The Contribution of Marketing - 1503 Words

HOW DOES MARKETING CONTRIBUTE TO ECONOMIC EXPANSION? HOW CAN OUR MARKETING SYSTEM BE IMPROVED TO HELP US ACHIEVE STILL HIGHER LEVEL OF ECONOMIC ACTIVITY IN THE FUTURE Marketing is an economic process by which goods and services are exchanged between the producers and consumers and their values is determined in terms of money prices. In other words, marketing is the process by which companies create customer interest in products or services. It generates the strategy that underlies sales techniques, business communication, and business development. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves. The American Marketing Association†¦show more content†¦Eg: Hunger food. The American psychologist Abraham Maslow (1954) narrowed them down to five keys needs, arranged as a series of steps, or a hierarchy of needs, from the most fundamental to the most difficult to obtain as shown in the diagram above. According to Abraham Maslow, once we have satisfied one level of needs, we progress to the next. He said ‘man is a wanting animal. As one desire is satisfied, another pops up to take its place’. As it does, we tend to lose interest in the fulfiled need and concentrate our energies on the next level of need. Once our survival needs are met, we tend to take them for granted as we seek to fulfill other needs higher up the ladder. Maslow’s classification of needs has been widely used as a basis for understanding more about human motivation. It contributes to marketing theory by illustrating that relatively few basic needs motivate our acquisition of seemingly countless products and services. We buy products as a means to the end of fulfilling these needs, not as an end in themselves. Although Maslow’s hierarchy represents only a psychological interpretation of our needs, it demonstrates that we can only understand what customers want by looking at what lies behind a purchase decision. Wants: The needs become wants they are directed to specific objects that might satisfy the needs. A want is a choice of how that need is to be fulfilled. Demands:Show MoreRelatedThe Contribution Of Social Marketing926 Words   |  4 Pagesoutlining the contribution of social marketing to contemporary marketing thinking, I should first define the possibly obscure meaning of the particular type of commerce. The initial definition depicts social marketing as the design, implementation and control of programs calculated to influence the acceptability of social ideas and involving considerations of product planning, pricing, communication, distribution and marketing research (Kotler and Zaltman, 1971, p. 5). In Marketing Social MarketingRead MoreThe Contributions of Consumer Behaviours to Marketing Effectiveness and a Marketing Manager1178 Words   |  5 PagesBY: EZEIGBO UZOMA THE CONTRIBUTIONS OF CONSUMER BEHAVIOURS TO MARKETING EFFECTIVENESS AND A MARKETING MANAGER. Consumer behaviour is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. The study of consumer behavior helps firms and organizations improve their marketing effectiveness and strategiesRead MoreTheodore Levitt’s contribution to marketing is undoubtedly un-measurable in any quantity,1700 Words   |  7 PagesTheodore Levitt’s contribution to marketing is undoubtedly un-measurable in any quantity, un-describable in a matter of words and unfathomable to any one who did not have the chance to meet the legendary scholar. The German moved to America after serving in the Second World War, where he received a PhD from the Ohio State University in economics. He later acted as a Professor in Harvard Business School and went on to become an editor for the â€Å"Harvard Business Review† (1985-1989). Through the captivatingRead MoreBusiness915 Words   |  4 PagesThe costs of manufacturing and marketing this equipment at the companys normal volume of 3,000 units per month are shown in Exhibit 1. EXHIBIT 1 - Costs per Unit for Equipment Unit manufacturing costs: Variable materials $200 Variable labor 300 Variable overhead 150 Fixed overhead 240 Total unit manufacturing costs $ 890 Unit marketing costs: Variable $100 Fixed 280 Total unit marketing costs $ 380 ------------------------------------------------- Read MoreThe Eminent Scientist And Nobel Prize Winner Sir Peter Medawar1117 Words   |  5 Pagesdescribing marketing success stories. In your opinion, does the Medawar comment also apply to them? If so, what would be a more accurate description of such a process? (Please avoid the purely theoretical and abstract as far as possible.) â€Å"There are three kinds of lies: lies, damn lies and statistics† - Benjamin Disraeli It will be shown that Sir Medawar’s view can be the basis of an insightful critique into how individual agencies must be careful not over emphasize their contributions to marketingRead MoreDifference Between Product Revenue And Variable Cost1142 Words   |  5 Pages Introduction Background Contribution margin is one of the vital tools utilized throughout the Capsim simulation and business operations in general. Bushong and Talbolt (2001) summarizes the contribution margin ratio as the difference between product revenue and variable cost, over variable cost. Recommendations under the Capsim simulation advised that groups maintained a contribution margin no less than 30% as this will aid in long-term business profitability and sustainability (Capsim, 2014)Read MoreMarketing Strategy : The View From A Different Looking Glass1450 Words   |  6 PagesMarketing s Contribution to Strategy: The View from a Different Looking Glass Submitted by - Shonit Mittal Introduction The case, â€Å"Marketing s Contribution to Strategy: The View from a Different Looking Glass†, by Dr. P Rajan Varadarajan, discusses the growing influence of marketing in the strategic decision making of the organization. The author cites numerous instances from the field of marketing where one can observe how the marketing is guiding the strategy of the companies like de-conglomerationRead MoreSegmental, Productivity Ratio Analysis1679 Words   |  7 PagesSEGMENTAL , PRODUCTIVITY RATIO ANALYSIS Learning Objectives : 1) Understand how cost analysis can be applied to market segments 2) Appreciate role of marketing experimentation in improving the allocation of marketing effort 3) Recognize the value of segmental productivity analysis 4) Critically perceive how ratio analysis can be used to understand the current position 5) Appreciate the relevance of strategic benchmarking How are resources utilized and with what returnsRead MoreSecondary Research1650 Words   |  7 PagesIntroduction:- Market research is â€Å" The function that links the consumer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing performance; and improve the understanding of marketing as a process† definition by American marketing association (cited by Burns and Bush 2003, p no. 7). Market research is conducted either with the help of primary data or secondary data. If secondary researchRead MoreMarketing Plan for Markstrat1631 Words   |  7 Pages* ------------------------------------------------- * ------------------------------------------------- Executive Summary * ------------------------------------------------- As the marketing team for AY, we have developed an effective marketing strategy that has led to our current lead in stock market price and overall revenues. Our current phased strategy of capturing three market segments with three distinct products will extend our market dominance and provide long term stability through