Marketing Concept Essay Example | Topics and Well Written Essays - 750 words

Marketing Concept - Essay Example Second, it stresses the aim of business organizations to generate profit from its operations. Thus, the definition of CIM involves assessing the marketing strategy which will be mutually beneficial for customers and companies. Business organizations as this definition implies are profit maximizing entities. Lastly, this definition highlight that marketing is not just about providing the current needs by "anticipating" the future requirements of the markets. In summary, the CIM's definition of marketing balances the satisfaction of customer and profit maximizing goal of business organizations. According to the American Marketing Association (AMA), "marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals." Like the CIM, AMA also recognizes that main purpose of marketing which is to satisfy customers. However, it clearly elaborated that customers can be grouped into individuals and organizations. Thus, it indicates its deeper understanding that companies should market to individuals and organizations differently. Compared to the definition of CIM, AMA defines the functional aspect of marketing. The definition highlights the components of the marketing mix-product, promotion, price, and place. This specifically elaborates the function that marketing managers make, that is, to plan and execute a strategy through an integrated and complementary components of marketing mix. In comparison to CIM's definition, AMA focuses more on marke ting as a management function. B. Marketing Concept Marketing is primarily concerned with the satisfaction of customers profitably. Marketing can be adequately understood through different marketing concepts such as the following: 1. Target market and segmentation. In order for business organization to create an effective marketing strategy, companies need to divide its market based on demographic, psychographic, and other factors (Kotler 2002). Target market is the segment that presents the greatest opportunity. In the case of Haagen Dasz, its customers are segmented based on their age. The company targets the adult market. 2. Marketplace, marketspace, and metamarket. These are where business organizations conduct their business operations. Marketplace refers to the traditional marketplace while marketspace is digital and is created through the internet technology (Kotler 2002). Metamarket is a complementary market of products and services which are related in the mind of customers. 3. Marketers and prospects. A marketer is an institution seeking the response of a prospect (Kotler 2002). In the case of Haagen Dazs, it is a marketer seeking the response of the adult market. 4. Needs, wants, and demands. Needs are basic human needs. Wants are the products where the needs are directed. Demand is a want backed by purchasing power. In the case of Haagen Dazs, food is a need and ice cream is a want. Demand is when an individual has the money needed to buy the ice cream. 5. Product, offering, and brand. Product is the value proposition in a physical form while brand is an offering from a known source. In the case given, Haagen Dazs is the brand

Business planing Assignment Example | Topics and Well Written Essays - 4500 words

Business planing - Assignment Example tract, extended warranty, free mobile phone pickup and drop facility for registered customers are sure to enable the managers to position the company competitively in the market. Currently, the US economy is considerably stable with an invariable interest rate. Inflation rate is also very less compared to other countries. The lower interest rate and inflation will allow the company to reduce the operating costs as well as the cost of sales which in turn will enable the managers to increase the margin of profit. The economic legislations in the US are considerably flexible and it encourages new business to come forth and set up their foundations which in turn will add to the growth of the economy. Given the fact that San Diego is the third most populated city in California, it provides Zaet Mobile home accessory with enormous scope to target a large base of potential customers. The total number of households in this part of the country stands at nearly 1 million with an average household income of $61,426 (Simons, 2011). The middle class to upper middle class income range stand between $75,000 and $215,000 (Pontuch, 2012). The high income earners earn more than $215,000 per year (Sillard, 2013). The large population combined with a high concentration of stable income households provides a ready market for Zaet Mobile home accessory which can be targeted in order to achieve business development and growth (Sillard, 2013). Zaet Mobile home accessory will be primarily engaged in the repair and maintenance services of mobile phones. The services will be extended to households in San Diego California. In addition, the business will also be selling mobile phone accessories such as cases, headphones, chargers, Bluetooth headsets and earphones. Alongside providing repairing and maintenance services of mobile phones, the company will also be providing consultancy services to its customers regarding the optimal usage of mobile phones and other associated accessories.