Marketing is one of the most important aspects of a business that greatly facilitates in creating a niche position in the market. Kotler and Armstrong (2009) have broadly defined marketing as meeting the needs of people profitably. It helps to meet the changing needs and requirements of people through goods and services produced by the businesses…
We would be discussing few major factors that significantly impact purchase behavior and consumption pattern of the products that are used in marketing a product. Customers’ purchase behavior is quite complex because it is intensely influenced by socio-economic and psychological paradigms. It is true that consumers purchase products only when they perceive the need for it. But at the same time, the need could have triggered either by advertisement or by observing other people which could lead to the purchase of the product. Various factors like price, buying value, consumption value and after sales performance add credibility to the purchase. If customer is satisfied, the organizations are not only able to retain them but they are also liable to get new ones through word of mouth publicity that greatly establishes their market credibility. Arnould et al (2004) assert that consumer behavior is also motivated by desired goal that is need based. Products that are bought mainly as a lifestyle statement are prompted by motivated goals. Luxury brands and trend setting goods are major indicators of changing lifestyle pattern that people are ready to adopt to keep up with the times. People are prone to adopt new lifestyle that reflects that changing socio-economic status in society. It also reveals their new value system, tastes and indeed changing preferences. ...
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After all the ideas are gathered, an idea screening process is utilized to sift though the proposed ideas and determine which ideas require further study or research. The main goal of the screening process is to eliminate bad ideas or concepts as soon as possible in order to minimize research development costs (Kotler).
With the passage of time, the definition of marketing has changed as it has included a pre-manufacture tilt to its basis with regards to a product and/or service. The marketing concept revolves around the premise that marketing shall bring in success if products and/or services are made available in a quantifiable manner to the target audiences.
Marketing concepts refer to the philosophy of the management, through which the objectives and goals of a firm can be achieved. These concepts aid in the identification of customer needs, which may be stated or unstated. The marketing concept is also known as the customer relationship management
Thus, the organization’s success in this competitive and dynamic environment is mainly determined by its ability to develop, implement, monitor and evaluate its business strategy (Roussow, 2003). In as far as marketing concept in business is concerned, it can be seen that the ideal criteria that can be used to select one depends on the goals and objectives to be achieved by the organization.
Marketing is the critical business function that helps to attract the customers. Organizations can choose five different competing concepts in order to operate business. These are product concept, production concept, marketing concept, holistic marketing concept and selling concept.
It highlights three important aspects that marketing accomplishes. First, it recognizes the purpose of business organizations to design products which satisfy customer requirements. Marketing does not just involve offering any goods and services but business organizations should strive to offer those which offer customer value.
the company to effectively organize and manage the product development process The process starts with idea generation where a number of creative ideas can come forth that could potentially developed into a new successful product launch. After all the ideas are gathered, an
However, pricing strategies are not necessarily mutually exclusive (Drummond & Ensor 163). Each single pricing strategy adopted by a given firm or company is directly linked to a marketing strategy. In this regard, consistency is a