ASSIGNMENT: MARKETING MANAGEMENT
“CUSTOMER IS THE KING IN COMPETITIVE MARKETING WORLD”
MONTO CHANDRA GOPE
Lecturer, Marketing Management, Metropolitan University, Sylhet.
Md Redwanul Karim,
MBA 19TH BATCH
Date of submission: 17/06/2010
CUSTOMER IS THE KING IN COMPETITIVE MARKETING WORLD
"Marketing is not a campaign; it's a commitment. And there's no more important commitment than that which we make to our lifeblood - our customers”.1 Joseph Jaffe.
‘Customer is King’ is the premise that any product’s design, production, distribution and marketing should have one central focus at the core of all decision-making: the customer. Not long ago, consumers were without rights with regards to their interaction with products and producers until a movement called consumerism began pushing for increased consumer rights and legal protection against malicious business practices. Since then, various types of consumer rights and laws – ‘the right to be safe’, the right to be informed’, the right to be heard’, ‘the right to choose freely’, ‘consumer credit act 1974’, ‘consumer protection act 1987’, ‘electronic commerce regulations 2002’, ‘consumer protection from unfair trading regulations 2008’, etc - were established to offer the customers the ultimate hierarchy in the marketing world. Competitive marketing strategy has relationship marketing as one of the key functionality in enhancing business performance in today’s world, which encompasses identification, establishment, maintenance, enhancement, modification and termination of relationships with customers in creating value for customers and profit for organisations. It helps understand the customer better, buy in customer attention, protect emotional well-being and customer psyche, and build trust with them. As the competitive marketing strategy dictates, customer is the main partnering element.
Market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby people trade, and rights or ownerships of goods and services are exchanged. Markets vary in size, range, geographical scale, location, types and variety of human commodities, as well as the types of goods and services traded. Consumers buy specific goods or services depending on their needs and preferences. Rarely does one product interest the entire population, which applies even to staples, such as sugar, flour and salt. Even if a company targets the entire population for these products, not everyone would be a potential customer. This same statistical truth applies to any products. For which it is an important managerial process to identify, anticipate and satisfy the customer requirements while designing, marketing and promoting a product. Financial success often depends on efficient marketing ability and planning. Finance, operations, accounting, and other business functions will not really matter if there is insufficient demand for products and services. The demand for products and services only depends on customers and...
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