It has also allowed new approaches by which marketers can target consumers more

It has also allowed new approaches by which marketers

This preview shows page 2 - 4 out of 6 pages.

It has also allowed new approaches by which marketers can target consumers more selectively and build closer, two-way customer relationships in the Web 3.0 era. In an increasingly smaller world, many marketers are now connected globally with their customers and marketing partners. Today, almost every company, large or small, is touched in some way by global competition. Today’s marketers are also re-examining their ethical and societal responsibilities. Marketers are being called to take greater responsibility for the social and environmental impact of their actions. Finally, in recent years, marketing also has become
Image of page 2
a major part of the strategies of many not-for-profit organizations, such as universities, hospitals, museums, zoos, symphony orchestras, and even churches. Pulling it all together, as discussed throughout the chapter, the major new developments in marketing can be summed up in a single word: relationships . Today, marketers of all kinds are taking advantage of new opportunities for building relationships with their customers, their marketing partners, and the world around them. Notes 1 Marketing versus selling: Many people think that marketing is all about advertising and selling products and services. As you work through this lesson, it should become clear that marketing is about delivering value to customers as well as managing customer relationships in ways that create value for an organization and its stakeholders (textbook, p. 5). Selling and promotion are just subcomponents of the overall marketing process, which is outlined in Figure 1.1 on page 6 of the textbook. Firms that focus on selling and those that follow the marketing concept build on different philosophies to design their market strategies. A good description of the two philosophies is provided in Figure 1.3 on page 11 of the textbook. Note that while the ultimate goal in the two cases is profit, the way in which profit is achieved is different. With the selling concept, profit is achieved through sales volume, while with the marketing concept, it is achieved through satisfying customer needs. 2 Societal marketing concept: This principle holds that an organization should make good marketing decisions by considering "consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests” (textbook, p. 12). To really understand this concept, you have to consider the following two dichotomies: short-run versus long-run consequences of marketing actions and the welfare of individual consumers and organizations versus the welfare of society as a whole. The first dichotomy suggests that marketing managers in organizations should be aware that their actions may satisfy consumers’ wants and create profits in the short run but may have dreadful consequences in the long run. The second dichotomy indicates that what may be good for individual consumers and organizations may not be so for the whole society.
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 6 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes