The basic concept of marketing
Compare alternative definitions of marketing and explain the importance of being a contemporary marketer for 1901 Hot Dogs
Identify the main characteristic of a market orientated organization for today’s modern businesses applicable to 1901 Hot Dogs.
Identify the elements of marketing concept
Identify and assess the benefits and costs of a marketing approach
Identify and explain the macro and micro environmental factors which influence marketing decisions affecting 1901 Hot Dog in Vietnam.
Business to business Segmentation
Business to customer Segmentation
Factors which influence the choice of targeting strategy for 1901 Hot Dogs.
It was at the height of the Asian Financial Crisis. The country was reeling from the impact. Belts were tightened and many businessmen took conservative routes to ride the crisis over. In the midst of this turmoil, two young entrepreneurs, Tengku Rozidar and Ahmad Zakir, set up the first ever hot dog store in Sunway Pyramid, Malaysia. The rest, as they say, is history. From the first pushcart, 1901 now has grown by leaps and bounds with over 70 outlets by 2007.
In the first part, this report will provide some basic concepts about marketing, including definition, characteristics of market organization, marketing concept as well as the costs and benefits that this concept brings to a company which application to real case study of 1901 Hot Dogs. Moving to next part, the marketing process of 1901 Hot Dogs will be explored deeply in term of business environment influenced factors, segmentation, targeting strategy and buyer behavior affects marketing activities.
B. Main findings
I. The basic concept of marketing
1. Compare alternative definitions of marketing and explain the importance of being a contemporary marketer for 1901 Hot Dogs 2.1 Compare Alternative Definition of Marketing
In daily life, people often hear the word “Marketing” repeated a lot of times and find that it is quite familiar. However, how many of them actually understand what marketing definitely is. In fact, every researcher has their own definition to the terminology “Marketing”, based on what they consider what marketing is actually about. Marketing
Mutual beneficial exchange
Figure 1. Arriving at a definition of a marketing
According to Philip Kotler, “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 each other.” In this definition, Kotler focus on creating and exchanging process in order to basically meet with human needs (the state of felt deprivation) and wants (the form taken by human needs as they are shaped by culture and individual personality). Furthermore, these processes are based mostly on social and managerial grounds in which people only charge what they feel value and satisfy their requirements. In another way, Chartered Institute of Marketing “Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably”. In contrast with Kotler’s definition, CIM’s definition defined Marketing as a term to describe a broad scope, diverse from initial trying to identify what the customer’s needs are as well as discover how to meet with these needs in short - term. Moreover, in this case, the definition emphasizes mostly on the important of customers that satisfying customer’s needs as an essential duty of...
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