Several definitions have been proposed for the term marketing. Each tends to emphasize different issues. Memorizing a definition is unlikely to be useful; ultimately, it makes more sense to thinking of ways to benefit from creating customer value in the most effective way, subject to ethical and other constraints that one may have.
The and definitions offered by the American Marketing Association are relatively similar, with the appearing a bit more concise. Note that the definitions make several points:.
The central idea behind marketing is the idea that a firm or other entity will create something of value to one or more customers who, in turn, are willing to pay enough or contribute other forms of value to make the venture worthwhile considering opportunity costs.
Value can be created in a number of different ways. Some firms manufacture basic products e.
Other firms make products whose tangible value is supplemented by services e. It is not necessary for a firm to physically handle a product to add value—e. It should be noted that value must be examined from the point of view of the customer.
Some customer click value certain product attributes more than others. A very expensive product—relative to others in the category—may, in fact, represent great value to a particular customer segment because the benefits received are seen as even greater than the sacrifice made usually in terms of money. Some forms of customer value.
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The marketing process involves ways that value can be created for the customer. Form utility involves the idea that the product is made available to the consumer in some form that is more useful than any commodities that are used to create it.
A customer buys a chair, for example, rather than the wood and other components used to create the chair. Thus, the customer benefits from the specialization that allows the manufacturer to more efficiently create a chair than the customer could do himself or herself. Place utility refers to the idea that a product made available to the customer at a preferred location is worth more than one at the place of manufacture. It is much more convenient for the customer to be able to buy food items in a supermarket in his or her neighborhood than it is to pick up these from the farmer.
Time utility involves the idea of having the product made available please click for source needed by the customer.
The customer may buy a turkey a few days before Thanksgiving without having to plan to have it available. Intermediaries take care of the logistics to have the turkeys—which are easily perishable and bulky to store in a freezer—available when customers demand them.
Possession utility involves the idea that the consumer can go to one store and obtain a large assortment of goods from different manufacturers during one shopping occasion. Supermarkets combine food and other household items from a number of different suppliers in one place. Two approaches to marketing exist. The traditional selling concept emphasizes selling existing products.
The philosophy here is that if a product is not selling, more aggressive measures must be taken to sell it—e. Smith Corona, a manufacturer of typewriters, was too slow to realize that consumers wanted the ability to process documents and not typewriters per se. The marketing concept, in contrast, focuses on getting consumers what they seek, regardless of whether this entails coming up with entirely new products.
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The 4 P s— product, place distributionpromotionand price —represent the variables that are within the control of the firm at least in the medium to long run. In contrast, the firm is faced with uncertainty from the environment.
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Elements of the environment. The marketing environment involves factors that, for the most part, are beyond the control of the company. Thus, the company must adapt to these factors.
It is important to observe how the environment changes so that a firm can adapt its strategies appropriately. Consider these environmental learn more here. Plans are needed to clarify what kinds of strategic objectives an organization would like to achieve and how this is to be done.
Such plans must consider the amount of resources available. One critical resource is capital. Small startup software firms, on the other hand, may have limited cash on hand. This means that they may have to forego what would have been a good investment because they do not have the cash to invest and cannot find a way to raise the capital. Other resources that affect what a firm may be able to achieve include factors such as:.
Plans are subject to the choices and policies that the organization has made. Some firms have goals of social responsibility, for example. Some firms are willing to take a greater risk, which may result in a very large payoff but also involve the risk of a large loss, than others.
Strategic marketing is best seen as an ongoing and never-ending process. Levels of planning and strategies. Plans for a firm can be made at several different levels.
At the corporate level, the management considers source objectives of the firm as a whole. For example, Microsoft may want seek to grow by providing high quality software, hardware, and services to consumers. To achieve this goal, the firm may be willing to invest aggressively.
Plans can also be made at the business unit level. For example, although Microsoft is best known for its operating systems and applications software, the firm also provides Internet access and makes video games.
Different managers will Through Trial And Error We Know The Truth Essay responsibilities for different areas, and goals may best be made by those closest to the business area being considered. It is also more practical to hold managers accountable for performance if the plan is being made at a more specific level. Boeing has both commercial aircraft and defense divisions.
Each is run by different managers, although there is some overlap in technology between the two. Therefore, plans are needed both at the corporate and at the business levels. Occasionally, plans will be made at the functional level, to allow managers to specialize and to increase managerial accountability.
Finance may be charged with raising a given amount of capital at a given cost.
The firm needs to identify the business it is in. A firm may define its goal very narrowly and then miss opportunities in the market place. For example, if Dell were to define itself only as a computer company, it might miss an opportunity to branch into PDAs or Internet service.
For example, a manufacturer of baking soda should probably not see itself as a manufacturer of all types of chemicals. Sometimes, companies can define themselves in terms of a customer need. For example, 3M sees itself as being in the business of making products whose surfaces are bonded together. This accounts for both Post-It notes and computer disks.
Several issues are involved in selecting target customers. We will consider these in more detail within the context of segmentation, but for now, the firm needs to consider issues such as:. The Boston Consulting Group BCG matrix provides a firm an opportunity to assess how well its business units work together. Each business unit is evaluated in terms of two factors: Firms are usually best of with a portfolio that has a balance of firms in each category.
The cash cows tend to generate cash but require little future investment. On the other hand, stars generate some cash, but even more cash is needed to invest in the future —for research and development, marketing campaigns, and building new manufacturing facilities. Therefore, a firm may take excess cash from the cash cow and divert it to the star. If a firm has cash cows that generate a lot of cash, this may be used to try to improve the market share of a question mark.
A firm that has a number of promising stars in its portfolio may be in serious trouble if it does not have any cash cows to support it. If it is about to run out of cash—regardless of how profitable it is— is becomes vulnerable as a takeover target from a firm that has the cash to continue running it. Successful firms such as Microsoft have certain strengths.
Microsoft, for example, has a great deal Through Trial And Error We Know The Truth Essay technology, a huge staff of very talented engineers, a great deal of experience in designing software, a very large market share, a well respected brand name, and a great deal of cash. Microsoft also has some weaknesses, however: Click to see more game console and MSN units are currently running at a loss, and MSN has been unable to achieve desired levels of growth.
Firms may face opportunities in the current market. Microsoft, for example, may have the opportunity to take advantage of its brand name to enter into the hardware market. Microsoft may also become a trusted source of consumer services.
Microsoft currently faces several threats, including the weak economy. Because fewer new computers are bough during a recession, fewer operating systems and software packages.
Rather than merely listing strengths, weaknesses, opportunities, and threats, a SWOT analysis should suggest how the Should Ever Write My Life Story may use its strengths and opportunities to overcome weaknesses and threats.
Decisions should also be made as to how resources should be allocated. For example, Microsoft could either decide to put more resources into MSN or to abandon this unit entirely. Microsoft has a great deal of cash ready to spend, so the option to put resources toward MSN Through Trial And Error We Know The Truth Essay available.
Microsoft will also need to see how threats can be addressed. The firm can earn political good will by engaging in charitable acts, which it has money available to fund. For example, Microsoft has donated software and computers to schools.
Criteria for effective marketing plans. Marketing plans should meet several criteria:. Ethical responsibilities and constraints. Businesses and people face some constraints on what can ethically be done to make money or to pursue other goals.