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Marketing and Stakeholders in the Food Industry - Assignment Example

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Undergraduate
Assignment
Marketing
Pages 8 (2008 words)

Summary

Marketing and Stakeholders in the Food Industry Introduction All businesses want to satisfy the demands of the society. Therefore, one can say that marketing is the primary function of all businesses. In the past, businesses gave importance to other functions like production and selling…

Extract of sample
Marketing and Stakeholders in the Food Industry

In addition, the work finds out the various aspects of the marketing concept and illustrates how the marketing concept can be useful for the growth and development of an organization. Lastly, the work identifies the various stakeholders of McDonalds and suggests effective ways of communication that will satisfy each group. In general terms, the concept of marketing claims that in order to gain organisational goals, it is necessary to understand the needs and wants of the target market and deliver the required level of satisfaction more effectively and efficiently than competitors. Thus one can say that under marketing concept, it is more important to sell satisfaction than to sell product (Jain, 2006-07, pp. 292-293). According to AMA definition, “Marketing” is “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that will satisfy individual and organisational objectives” (Shah & D’Souza, 2009, p. 8). Marketing concept and other business philosophies An analysis of the marketing concept proves that it does not focus on maximising profit through increased sales volume. Instead, it gains profit through increased satisfaction of customers. Thus, in the marketing concept, customer is the central figure around which all marketing activities take place. ...
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