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Assignment Marketing

Assignment Marketing - StudentCode:E0800024 Many people...

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Student Code: E0800024                         Many people think of marketing only as selling and advertising. And no wonder—every day we are bombarded with TV commercials, direct-mail offer, sell calls, and internet pitches. However, selling and advertising are only the tip of the marketing iceberg. Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Therefore, it has a quite important role in business. In my following essay, I am going to analyse a case of Seagull Terrace to everyone understand the basic and role of marketing. Question1 : Marketing process refers to five simple steps. Firstly, understand the marketplace and customer wants and needs. Outstanding marketing companies go to great lengths to learn about and understand their customer’s needs, wants and demands. This understanding helps them to design want-satisfying market offerings and build value-laden customer relationships by which they can capture customer lifetime value and great share of customer. Secondly, design a customer-driven marketing strategy. To design a winning marketing strategy, the company must first decide who it will serve. It does this by dividing the market into segments of customers (market segmentation) and selecting which segments it will cultivate (target marketing). Next, the company must decide how it will serve targeted customers (how it will differentiate and position itself in the marketplace). Thirdly, conduct an integrated marketing program that delivers superior value. The marketer develops an integrated marketing program that will actually deliver the intended value to target customers. The marketing program builds customer relationships by transforming the marketing strategy into action. Fourthly, build profitable relationships and create customer delight. Good customer relationship management creates customer delight. In turn, delight customers remain loyal and talk favorably to others about the company and its products. Finally, capture value from customers to create profit and customer equity. The only value the company will ever create is the value that come from customers—the ones you have now and the ones you will have in the future. Without customers, you don’t have a business”. Company wants not only profitable customers, but to “own” them for life, capture their customer lifetime value, and earn a greater share of their purchases. In this case, Carol Veldt’s strengths: Grow from a small and seaside motel to a thriving year-round resort in just a few years. Atop a bluff overlooking the Maine coast, Seagull Terrace has attracted thousands of visits during the summer months. She looked at what the competition was doing and, more importantly, what it was not doing or not doing as well as it could. Seeing the potential, she stepped in with a product that would appeal to a wide range of people and offer a degree of luxury that others may not be having.
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