Part 1 - Understanding Marketing and Strategy.docx

Part 1 - Understanding Marketing and Strategy.docx - Part-1...

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Part-1: Understanding Marketing and Strategies 1. What is marketing History of Marketing In the old days, businesses often focused on making as much sales and profits as possible. Customer care, customer relationship, customer loyalty, market analysis, and most importantly, what customers really want were almost never looked into. However, by the mid 1900s, as business competitions in many different industries became stiffer, businessmen started to realize the great importance of identifying, examining and understanding customer needs. The scenario motivated many scholars and professors of several reputable universities to study in great detail beyond merely focusing on making as much sales and profits as possible. Today, marketing is an extremely important discipline in business management, as it covers a broad range of highly practical topics, including customer behaviour, product positioning, advertising, distribution, promotion, branding, price, strategies, social responsibility, and many more. The Role of Marketers In today’s digital world, the roles of a marketer are not only challenging, but also ever changing. The basic roles of a marketer include identifying the segmented market, positioning the products or services, forecasting, strategizing, marketing auditing, establishing customer relationship, loyalty and branding, analyzing and interpreting data, determining prices, planning of product promotions, advertising and more. Moreover, technology advancement has given marketers another big role and task – digital marketing. Marketers today simply cannot afford to ignore the fast-paced digital evolution, which gives organizations a new platform to understand their customers better, establish their brands, and achieve other marketing goals. 1.1. Definition of marketing Marketing is the process of meeting the needs of customers, making profits and meeting the organization goals by researching, identifying opportunities, targeting, communicating, persuading and establishing a customer relationship and trust. It also involves creating and delivering value to the intended audience. Advertising, public relations, pricing, branding, promotions, customer loyalty, personal selling etc are all under the umbrella of marketing. 1.2. Marketing concept The marketing concept is a management philosophy that believes that in order for an organization to achieve its objectives, customers’ needs and preferences must be identified and met. In short, it is a philosophy that centres on market orientation.
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What is market orientation? Market orientation is the generation of market intelligence using market research, studies, surveys, or interviews conducted on customers to identify their stated and unstated needs and preferences. At the same time, competitors' products, market strategies etc must also be observed. The information obtained from these activities that centres on customers’ needs will then be distributed across all departments in an organization and acts as a yardstick for decision making.
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  • Summer '18
  • lenia kumar
  • Marketing, Marketing and Marketing Concepts, Understanding Marketing And OB

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