Chapter 2

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Chapter 2

Asliya E. Badtuan ABM11-C

LESSON SUMMARY

Marketing is part of our lives and touches us in some way every day. To
be successful, each company that deals with customers on a daily basis
must not only be customer-driven, but customer-obsessed. The best way
to achieve this objective is to develop a sound marketing function within
the organization. Marketing is defined as a social and managerial process
by which individuals and groups obtain what they need and want through
creating and exchanging products and value with others. Marketing is a
key factor in business success. The marketing function not only deals with
the production and distribution of products and services, but it also is
concerned with the ethical and social responsibility functions found in the
domestic and global environment. Marketing and its core concepts, the
exchange relationship, a brief description of marketing management, the
five major philosophies of marketing thought and practice, marketing
challenges in the new "connected" millennium, marketing's relationship
to the information technology boom and the Internet, and connections
with the world around us are the topics presented in this chapter.

ASSIGNMENT DISCUSSION PROBLEMS

1.Answer the question "What is marketing?"


Marketing is defined as a social and managerial process by which
individuals and groups obtain what they need and want through creating
and exchanging products and value with others. Also, marketing is part of
our lives and touches us in some way every day.

2. Discuss the concept of customer value and its importance to successful


marketing.
To be successful, each company that deals with customers on a daily
basis must not only be customer-driven, but customer obsessed and the
best way to achieve this objective is to develop customer value, a sound
marketing function within the organization.

3.How are the concepts of customer value and relationship marketing


linked?
The concepts of customer value and relationship marketing are linked
to each other as they express the value of a product to customers, and
maintain the relationship in order to retain customers loyal to the firm for
company and eventually, enhance profitability.

4. Identify the single biggest difference between the marketing concept


and the production, product, and selling concepts. Discuss which concepts
are easier to apply in the short run. Which concept offers the best long-
run success potential? Why?
The single biggest difference between the marketing concept and the
production, product, and selling concepts are the methods that’s applied
to selling of products. Which the marketing concept focuses on a firm
evaluating the needs of the market, or customers and meeting customer
needs better than competition. The production concept is based on putting
goods and services into the market in large quantities and are relatively
inexpensive. Selling concept focuses on the buyer and promotes the
product in a way that suits the customer needs. The production, product
and selling concepts are the concepts that is easier to apply in the short
run because the emphasis on these concepts are on the sales of the product,
and not with standing what are the needs of the customers. While the
concepts offer the best long-run is the marketing concept. Here, the
emphasis is on knowing the needs of the customers and manufacturing a
product accordingly.

5. The major marketing developments as we enter the new millennium


can be summed up in a single theme: connectedness. Explain
"connectedness" and elaborate how marketers can apply it to customers,
marketing partners, and the world around us.
Marketing operates in a continually changing world. Technology is
the most important element behind the theme ‘connectedness’. The rapid
advancement of computer, and information technologies, as well as the
convergence of various technologies had a significant influence on how
companies provide value to their customers. Using today’s powerful
computers, marketers create detailed databases and use them to target
individual customers with offer designed to meet their specific needs.
They aiming for fewer, perhaps more specific goals.

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