Ms-06 Solutions Target a Grade.
ASSIGNMENT SOLUTIONS Course Code Course Title Assignment Code : : : MS - 6 Marketing for Managers MS-6/TMA/SEM - I /2012
Question 1 a) Explain the concept of Marketing and substantiate the significance in modern organization in accomplishment of their objectives.
Answer:
Marketing Concept
The marketing concept holds that the key to achieving organizational goals consists of being more effective than competitors in integrating marketing activities toward determining and satisfying the needs and wants of target markets. The marketing concept rests on four pillars: target market, customer needs, integrated marketing, and profitability. Target market: No company can operate in every market and satisfy every need. Nor can it always do a good job within one broad market. Customer needs : Marketing is about meeting needs of target markets profitably. The key to professional marketing is to understand their customers’ real needs and meet them better than any competitor can. Some marketers draw a distinction between responsive marketing and creative marketing. A responsive marketer finds a stated need and fills it. A creative marketer discovers and produces solutions that customer did not ask for but to which they enthusiastically respond. Integrated Marketing: When all the company’s departments work together to serve the customer’s interests, the result is integrated marketing. Integrated marketing takes on two levels. First, the various marketing functions-sales force, advertising, product management, marketing research, and so on – must work together.
Second must be well coordinated with other company departments. The company is doing proper marketing only when all employees appreciate their impact on customer satisfaction. To foster teamwork among all departments, the company carries out internal marketing as well as external marketing. External marketing is marketing directed at people outside the company. Internal marketing is the task of successfully
Question 1 a) Explain the concept of Marketing and substantiate the significance in modern organization in accomplishment of their objectives.
Answer:
Marketing Concept
The marketing concept holds that the key to achieving organizational goals consists of being more effective than competitors in integrating marketing activities toward determining and satisfying the needs and wants of target markets. The marketing concept rests on four pillars: target market, customer needs, integrated marketing, and profitability. Target market: No company can operate in every market and satisfy every need. Nor can it always do a good job within one broad market. Customer needs : Marketing is about meeting needs of target markets profitably. The key to professional marketing is to understand their customers’ real needs and meet them better than any competitor can. Some marketers draw a distinction between responsive marketing and creative marketing. A responsive marketer finds a stated need and fills it. A creative marketer discovers and produces solutions that customer did not ask for but to which they enthusiastically respond. Integrated Marketing: When all the company’s departments work together to serve the customer’s interests, the result is integrated marketing. Integrated marketing takes on two levels. First, the various marketing functions-sales force, advertising, product management, marketing research, and so on – must work together.
Second must be well coordinated with other company departments. The company is doing proper marketing only when all employees appreciate their impact on customer satisfaction. To foster teamwork among all departments, the company carries out internal marketing as well as external marketing. External marketing is marketing directed at people outside the company. Internal marketing is the task of successfully