Marketing Essay - 1411 Words

Questions for Lesson 1 Define marketing and the two goals of marketing. As a company president, explain why each of the two goals of marketing is important to your company. Give examples. Marketing deals mainly with customers although it can have many definitions. This simplest definition is: Marketing is managing profitable customer relationship. (Kotler Armstrong, 2008). Marketing has two main goals of attracting new customers and keeping current customers. In my company the goals of attracting new customers and maintaining current customers is essential to keeping the company profitable and relevant. My company Vice GOLD, which is a clothing brand, will be launching soon and our marketing has to be effective. We have good reviews†¦show more content†¦The next step in the process is to design a customer driven marketing strategy. They do this by choosing target markets and work on building profitable relationships. This is important because you have to know who to serve and how to best serve them. BMW has target market of affluent professionals and their tagline â€Å"the Ultimate Driving Machine† promises fun and excitement in driving their cars. The third step is preparing an integrated marketing program that will actually deliver the intended value to target customers. In this step the marketing strategy is turned into action. The marketing mix, which are the tools used to implement a marketing strategy, has four main parts: product, price, place, promotion. The forth and most important step is building profitable customer relationships. With this step the company must provide excellent customer value and satisfaction because this creates loyal customers. BMW creates value for their customers because of their high performance and reliable vehicles that also serves as a status symbol to their target market. Also BMW is known for it’s highly focused customer service from purchasing to service and maintenance of the vehicles. This creates satisfaction for their current customers and build and builds positive reputation for BMW. This leads to the fifth and final step of the processShow MoreRelatedMarketing Essay2135 Words   |  9 PagesErin Lister s1125903 Business Studies 1 Henry Aitken 24th November 2011 Marketing a) With reference to the readings and your own literature research, outline and critically assess the idea of ‘sustainable marketing’. b) Provide an example of ‘sustainable’ marketing and justify your choice of organisation or brand with reference to their current marketing activities. Sustainability has been defined as ‘the consumption of goods and services that meet basic needs and quality of lifeRead Moremarketing essay2544 Words   |  11 PagesIllustrate with examples how companies demonstrate their customer orientation by reference to at least two elements of the marketing mix. 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