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The new economy - Essay Example

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The new economy

Ideally marketing should result in a customer who is ready to buy. Marketing is an organizational function and a set of process for creating, communicating and delivering value to customers and managing customer relationships in ways that benefit the organization and its stakeholders (Kotler, 2003).
The first objective in marketing is discovering the needs of prospective consumers. Effective marketing can clearly shape persons wants and tries to influence what we buy. The second objective in marketing is satisfying the needs of targeted consumers. Because an organization obviously can't satisfy all consumer needs, it must concentrate its efforts on certain market one or more specific groups of potential customers towards which an organization directs it marketing program. Having selected the target market, consumers, the organization then takes action to satisfy their needs by developing a unique marketing program to reach them. These programs are planned to achieve organizations objectives. Marketing mix is the set of marketing tools which organization uses to pursue its marketing objective in the target market Borden, 1994). McCarthy (1999) classified these tools into four broad groups that he called the four P's of marketing i.e. product, place, promotion and price. Marketing-mix decisions influence trade channels as well as final consumers. Typically, the firm can change it prices, Sales force size and advertising expenditures in the short run, although it can develop new products and modify its distributions only in the long run. Normally the firms tend to make fewer marketing mix changes in the short run. Clearly, marketing activities should be carried out under a well thought out philosophy of efficient, effective and socially responsible marketing. But with the growth of different activities at the market place these marketing tools i.e. 4 P's may not be sufficient for the organization to have effective marketing action. Although it's still very important to run an efficient operation, that alone is no longer enough for success. Employees must be customer service oriented in addition to being concerned about efficiency. The service product must be tailored to customer needs, priced realistically, distributed through convenient channels and actively promoted to customers. The organization must continuously be aware of trends in size and structure of each market in which its services compete, and very important, the organization must monitor what its competitors are doing and have a clear strategy for achieving and maintaining competitive advantage. The marketing concepts and practices that have been developed in manufacturing sector often cannot be directly transferable to service organizations due to some basic differences such as in service products are ephemeral and cannot be inventoried, Intangible elements dominate value creation, customers may be involved in the production process, other people may form part of the product, there is greater variability in operational inputs and outputs, many services are difficult for customers to evaluate, the time factor assumes great importance and distribution channels take different form. Now to capture the distinctive nature of service performances, practitioners of marketing management, extended the marketing mix by adding three elements associated with service delivery i.e. physical environment/evidence process and people (Booms and Bitner, 1981). Collectively ...Show more

Summary

The new economy has brought the newer concepts to organizations like customer focus, good value, quality service and efficient exchange mechanisms for satisfying customer needs and wants. One of the important aspects, which played phenomenal role in organization success, is marketing concepts…
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The new economy essay example
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