Marketing Case
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1a.) Compare Two Definitions of Marketing
Generally accepted UK definition is the one given by the Chartered Institute of Marketing (CIM) as follows:
“Marketing is the management process which identifies, anticipated and supplies customer requirements efficiently and profitably.”
Another popular definition by Philip Kotler as follows:
“Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.”
Comparing above definitions I find some key points as follows:
In the CIM definition marketing is called the management process. This definition made CIM as an organizational view point. But on the other hand Philip kotler define as a social process, it is not organizational or customer view point. Marketing observed from up.
Process of spotting, predict and provide what customer desires it means provide good. But on the other definition say acquire what they need means customer meet their satisfaction through goods or services. Both definitions are same like.
CIM define marketing will be used by competent and advantageously by meet customer requirement. It means provide customer satisfaction as a way of achieving own goals.
There is no combined definition of marketing. All definition is correct but slight change. The reason, it is quite tough a give definition of marketing in a simple sentence, lot of features involve in a simple definition.
1b.) Identify the Main Characteristics of A Marketing- Oriented Organisation
First marketing-oriented concept starts practicing in USA in 1950, after that it is still adopted by various companies main beliefs. According to Levitt4- “marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it”. The marketing-oriented organization main characteristics are marketing and customer. The marketing-oriented organizations concept can be understood by the following figure:
Starting Point
Focus
Means
By those two characteristics marketing and customer mean that, survive long term in the market through the needs of the target customer. Finally producing goods and services for satisfying customers requirements.
In the marketing customer is the heart of the business. Business will become success through customer satisfaction. The marketing-oriented organizations always give priority to customer wants not organization wants. Moreover organizations business aim is to satisfy customer. So, organization produces goods and service according to customer needs.
So, few things are important for marketing-oriented organization:
Business focus on customer
Give priority to customer choice not organizational choice
Produce goods and services according to customers needs
1c.) Explain The Elements Of The Marketing Concept
The marketing concept started is seriously on in USA during 1950s. Sometimes marketing concept refers mainly marketing and customer. Simply it is say, for long time stay in the market and makes profit through fulfil customers needs and wants in a target market by producing goods and services.
In the marketing concept the elements are:
Customer
Target market
Customer takes the central place of business stage. Meeting the needs and wants of customers a firm can grow. This is important view about the marketing concept. The marketing concept is about corresponding a companys ability with the customer wants. Needs are created from human biology and the nature of social relationships. Customer needs are, therefore, very broad. Whilst customer needs are broad, customer wants are usually quite narrow. For example, when a customer feels hunger they want food for satisfy hunger. Eating at McDonalds or KFC satisfies the need to meet hunger. Some consumers are never satisfied unless their food comes served with a bottle of drink. An organisation that adopts the marketing concept accepts the needs of potential customers as the basis for its operations. Success is dependent on satisfying customer needs.
A target market or target audience is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise6. The target market and the marketing mix variables of product, place(distribution), promotion and price are the two elements of a marketing mix strategy that determine the success of a product in the marketplace.
So the discussion may be noted as follows important point:
Marketing focuses on the satisfaction of customer needs, wants and requirements.
The philosophy of marketing needs to be owned by everyone from within the organization.
There is normally a focus upon profitability, especially in the corporate sector. However, as public sector organizations