Marketing Theory and Practice- MKF1120
Lecturer- Peter Wagstaff
Due Date- 30 March, 2012
Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).
Concepts of marketing have adapted over time, according to various cultural contexts and developments in academic thinking. The simplest delineation of marketing is “meeting needs profitably” (Kotler et al., (2010), however this definition understates the wide variety of marketing functions and practices that are omnipresent in the marketing world today. Through time, marketers and organisations have realised that organisations that focus all energy on profit making, are unlikely to maximise profits. Instead, marketers must seek to identify target customers and their specific needs, and then deliverer appropriate value to customers to build long-term, profitable relationships (Kotler et al., 2010). Because of this, the Australian Marketing Association (2007) understands marketing as being a process, which involves “exchanging offerings” not only with customers, but also with clients, partners and “society at large”. This interpretation not only appreciates the continuous nature of marketing, but also the fact that it is about mutual exchange with all publics, and not just customers. Smiggle must maintain good relationships with various publics including customers, but also suppliers and employees. To do this, Smiggle must benefit all publics
References: Armstrong, G. Brown, L. Burton, S. Deans, K., & Kotler, P. (2010). Marketing (pp. 4-40). New South Wales: Pearson Australian Marketing Association Bergman, R. Coulter, M. Robbins, S., & Stagg, I. (2012). Management 6 (pp. 86-91). New South Wales: Pearson. Colgate, M. Smith, B. J. (2007). Customer value creation: a practical framework. Journal of Marketing Theory and Practice, 15(1), 7-17. Jawarski, B Kotler, P. (2000). Marketing Management: Millenium Edition. Upper Saddle River, NJ: Pearson Lynch, J Seelig, F. (1999). Marketing now has broader definition. Grand Rapids Business Journal, 17(39), 10 Sheth, J. Parvatiyar, A. (1995). Relationship marketing in consumer markets: antecedents and outcomes. Journal of the Academy of Marketing Science. 23(4), 255–272. Smiggle. (2012). Colour Crews. Retrieve from http://www.smiggle.com/tem/fun.tem