Marketing Essay

11185 WordsNov 3, 201545 Pages
Marketing Principles. 1a Explain the various elements of marketing process In general, marketing has a bad press. Phrases like ‘Marketing gimmicks’, marketing ploys’ and ‘marketing tricks’ abound. The result is that marketing is condemned by association. Yet this is unfortunate and unfair because the essence of marketing is value not trickery. Successful companies rely on customer returning to repurchase: the goal of marketing is long-term satisfaction, not short-term deception. This theme is reinforced by the writings of top management consultant, the late Peter Drucker, who stated: Because the purpose of the business is to create and keep costumers, it has only two central functions-marketing and innovation. The basic function of marketing is to attract and retain customers at a profit. Marketing exists through exchanges. Exchange is the act or process of receiving something form someone by giving something in return. The ‘something’ could be a physical good, service, idea or money. Money facilitates exchanges so that people can concentrate on working at things they are good at, earn money (itself an exchange) and spend it on products that someone else has supplied. The modern marketing concept is expressed as: Figure 1.1 Key components of the market concept The achievement of corporate goals through exceeding customer needs and expectations better than the competition. To apply this concept, three conditions should be met. First, company activities should be focused upon providing customer satisfaction rather than, for instance, producer convenience. This is not an easy condition to meet. Second, achievement of customer satisfaction relies on integrated effort. The responsibility for the implementation of the concept lies not just within the marketing department. The belief that customer needs are central to the operation of a company should run

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