BUS620 Managerial Marketing - DQ's

BUS620 Managerial Marketing - DQ's - Week 1 BUS620...

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Week 1 – BUS620: Managerial Marketing DQ’s 1. Value Assess the role the marketing function plays in creating value for customers and shareholders. Mullins and Walker (2010) contend that, “delivering superior value to customers is the key to business success, and that superior value flows from a combination of well- designed products or services, produced with high-quality; efficient operations that enable low costs and competitive prices; and reliable customer service” (pg 24). In order to create value for customers and shareholders, marketing actions must efficiently and effectively manage exchanges between individual and organization focusing on customer needs and wants and the products and services that best satisfy those needs and wants. Moreover, marketing functions focus on measuring and responding to elements such as the product/service offered (creating the most need- satisfying benefits per dollar), service delivery (building customer relationships and enhancing customer loyalty), and financial accountability (providing the most desirable financial outcomes for shareholders). Mullins, J. W., Walker, Jr., O. C. (2010). Marketing management: A strategic decision making approach (7th ed.). Boston: McGraw-Hill Irwin. 2. Market Orientation Compare and contrast the advantages and drawbacks of having a marketing orientation in an organization. Make sure to include an example in your discussion. A market orientation provides a company with a better understanding of its customers, competitors, and environment, which subsequently leads to superior firm performance. According to Mullins and Walker (2010), “firms that are market-oriented coordinate their activities around the primary goal of satisfying customer’s unmet needs, and these firms have been shown to be among the more profitable and successful at maintaining strong competitive positions in their industries over time” (pg 34). Market-oriented organizations operate according to the business philosophy known as the marketing concept which holds that the planning and coordination of all company activities around the primary goal of satisfying customer needs is the most effective means to attain and sustain a competitive advantage and achieve company objectives over time (pg 36). In maintaining this advantage, “market-oriented firms are willing and able to quickly adapt products and functional programs to fit changes in that environment; these firms also adopt a variety of organizational procedures and structures to improve the responsiveness of their decision-making” (pg 36). Despite the success of this strategy, market-oriented firms run the risk of falling victim to their own strategy. In the attempt to keep up with the customer base and the ever
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changing market environment, firms may suffer from attempting to satisfy all customers’ needs regardless of cost. Mullins and Walker claim that, “that would be a prescription for financial disaster” (pg 37). In addition, the authors suggest that in some cases, “firms
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This note was uploaded on 08/29/2011 for the course BUSINESS 101 taught by Professor All during the Spring '11 term at Ashford University.

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BUS620 Managerial Marketing - DQ's - Week 1 BUS620...

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