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Marketing Assignment Task 1.
Ac 1.1. Explain the various elements of the marketing process (1) Provide at least two definitions of marketing and explain in your own words Marketing:
a; Marketing includes research, targeting, communications (advertising and direct mails) and public relations. It is the process by which a firm profitably translates costumers needs into revenue. b; Marketing is helping people buy your product or service. It is defined as we help people sell more stuff.
(2) Define customer’s needs and wants.
Needs: is something that you have to have to get by in this world; a necessity. In your personal life, you need food, shelter, clothing, medical care -- the basics. You will probably experience physical suffering of some sort if you don't have your needs met. In your business, you also have some basic needs -- business cards, basic office equipment and supplies, a scheduling and follow up system, involvement in some networking activities, and generally some professional development or continuing education for your field. Wants: is something that you desire, something you would like to have. "Wants" quite often fall into the category of luxuries, nice to have, but the world won't end without them. Marketing merely reflects societal needs and wants. With the advent of the Internet, consumers have greater freedom of choice and more evaluative criteria than every before. Consumers can and do make more informed decisions than previous generations.
(3) a; Customer’s value: is the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. b; Customers satisfaction: Many factors play a role in customer satisfaction, including customer service, product quality and the ease of doing business. Companies must consider customer satisfaction as an important role in the lifetime value of a customer. c; Exchange relationship: Get something (product/service) by offering something in return, eg. kind (barter) or money (value).Exchange is a value creating process because it leaves both parties better off (win – win situation). It is the core concept of marketing. Each party must also want to deal with the other party and each must be free to accept or reject the offer. A transaction is marketing's unit of measurement. a; Evolution of marketing:
By D. Steven White
b; The marketing orientation evolved from earlier orientations: The production orientation, the product orientation and the selling orientation. b; Marketing Orientation: is the business philosophy and approach to focusing on the customer's needs and wants, both stated and hidden, and satisfying them with proprietary or purchased products and services. c; Customer Orientation: It is Customer-centric business. This model provides a personalized customer experience that focuses on establishing healthy relationships between service providers and consumers by first identifying a customer's needs d; Competitor Orientation: as an element of market orientation, means that “a seller understands the short-term strengths and weaknesses and long-term capabilities and strategies of both the key current and potential competitors” (Carson 1990, Harris and Watkins 1998).
Ac 1.2: Evaluate the benefits and costs of marketing orientation for a selected organisation
(1) Swot analysing: Starbucks
-very profitable organization. The company revenue of more than $5000 million per every year. - Its a global coffee brand, almost 17800 cafes in 49 countries. - Starbucks was one of the Fortune Top 100 Companies to Work For...