HW 1.0

By: Jhessamin Caintic

Aug 09 2014

Category: Uncategorized

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1.) What is Marketing ? (Kotler’s Definition) Elaborate.

What is Marketing: According to Philip Kotler, “The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others” is known as Marketing.

According to Us ‘Marketing’

Marketing is defined as the economic process through which goods and services are exchanged with the means of money value”. Here, the term “What is Marketing?” includes all the activities regarding transfer of goods and services from manufacturer to consumers or its perspective buyers. The transactions are taken place with the help of money in this way of defining marketing represents ‘Product Orientation’.

REFERENCE : http://www.whatismarketingconcept.com/what-is-marketing-kotlers-definition/#
SYNTHESIS :
In my understanding, Marketing is the process by which an organization relates creatively, productively, and profitably to the marketplace. It is also the art of creating and satisfying customers at a profit. Marketing is getting the right goods and services to the right people at the right places at the right time at the right price with the right communications and promotion.”

2.) Enumerate and discuss the GOALS OF MARKETING.

Goals for Marketing Coordinators

 A marketing coordinator oversees or manages many of the tasks required to keep a company’s marketing department running efficiently. Duties range from basic administrative tasks to strategic planning for the department. A coordinator has a number of job specific goals that he must focus on in order to keep the company on track with its marketing plan.

 

Open Communication With Other Departments

One goal of a marketing coordinator is to help facilitate fluid communication between the marketing department and other departments of the business. The coordinator might also have to ensure that the marketing department communicates efficiently with vendors and other outside parties crucial to its operation. For instance, the marketing department must stay in contact with advertising companies so that when it is time to initiate a new campaign the process is quick and straightforward.

Optimize Marketing Plan

A marketing coordinator must often work closely with the company’s marketing plan, so another goal is to optimize that plan as needed. Like the company’s other business plans, a marketing plan is a living document, meaning that it needs updating regularly. The marketing coordinator helps to keep the plan fresh and relevant to the company’s goals. He might also help develop entirely new marketing plans for product releases.

Stay Updated on Trends

Another goal for a marketing coordinator is to stay apprised of new trends and movements within the industry. Since the coordinator is partly responsible for marketing research, he needs to follow trends in the industry and among customers. For instance, social media provides a new platform where a marketing coordinator can learn about targeted customers, their desires, needs and interests regularly.

Organize Marketing Specialists

As the position title suggests, one key job of a marketing coordinator is to organize and coordinate operations in the marketing department. In some cases a coordinator plays the role of a manager and develops teams of specialists to tackle certain marketing tasks at the business. In this case, one of his main goals is to keep team members working together efficiently as a unit.

REFERENCE :http://smallbusiness.chron.com/goals-marketing-coordinators-20878.html

SYNTHESIS : For me , the goals of marketing  can be monetary (net sales, result), marketing-related (market share or position) or social (sustainable development).Goals can also be developed. This means that the focus is on the specification of the qualities, values, distinctness and identity of the company and products. As an aid, a brand strategy can be created and a manual and internal marketing established to ensure consistent compliance with it. 

3.) Discuss the concept of customer value and its importance to successful marketing?

In every buying decision, a consumer asks the same question: is what I am going to receive worth what I have to give up in order to get it? The gain the consumer receives for the benefit is weighed against the cost the consumer must pay to acquire the benefit. The value the individual consumer places on a product or service becomes the customer value for that offering. All strategies such as improving quality, enhancing service, lowering operating cost, changing distribution channels, altering the go to market approach, raising productivity through technology, discounting prices and so on depend on customer value. Why do strategies that are successful for some firms turn into abysmal failures for others? Why don’t some of the success principles espoused in countless books actually work all the time? Why does the opposite of these success practices yield good results sometimes? These supposed holy grails of success actually only work in certain situations and not others. What links them all together is customer value.

Reference : http://www.firstconcepts.com/customer-value/

SYNTHESIS : When we say marketing research this is the research where we can elaborate more about the satisfaction of customer. Marketing research ultimately is satisfying the needs and wants of the people in a certain community. The research is finding viable markets suitable for your company’s products to be distributed and in finding these markets where there is demand, you satisfy a consumer need.

 

 

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