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Marketing discusion questions - Book Report/Review Example

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Marketing discusion questions

Marketing activities together with communication initiatives ensure that the markets are aware of the product characteristics and features together with its perceived advantages before they enter the market. When the products are finally brought into the market it is necessary to keep the customers interested in the product or service through activities that are aimed at enhancing brand loyalty. Thus marketing actions also come in here to build brand loyalty through promotions and other loyalty programs that make the customers stick to a given brand. Marketing also helps in pricing products and services. It is true that some customers make attach value to a product basing on its price as compared to others in the market. Pricing ensures that customers remain loyal to the product with periods of discounts and premium pricing. Value is also created through the establishment of long-term relationships with its customers. This is important for successful marketing strategies (Mullins & Walker, 2010). To stakeholders marketing activities enhance shareholder value through the reduction of the vulnerability and volatility or risks associated with cash flows. This has been made possible through various marketing activities and processes that include the design of new products, supply chain management, managing customer relations, channels and even strategic partners. Question 2 A marketing orientation is a kind of management where a business reacts to what the customers want. The decisions that are made here are based on information gathered about customer needs and wants rather than what the business would want to think is right for their customers. This concept is based on the philosophy that the planning and coordination of all the activities of the company should be focused on the primary goal of satisfying the customer needs and sees this as the most effective means to attain and sustain a competitive advantage and achieve the company’s goals (Mullins & Walker, 2010). The advantages of a market oriented approach are that there is a focus in all department on customer needs and competitive circumstances in the environment. They develop products specifically to address customer needs. Secondly this approach has the ability to quickly adapt products and functional programs to fit to the changing business environment. To them market research is very important in before programs are designed and produced. These organizations are also responsive as they have adopted a variety of organizational procedures and structures to help them. Such include real time information systems, detailed environmental scanning and seeking frequent feedback among others. The disadvantage of this approach is that it is seen as a philosophy such that it aims at satisfying all customers regardless of the costs. This leads to a financial disaster. A good example of a market oriented firm is Nokia that keeps changing it products depending on the needs of the customers. When the mobile phone market changed from the calling and texting environment to customers using their phones to store documents, listen to music, take pictures, they had to come up with innovative products to suit customers’ needs and these led to the design and production of phones with memory cards, cameras and internet capability (Mullins & Walker, 2010). Question 3 Different decisions are made before an individual buys a product. Let us take the example of buying a bathing soap and buying a computer. Here different decisions ...Show more

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Marketing Discussion Questions (Name) (University) (Course) (Tutor) Question one Value is the benefits that individuals attach to a product or service. It is a function of intrinsic product features, service and price and has different meanings for different people…
Author : bbradtke
Marketing discusion questions essay example
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