Pages 8 (2008 words)
Which is more important when considering marketing strategy: to satisfy customer needs or to achieve competitive advantage This sounds like a quiz show trick question, but it is a dilemma faced by every manager, from the company's Chairman and Chief Executive Officer to the lowest supervisory level minion…
The "market" was a place or location, present since ancient times in every town or city, where goods (foodstuff, clothes, shoes, etc.) were bought and sold. The term evolved in modern times into an important concept that management thinkers define as one that gives meaning to the existence of a business.
The definition of the term "marketing" is one of the most persistent conceptual problems of business (Angelmar and Pinson, 1975, pp. 208-214). It has been officially defined as the "process of planning and executing conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organisational goals" (Bennett, 1995, 166). This takes into account almost everyone, from the business that sells a product or service, its delivery channels, and all the way to the customer or the client (Churchill and Peter, 1995, p. 7).
"Marketing is so basic that it is not just enough to have a strong sales department and to entrust marketing to it. Marketing is not only much broader than selling; it is not a specialised activity at all. It encompasses the entire business. It is the whole business seen from the point of view of its final result, that is, from the customer's point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise (Drucker, 1955, p. 36).
From Dr ...