Case Studies and Management Resources |
Fundamentals of Marketing Management
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With business environments becoming
dynamic and turbulent, organizations are facing a difficult task in
attracting and retaining their customers. They need to understand customer
behavior and leverage customer information to manage customers profitably.
Those who are not able to do this will eventually go out of business.
A business firm markets its products to satisfy customer needs and wants,
and in turn, achieve its own goals. Marketing starts with identifying
customer needs and wants and ends with satisfying them through a coordinated
set of activities. An understanding of this fact gives rise to the marketing
concept. The marketing concept embraces all the activities of a firm. It
aims at matching the company's offering with customer needs, to achieve the
desired level of customer satisfaction and generate profits for the
company.
The important features of marketing are customer orientation, long-term
profitability and functional integration. Delivering products which give value
and satisfaction to the customer is the main goal of marketers. But
over-concentration on any one feature (such as production, distribution etc.)
leads to marketing myopia.
Marketers need to deliver value to their customers. Sometimes, they also need to
inform them about the value they are delivering. Complete customer satisfaction
is achieved by understanding customer requirements and delivering superior
quality goods and services. Companies must provide the customers with a
continuous flow of new ideas/offers and constantly enhance their service levels
to build up satisfaction among customers.
Marketers also need to work continuously to find ways and means to build good
relations with their customers. This requires integration of all the areas of
business that touch the customers like marketing, sales, customer service etc.,
through integration of people, processes and technology.
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