DEFINING MARKETING FOR THE 21ST CENTURY WHAT IS MARKETING? Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “ meeting needs profitably.” 3 ALTERNATIVE PHILOSOPHIES THAT CAN GUIDE ORGANIZATIONS IN THEIR EFFORTS TO CARRY OUT THEIR MARKETING GOAL(S) THE PRODUCTION CONCEPT The production concepts, one of the oldest concepts in business, holds that consumers prefer products that are widely available and inexpensive. Managers
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Marketing Concepts Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. By using the marketing process, companies are able to meet the needs of their customers. Each company works differently, therefore, there are many different approaches to marketing. The production concept is the earliest marketing concepts, dominating business thought from the beginning of capitalism through the mid 1950s (Garza, n.d
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Answer: The Marketing Orientation and the Marketing Concept An organization with a market orientation focuses its efforts on 1) continuously collecting information about customers' needs and competitors' capabilities, 2) sharing this information across departments, and 3) using the information to create customer value. The market orientation simply defines an organization that understands the importance of customer needs, makes an effort to provide products of high value to its
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Classic Airlines and Marketing Marion Ntini MKT/571 July 5, 2012 Kenneth Bloomfield Classic Airlines and Marketing Classic Airlines has rated in the top five placing fifth for the world’s largest airline carrier. Classic Airlines has attained a continuous part in the share market throughout their twenty five years in business. However, an escalation in share prices and an apprehensive investment society has primed Classic to examination from all sectors. There has been a low level of employee
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1. (TCO A, B, C) Describe a value proposition and provide an example. How important is value to the consumer? (Points : 5) There is no universal definition of the term value proposition. Value proposition in marketing is a statement that summarizes why a consumer should buy a product or service. Basically, value proposition should convince a potential consumer that the product or service will solve his/her problems and it is impossible to live without that product or service. Value proposition
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your company. The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies. Holistic marketing recognizes that “everything matters” in marketing—and that a broad, integrated perspective is often necessary. Four main components of holistic marketing are: relationship marketing - integrated marketing - internal marketing - and socially responsible marketing. Two key themes
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The airline industry is one of the most competitive industries in today’s marketplace. An airline’s bottom line is a perfect measure of customer satisfaction and reflects customer loyalty (New York Times, 2010). Kotler and Keller (2006) state, “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders” (p. 6). Classic Airlines has
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STRATEGIC INNOVATION “Strategic Innovation is the creation of growth strategies, new product categories, services or business models that change the game and generate significant new value for customers and the corporation” (Kotelnikov: 2001). It is a holistic approach consisting of an organized set of practices that motivate imaginative teams to think outside the box and challenge the tyranny of the given (Kao: 1997 in Bonn: 2001). Innovation becomes strategic when it has become a deliberate repeatable
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Marketing philosophies help determine the management of marketing. Companies approach and conduct business in different ways in order to achieve their organizational goals. Based on the meeting held about the newly formed firm, each of them has his/her own opinion on what marketing concept will be used. According to Julie, they should use Production Concept and mentioned that price is an important factor in making profit. This concept is based on the fact that consumers favor products that are widely
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Marketing is about communicating the value of a product, service or brand to customers or consumers for the purpose of promoting or selling that product, service, or brand. The oldest – and perhaps simplest and most natural form of marketing – is 'word of mouth' (WOM) marketing, in which consumers convey their experiences of a product, service or brand in their day-to-day communications with others. These communications can of course be either positive or negative. In for-profit enterprise the
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