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What role does the marketing function play in creating value for customers and shareholders?
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.
What else can I help you with?
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 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.
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.
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]
Which marketing function involves communicating directly face to face with potential customers to determine their needs?
The marketing function that involves communicating directly face to face with potential customers to determine their needs is known as personal selling. This approach allows sales representatives to engage with customers in real-time, understand their preferences, and tailor solutions to meet their specific requirements. Personal selling is essential for building relationships and trust with customers, which can lead to increased sales and customer loyalty.
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.
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.
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]
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.
Which marketing function involves communicating directly face to face with potential customers to determine their needs?
The marketing function that involves communicating directly face to face with potential customers to determine their needs is known as personal selling. This approach allows sales representatives to engage with customers in real-time, understand their preferences, and tailor solutions to meet their specific requirements. Personal selling is essential for building relationships and trust with customers, which can lead to increased sales and customer loyalty.
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 the marketing function that ensures customers can find offerings when and where they want them?
The marketing function that ensures customers can find offerings when and where they want them is known as distribution or place marketing. This involves the strategies and processes used to deliver products or services to consumers effectively, including selecting distribution channels, managing logistics, and optimizing inventory levels. By focusing on the right location and timing, businesses can enhance customer convenience and satisfaction, ultimately driving sales.
