA. For example; Railroads declined because they “were railroad oriented instead of transportation oriented; they were product oriented instead of customer oriented.” They declined not because of cars, trucks, airplanes, and even telephones, but because of their own myopia. The other example; Hollywood & TV. Hollywood declined because they thought they were producing films instead of entertainments. There are no such bad ideas for a growing industry that: 1. Growth is assured by an expanding and more affluent population; 2. There is no competitive substitute for the industry’s major product; 3. Too much faith in mass production and in the advantages of rapidly declining unit costs as output rises; 4. Preoccupation with a product that lends itself to carefully controlled scientific experimentation, improvement, and manufacturing cost reduction. “Selling focuses on the needs of the seller, marketing on the needs of the buyer: • Selling consists of tricks and techniques focusing on the seller’s need to convert...
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...positions for summer and full time analysts. All candidates will be required to take the WSAT, please complete this immediately after or before sending your resume: http://www.streetofwalls.com/wsat/ Responsibilities: Support senior bankers in researching and creating marketing pitch materials, building financial models to value potential clients, and researching industries or sectors as determined by senior bankers in targeting certain clients or industries. Assist in active equity and merger and acquisition transaction execution including, but not limited to: financial analysis, model creation, drafting memoranda, due diligence, attending client meetings and drafting sessions, creating data rooms, and any other support services required to assist in closing an engagement. Travel to client meetings, drafting sessions, road show stops and due diligence as necessary. Participate in any other requests from senior bankers or clients. LOCATION City State/Province Nationwide Country United States POSITION TYPE Full Time Entry Level, Full Time Experienced, Internship (paid) DESIRED MAJOR(S) All Majors DESIRED CLASS LEVEL(S) Graduate Student, Alumni WORK AUTHORIZATION Yes, now or in the future may need visa sponsorship QUALIFICATIONS Bachelor’s degree required; business or economics degree preferred. Internship or prior work experience in financial services industry preferred. Proven track record in university studies required. Series 79 and 63 licenses required...
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...Differences between Marketing and Sales Marketing Sales • Marketing is more concerned with the needs of the buyer • Sales is more concerned with the needs of the seller • It is preoccupied with the idea of satisfying a customer's need with products along with associated processes of creating delivering and consumption • It is preoccupied with the seller's need to convert his product into cash • It has a broader range of activities to sell products/services and client relations, determining future needs and strategising on how to meet those needs • It makes the customer demand match the products offered by the selling party • Marketing follows a one to many approach • Sales follows a one to one approach • Marketing aims at building brand identity to become easily associated with needs fulfilment • Sales aims at satisfying needs through individual interaction and not concerned with building brand identity • Marketing follows pull strategy. • Sales follows push strategy • Its scope covers Market research; Advertising; Sales; Public relations; Customer service and satisfaction . • Its scope is concerned with product being created for a customer's need, persuading the customer to purchase the product to fulfill his/her needs • Marketing is the sum total of all activities that lead upto the generation of prospects • The sales team takes over once the marketing team is done with its job in the sense of converting those prospects into sales • Marketers don't experience...
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...MARKETING MYOPIA To ensure continuing growth, organizations need to define their industries as broadly as possible to take advantage of growth opportunities. To continue growing, companies must ascertain and act on their customer’s needs and desires, not bank on the presumed longevity of their products. Need to define their industry correctly, customer-oriented instead of product oriented. The company have succeeded not primarily because of their product or research orientation but because they have been thoroughly customer-oriented also. P. 25 SHADOW OF OBSOLESCENCE Example: Dry cleaning, Electric utilities etc P. 27 The history of every dead and dying “growth” industry shows a self-deceiving cycle of bountiful expansion and undetected decay. There are four conditions which usually guarantee this cycle: 1. The belief that growth is assured by an expanding and more affluent population. 2. The belief that there is no competitive substitute for the industry’s major product. 3. Too much faith in mass production and in the advantages of rapidly declining unit costs as output rises. 4. Preoccupation with a product that lends itself to carefully controlled scientific experimentation, improvement, and manufacturing cost reduction. P. 27 POPULATION MYTH ASKING FOR TROUBLE The industry’s efforts have focused on improving the efficiency of getting and making its product, not really on improving the generic product or its marketing. Moreover, its chief product has continuously...
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...When I mention marketing, most undoubtedly your minds would all go to selling and advertising, but in truth’ are just a minute aspect of the marketing process. Modern marketing has progressed from the old view of “telling and selling” to satisfying customer needs. Thus, in defining marketing you would have to view it as a seven stage process: 1. Understanding the market needs and wants of interest through research 2. Based on the relative size and needs of the market, select certain segments of the market that are of the most interest to you and your organization (Market Segmentation) 3. Thoroughly describe these segments based on their individual needs 4. Create a product or service that will meet the specific needs identified 5. Communicate the concept of the product or service to the targeted customer in a way that makes sense to the customer, this is where promotional techniques come into play in hence advertising 6. Deliver the product or service to the targeted customer in a way that will be convenient to the customer 7. Get feedback from the customer about how your product or service could be improved to meet the customer’s needs even better. The purpose of this seven stage process is to create “value” for customers. When we use the term value, we mean the benefits buyers receive that meet their needs. In other words, value is what the customer gets by purchasing and consuming a company’s offering. So, although the offering is created by the company, the value is determined...
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...MARKETING Vs. SELLING Marketing is something that we do to let people know what products we have to offer. Selling is something that we do to show people that the products we have to offer are of value to them. In the high tech world of today, much of what we consider marketing is very inconspicuous ( not noticeable ) . Messages are moving at the speed of light, and we are hardly even aware of what we saw or heard that ever made us think eating fast food meant getting good food fast! Marketing is all around us - from the letters that appear in our mind when our stomach hurts. Yes, we know what spells relief to the jingle in our head when we think of the first and second name we give the meat in our sandwich. We have all done it, ran into the store to buy something, and called it out by the brand...not by the actual product name. When was the last time you were thinking of something, as simple as coffee, and “Starbucks” appeared in your mind? This, my friend, is what they call "savvy marketing" and it's as old as the day is long. The reason that marketing has been around for so long, is that for some odd reason, the more we keep something in the forefront of our mind, the more we inquire, the more we "Google" it, and the more we buy it - it is why we think that we're wearing Levi’s instead of jeans. Marketing is what people do to get us interested in the “brand“ of their product. Marketing is what causes us to dream and imagine and wish. When someone markets a product...
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...Marketing Paper What is Marketing? The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organizational objectives American Marketing Association The management process responsible for identifying, anticipating and satisfying customer requirements profitably UK Chartered Institute of Marketing To satisfy individual customers, is tackled by using the marketing mix (4Ps) - product - price - place - promotion For services, is has been suggested that a further 3Ps be added: 1. People 2. Physical Evidence 3. Process People – add value and dimension – service quality. The original mix considers personal selling but not the operational aspects of service delivery. - Personnel – training commitment, incentives, appearance, interpersonal behaviour - Attitudes - Customers – Other customers, behaviour, degree of involvement - Body Language also has an impact (posture, gestures, eyecontact, tone of voice, promixity) Processes – How overall system operates - to be consistent and predictable - Policies and Procedures - Degree of automation - Employee discretion - Customer involvement - Flow of activities Physical Evidence – i.e. type of hotel or aircraft. Physical elements to support the core concept: - Environment – furnishings, colour, layout...
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...customer-focused and heavily committed to marketing. These companies share a passion for understanding and satisfying customer needs in well-defined target markets. They motivate everyone in the organization to help build lasting customer relationships based on creating value. Marketing is just as important for non-profit-making organizations as it is for profit-making ones. It is very important to realize that at the heart of marketing is the customer. It is the management process responsible for identifying, anticipating and satisfying consumer requirements profitability. Background The term ‘‘marketing’’ is derived from the word ‘‘market’’, which refers to a group of sellers and buyers that cooperate to exchange goods and services. The modern concept of marketing evolved during and after the revolution in the 19th and 20th centuries. During that period, the proliferation of goods and services, increased worker specialization and technological advances in transportation, refrigeration and other factors that facilitate the transfer of goods over long distances resulted in the need for more advance market mechanisms and selling techniques. But it was not until the 1930s that companies began to place a greater emphasis on advertising and promoting their products and began striving to tailor their goods to specific consumer needs. By the 1950s, many larger companies were sporting entire marketing departments charged with devising and implementing marketing strategies that would complement...
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...Marketing Myopia, is it Relevant Today? Marketing Myopia by Theodor Levitt was published in 1960. In the article he discusses that every industry is a growth industry and that growth does not decline or stop because the market is saturated, it does so because of a failure of management. According to the article, an industry is a customer-satisfying process, not a goods-producing process. Businesses will be more successful in the end if they concentrate on meeting consumers’ needs rather than on selling products. To illustrate his point Levitt uses several examples (Digital Marketing, 2010) His first example is of the decline of growth in the railroad industry. Railroads did not decline because needs were filled by cars, trucks, planes or telephones. They declined because they failed to meet their customers’ needs. Railroad executives assumed themselves to be in the railroad business and not in the transportation business. They declined not because of cars, trucks, airplanes, and even telephones, but because of their own myopia (Levitt, 1960). The next example that Levitt uses is that of Hollywood. Hollywood barely escaped being totally wiped out by television. All of the established film companies went through drastic reorganization or disappeared. Similar to the railroads Hollywood forgot that they were in the entertainment business and operated as those they were just in the movie business. Instead of embracing television as an opportunity they viewed it as a threat...
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...1. Define marketing and discuss how it is more than just “telling and selling.” Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Hence, marketing is defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Today, marketing must be understood not in the old sense of making a sale—“telling and selling”—but in the new sense of satisfying customer needs. If the marketer understands consumer needs; develop products and services that provide superior customer value; and prices, distributes, and promotes them effectively, this goal will be achieved easily. The aim of marketing is to make selling unnecessary. Selling and advertising are only part of a larger marketing mix 2. The marketing process (p5) 3. 5 core customer and marketplace concepts • Customer Needs, Wants and Demands needs: states of felt deprivation (physical, social, individual) wants: form of human needs shaped by culture and personality demands: wants backed by buying power • Market Offerings – combination of Products, Services and Experiences offered to a market to satisfy a need or a want. Marketing Myopia: The mistake of paying more attention to the specific products than to the benefits produced by them, e.g, a firm thinks that the customer...
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...Marketing 1 Marketing – an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders • Creating value o Production-Oriented Era – manufacturers were more concerned with product innovation, not with satisfying the needs of individual consumers and retail stores were considered places to hold the merchandise until a consumer wanted it o Sale-Oriented Era – overproduction led to heavy doses of personal selling and advertising o Market-Oriented Era – manufacturers began to focus on consumer wants and needs before they designed, made, or attempted to sell their products and services o Value-Based Marketing Era – give customers greater value than competitors, beyond just meeting the needs and wants of consumers • Value – reflects the relationship of benefits to cost or what you get for what you give • Value Co-creation – method of providing additional value to customers by allowing them the opportunity to act as collaborators in creating the product or service • About satisfying customer needs and wants o Marketplace needs to be segmented or divided into groups so that the organization can target specific groups • Entails an exchange o Exchange – the trade of things of value between the buyer and the seller so that each is better off as a result o Sellers provide products or services then communicate and facilitate...
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...Running Head: IMPORTANCE OF MARKETING Importance of Marketing Jason McCleney 3/10/2012 ADA ACC. MKT/421 Stephen Fritzenkotter Definition of Marketing In a moral formal setup, business and non-business organizations are also involved in marketing. The products that are marketed can be goods or services. A place, an idea, an individual or even a cause, can be marketed. Many management thinkers consider marketing to be most critical function of a business. In a business organization, the marketing division generates the revenues essential for the survival and growth of the firm, the finance department manages these revenues and the department like R&D, production or manufacturing uses them to create products and services (Kotler, 2009). But the real challenge to the markets lies in generating those revenues profitably, by satisfying customers in a socially responsible manner (Kerin, 2009). In my point of view marketing is an activity of producing, promoting, and providing goods and services to customers and businesses. It is a process of creating and directing an organization to sell goods or services that people are willing to buy. Marketing builds and maintains a preference for a particular product and company within the target market. It involves acquisition of new customers and retention of existing customers. American Marketing Association was proposed definition of marketing in 1985, which is as follows: “Marketing is the process of planning...
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...WHAT IS MARKETING? Marketing deals with customers. Marketing is the managing profitable customer relationshis. 2 fold goal of marketing - to attract new customers by promising superior value; -keep and grow current customers by delivering satisfaction Today, marketing must be understoodnot in the old sense of making a sale -"telling and selling"- but in the new sense of satisfying customer needs. If the market understands consumer needs; develops products that provide superior customer value; and prics, distribuites, and promote them effectively, there products will sell easily. Marketing: the process by which companies create value for customers and build strong customers relationships in order to capture value from customer relationships. 5 steps of marketing process: companies work to undersand consumer, create value and build trong relationships---> 1. understend the market place and customer need and wants. 2. design a customer-driven marketing strategy. 3. construct an integrated marketing program that delivers superiors value. 4. build profitable relationships and create custumer delight. capture value from customers in return---> 5. capture value from custumers to create profits and customer equity. 1. Understanding the marketplace and Customer needs. Custumer Needs, Wants and Demands. Needs: states of felt deprovation; 1. physical (food, clothing, warmth, safety); 2. social (belonging and affection); 3. individual (knowledge and selfespression) Wants: the form of human...
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