Indisputably, marketing was always one of the driving forces for the business success. In 2016 “Louis Vuiton” has spent 4.4 Billion pounds on marketing, aiming to increase their sales and maximise profits, but has it been beneficial, external to the company - how do we as individuals and collectively, as a society has benefited from marketing?
In this paper, I will analyze how marketing benefits society by matching consumer needs with the correct products, informing consumers and increases their product awareness, helping to understand consumer behavior, leading to innovations and improves standards of living.
“Marketing refers to the process through which businesses and organizations promote themselves and their products by communication with potential customers.” (Dennis Hartman,The Value of Marketing to Society) Both marketing and advertising accomplish three primary functions. Firstly, it transfers information and ideas, which is essentially cognitive or rational. This distinct type of advertising is found in the creation of new products or ads. Secondly, creates or consolidates attitudes and feelings of affinity and preference, using Persuasive and image advertising. THirdly, induces the action, which defines the purchase of the product and is, behavioral. Marketers have commonly specified that the value consumers gain from marketing includes access to the information. Consumer preserve the information from marketing campaign, adverts and labelings, in turn, suppliers can receive the information through the marketing research. Information received by consumers through the information exchange process informs them about their choices and what those decisions entail. The packaging can publicize the vitamin content, the amount of fat and sugar,proteins and the amount of callories. Further explaining the importance of those components to consumers on a company’s website, in printed materials and through the TV adverts and sponsorship. The existence of Government regulations prevent marketers from making false or evasive claims. Consecutively, consumers can make informed decisions without as many risks as they would face if they had to buy without the benefit of marketing. Therefore through the labeling and advertising, marketing increases consumer product awareness - “The understanding by an individual of their rights as a consumer concerning available products and services being marketed and sold” BusinessDictionary.com.(2017), As I have identified above, Among the primary means of marketing is to communicating information to consumers and act on information provided. According to Howard (1973, p. 1), “Marketing is the process of (1) identifying customer needs, (2) conceptualizing these needs in terms of an organization’s capacity to produce, (3) communicating that conceptualization to the appropriate locus of power in the organization, (4) conceptualizing the consequent output in terms of customer needs earlier identified, and (5) communicating that conceptualization to the customer.” Information networks enable marketers to balance supply and demand and meet consumers’ ever-changing needs in cost-efficient way. Societies believe that informed consumers can effectively make choices that suit their …show more content…
Inevitably The composition of our community has been drastically changing every year. For example, it has been identified that By 2020, ethnic consumers will make up to 40 percent of the U.S. population (29 percent today). Marketers have been increasingly aware of the cultural and ethical diversity within the market and its changes. It is recognized that ethical groups have their tastes, customs, and beliefs. The University of Florida publication “Ethnic Marketing: A Strategy for Marketing Programs to Diverse Audiences” asserts the importance of analysing environmental, economic and social factors within ethnic groups, which would, in turn, help effectively match goods with consumers preferences and …show more content…
Almost every firm undertakes the research as part of the marketing process, to reach their aims and goals, resolve or complete any tasks. Marketing research process can is divided into five stages; Defining the problem, deciding the research plan, undertake the data collection, undertake the data analysis/interpretation, write the report and deliver the presentation. The data collection process can be done through the surveys or interviews.
In 1993 William Conner, a medical salesman, who decided he wanted to set up his own company, undertook the primary research, interviews. By analyzing the data collected he found that cutting a ligament was an unpleasant and risky move for physicians, hence there was a difficulty faced by physicians, therefore a need which yet was not met. As a result, he created an enzyme which could dissolve the ligament, solving the problem faced by
In this paper, I will analyze how marketing benefits society by matching consumer needs with the correct products, informing consumers and increases their product awareness, helping to understand consumer behavior, leading to innovations and improves standards of living.
“Marketing refers to the process through which businesses and organizations promote themselves and their products by communication with potential customers.” (Dennis Hartman,The Value of Marketing to Society) Both marketing and advertising accomplish three primary functions. Firstly, it transfers information and ideas, which is essentially cognitive or rational. This distinct type of advertising is found in the creation of new products or ads. Secondly, creates or consolidates attitudes and feelings of affinity and preference, using Persuasive and image advertising. THirdly, induces the action, which defines the purchase of the product and is, behavioral. Marketers have commonly specified that the value consumers gain from marketing includes access to the information. Consumer preserve the information from marketing campaign, adverts and labelings, in turn, suppliers can receive the information through the marketing research. Information received by consumers through the information exchange process informs them about their choices and what those decisions entail. The packaging can publicize the vitamin content, the amount of fat and sugar,proteins and the amount of callories. Further explaining the importance of those components to consumers on a company’s website, in printed materials and through the TV adverts and sponsorship. The existence of Government regulations prevent marketers from making false or evasive claims. Consecutively, consumers can make informed decisions without as many risks as they would face if they had to buy without the benefit of marketing. Therefore through the labeling and advertising, marketing increases consumer product awareness - “The understanding by an individual of their rights as a consumer concerning available products and services being marketed and sold” BusinessDictionary.com.(2017), As I have identified above, Among the primary means of marketing is to communicating information to consumers and act on information provided. According to Howard (1973, p. 1), “Marketing is the process of (1) identifying customer needs, (2) conceptualizing these needs in terms of an organization’s capacity to produce, (3) communicating that conceptualization to the appropriate locus of power in the organization, (4) conceptualizing the consequent output in terms of customer needs earlier identified, and (5) communicating that conceptualization to the customer.” Information networks enable marketers to balance supply and demand and meet consumers’ ever-changing needs in cost-efficient way. Societies believe that informed consumers can effectively make choices that suit their …show more content…
Inevitably The composition of our community has been drastically changing every year. For example, it has been identified that By 2020, ethnic consumers will make up to 40 percent of the U.S. population (29 percent today). Marketers have been increasingly aware of the cultural and ethical diversity within the market and its changes. It is recognized that ethical groups have their tastes, customs, and beliefs. The University of Florida publication “Ethnic Marketing: A Strategy for Marketing Programs to Diverse Audiences” asserts the importance of analysing environmental, economic and social factors within ethnic groups, which would, in turn, help effectively match goods with consumers preferences and …show more content…
Almost every firm undertakes the research as part of the marketing process, to reach their aims and goals, resolve or complete any tasks. Marketing research process can is divided into five stages; Defining the problem, deciding the research plan, undertake the data collection, undertake the data analysis/interpretation, write the report and deliver the presentation. The data collection process can be done through the surveys or interviews.
In 1993 William Conner, a medical salesman, who decided he wanted to set up his own company, undertook the primary research, interviews. By analyzing the data collected he found that cutting a ligament was an unpleasant and risky move for physicians, hence there was a difficulty faced by physicians, therefore a need which yet was not met. As a result, he created an enzyme which could dissolve the ligament, solving the problem faced by