Thirdly, each of the exchanging parties has to exude confidence in the value of the items exchanged. For instance, when purchasing a vehicle, the customer has to have confidence that the vehicle would perform beyond their expectations and offer the required utility. Lastly, r both parties have to meet the high expectations as a way to build trust in the transaction, in addition to making the marketing activity successful.
A recent marketing exchange that I participated recently was purchasing a mobile phone recently. In the transaction, I had to visit a local distributor dealing in some of the leading phone brands, which actualized the first requirement of a marketing exchange; two parties have to be involved in the exchange. Secondly, I was attracted to the mobile phone due to its enhanced functionality, which promised to be of much value. In this case, I was confident that the phone could satisfy my needs while the distributor would be satisfied by having a piece of his stocks sold at a profit. Thirdly, I was very confident that after reviewing the phone and listening to earlier users, the phone could deliver more value to exceed my satisfaction as I had been disappointed by some earlier models. Lastly, I had to bargain to get the best possible price for the best product, while we finally settled on the last price with each of us meeting and exceeding the expectations. As a result, we established a strong buyer-seller relationship that would be considered for another transaction in the future.
Q.2 In strategic planning, an organization sets its mission, goals and a corporate strategy that guides in all its operations until establishment of a sound marketing plan to seal transactions. As such, Pride & Ferrell (2012) detailed the important components to be considered in strategic planning. The first step involves identification of the organization’s strengths, ...Show more