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What role does the marketing function play in creating value for customers and shareholders?
Wiki User
∙ 12y ago
Marketing gets the products information to the consumer. The better the marketing, the more people want the product.
It benefits the shareholders who sell the product by attracting more consumers to buy it which puts more money into the company's hands.
The only benefit to consumers is that they will see the marketing (tv, radio, billboards, internet, etc....)
The downside to the customers is that they may have been talked into buying something that they didn't need.
Wiki User
∙ 12y ago
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2004, marketing was redefined as ". an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake-holders."
What The relationship between business and marketing department?
A business can't run efficiently and effectively without a marketing department. It is because a major function of marketing is satisfy the customers need.
What is the marketing according to Miranda?
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.From a societal point of view, marketing is the link between a society's material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organisation and itsshareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.There are five competing concepts under which organizations can choose to operate their business; the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept.[1] The four components of holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. The set of engagements necessary for successful marketing management includes, capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, creating long-term growth, and developing marketing strategies and plans.[2]
All organizations need marketing do you agree with this statement?
I entirely agree with the statement. Organizations fail to function without customers whether paying or not. Marketing is always taking place regardless of the intention of an orginization. By focusing on marketing your bring more customers and awareness to your orginization.
How does marketing contribute to the wellbeing of mankind with reference to business government and the society in general?
The main function of marketing is transferring products or services to customers but it is also associated with selling, branding and advertising. Thus, marketing is a large process and contributes to the social development.
How was marketing redefined in 2004?
2004, marketing was redefined as ". an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake-holders."
What are the 4 functions of marketing?
These are the function of marketing;Attract the cutomersIncrease salesProvide information regarding the product and servicesCreate good relationship with customers
What The relationship between business and marketing department?
A business can't run efficiently and effectively without a marketing department. It is because a major function of marketing is satisfy the customers need.
Discuss the role IMC plays in relationship marketing?
Integrated Marketing Communications plays a basic and significant role in marketing. A key function of IMC is personal selling. Public relationships gets a boost under IMC. Social media platforms helps creating relationship directly with customers thus increasing sales and ultimately profit.
Explain universal functions of marketing?
The knowledge about appealing to customers needs is a universal function of marketing. Regardless of where a business is, managers know that they can sell to people's needs.
What is the marketing according to Miranda?
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.From a societal point of view, marketing is the link between a society's material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organisation and itsshareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.There are five competing concepts under which organizations can choose to operate their business; the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept.[1] The four components of holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. The set of engagements necessary for successful marketing management includes, capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, creating long-term growth, and developing marketing strategies and plans.[2]
All organizations need marketing do you agree with this statement?
I entirely agree with the statement. Organizations fail to function without customers whether paying or not. Marketing is always taking place regardless of the intention of an orginization. By focusing on marketing your bring more customers and awareness to your orginization.
Explain the importance of the marketing function within a business?
"Marketing is critical for organic growth of a business and its central role is in creating, communicating, capturing and sustaining value for an organization. Marketing helps a firm in creating value by better understanding the needs of its customers and providing them with innovative products and services. This value is communicated through a variety of channels as well as through the firm's branding strategy. Effective management of customers and pricing allows the firm to capture part of the value it has created. Finally, by building an effective customer-centric organization a firm attempts to sustain value over time." (HBS).
How does a service oriented company do marketing?
A company whose primary function is to perform labor tasks for customers; as opposed to a PRODUCT-ORIENTED BUSINESS.
How does marketing contribute to the wellbeing of mankind with reference to business government and the society in general?
The main function of marketing is transferring products or services to customers but it is also associated with selling, branding and advertising. Thus, marketing is a large process and contributes to the social development.
What is storing function marketing?
examples of storing function and marketing strategy
What is product concept in regards to marketing?
Product marketing deals with the first of the "4P"'s of marketing. Product marketing, as opposed to product management, deals with more outbound marketing tasks. For example, product management deals with the nuts and bolts of product development within a firm, whereas product marketing deals with marketing the product to prospects, customers, and others. Product marketing, as a job function within a firm, also differs from other marketing jobs such as Marcom or marketing communications, online marketing, advertising, marketing strategy, etc. Product marketing in a business addresses four important strategic questions:[1] * What products will be offered (i.e., the breadth and depth of the product line)? * Who will be the target customers (i.e., the boundaries of the market segments to be served)? * How will the products reach those customers (i.e., the distribution channels to be used)? * Why will customers prefer our products to those of competitors (i.e., the distinctive attributes and value to be provided)?
