Discussion About Marketing Concepts and Their Applications in Sri Lanka

Topics: Marketing, Sri Lanka, Business Pages: 9 (2724 words) Published: October 26, 2011
Discussion about Marketing Concepts and their Applications In Sri Lanka

Table of Contents

Table of Contents1
1. Marketing Philosophy2
2. Customer Value and Satisfaction4
3. Marketing Myopia6
4. Postmodern Marketing8
5. Marketing Environment9
List of References11

1. Marketing Philosophy
Every business organization in the modern world must be associated with Marketing. Its primary objective is to earn profit after fulfilling customer needs, wants or desires. Marketing will be used to find what customer needs or wants and organize to satisfy them after supplying their requirements. The Chartered Institute of Marketing in the UK defines marketing as follows: "Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably". We can imagine how marketing is important as the organizations make the marketing as its business philosophy. Typically every organization has some philosophy which will direct all its decisions, strategies, activities etc. The philosophy might be stated formally, as in a mission statement, or it might become established informally through the communications and actions of top management. We can identify three main philosophies. Those are production, selling and marketing philosophy. Even though we discuss Marketing Philosophy, it is very easy to understand it by knowing other two philosophies. Production Philosophy (Production Orientation)

Product oriented companies mainly focus on producing best sophisticated product or service by using high end latest technology which can compete with competitors. Marketing is its secondary priority. They believe that the customer will be attracted to the best products. Apple which produces iPhone, iPad, iMac is a great example for product orientation. Within Sri Lankan context, at one stage Maliban was a good example since they were more focusing on its mass production of limited varieties of biscuits without focusing on marketing. Selling Philosophy (Selling Orientation)

It assumes that any product or service can be sold if we put enough effort to sell it. Marketing’s job is to sell whatever the organization decides to produce. Although selling is one component of marketing, organizations driven by a selling philosophy emphasize selling efforts to the exclusion of other marketing activities. In one hand, Amazon.com is driven by selling philosophy as it has any type of products from several merchants to sell through its online portal. In Sri Lankan context, most of the super markets like Cargills Food City (Cargills Retail Pvt Ltd) are practicing selling philosophy. Even though it named as food city it has multiple consumer goods and even the facilities to pay customers utility bills. Marketing Philosophy (Marketing Orientation)

This primarily follows the definition of Marketing. Marketing Philosophy is to identify, anticipate and fulfill customer’s needs and wants by organizing the company in all angles. This focus applies to people in the marketing function as well as to those in production, personnel, accounting, finance, and other functions. Production and selling are still important, but the organization is driven by satisfying customer needs. Marketing philosophy involves sophisticated market researches to identify customer needs in advance. It should have a very good relationship with customers. While keeping the customers happy, the company should strategically focus on its growth towards higher profitability. Following is a very good global example of company which follows marketing philosophy. Applied Materials, Inc which is a capital equipment producer serving the semiconductor, TFT LCD display, Glass, WEB and solar (crystalline and thin film) manufacturing industries reinforces the importance of a marketing philosophy every payday. ‘Your payroll dollars are provided by Applied Materials customers’ appears on the front of every employee’s paycheck. In Sri...
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