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Explain the relevance of the Marketing Concept to the 21st Century business of your choice? - Assignment Example
Pages 8 (2008 words)
Importance of the Marketing Concept to McDonald’s: Marketing the Golden Arch across the Globe Name Instructor Class 28 July 2013 Word Count: 1957 INTRODUCTION The marketing concept is one of the most important elements that drive organisational success because it shapes the marketing strategies of businesses and their alignment with organisational vision, mission, values, and resources…
It shows that the marketing concept is relevant to McDonald’s through competition analysis and marketing mix, which it pursues because of the diverse local needs and values of its markets and the need to address criticisms of the negative effects of McDonaldisation on the services sector and the health of its customers. THE MARKETING CONCEPT The marketing concept has evolved significantly for the past sixty years. Most of the definitions of the marketing concept in the 1960s emphasise the relationship between organisations and customers, while current definitions in the twenty-first century seek to be more inclusive by embracing a stakeholder approach to defining and attaining “values” (Gamble, et al., 2011, p.235). The marketing concept states that companies must identify the needs of their customers more efficiently and effectively than the competition (Moore and Pareek, 2010, p.21). Apart from competitiveness, the marketing concept includes responsiveness and commitment to diverse stakeholders. Gundlach and Wilkie (2010, p.91) assert that marketing should go beyond providing value for customers and profits for organisations, but also involve exchanges and communications that benefit other stakeholders and the society in general. ...
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