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Marketing Concept and Marketing Communication - Case Study Example
Pages 6 (1506 words)
The new economy has bought about a new approach to marketing that is no longer product/market driven but customer driven. In today's competitive economy marketing management eventually rests upon the customers' behaviour and reactions not only to the 4P's namely product, price, promotion and place, but also with the additional 3Ps of physical layout, process and people (e.g…
Thinking of marketing less as a function and more as a set of values and processes (Moorman and Rust 1999) appears as the new vision of marketing. The survival and growth of a company therefore requires accurate knowledge about customers and careful relationship management.
In this paper I look for the underlying principles of the new trends in marketing. In doing so, I focus first on exploring the new concept of marketing; then I show an example of new trends in marketing in AstraZeneca (See Appendix). After that, I tackle the concept of marketing communication with the case of Royal Caribbean Cruises (See Appendix). Finally I refer to conclusions.
During the last few decades marketing has been challenged to undertake a paradigm shift away from the view of marketing as an optimization problem with an emphasis on product, price, promotion and distribution and toward a conceptualization of marketing as a set of activities focused on intra-firm and inter-organizational influence processes. As a result marketing has moved away from a focus on transactions as the fundamental unit of analysis and toward a focus on relationships with customers and suppliers (Webster et al. 2003).
In addition, in this relationship the customer is no longer just a recipient of goods. ...