Marketing is the process of communicating with the customer and inducing in him the knowledge of the product. If the product features match the customer’s need, he would eventually be convinced buying it. In other words, marketing is the process of understanding the customer preferences and providing him with what he wants. But the preference of a customer depends on the nature of the product and not the nature of the business of a company. Hence it is the kind of contemporary approach towards a customer that makes the whole difference. This is where companies have been constantly working on finding the unique ways to please a customer and retain his loyalty. The contemporary approaches of marketing followed by leading organizations include Relationship Marketing, Industrial Marketing, and Social Marketing. Relationship marketing helps organizations to maintain healthy relationship with their customer. Industrial Marketing is a B2B process. It helps businesses to frame strategies that serve the needs of corporate customers. Social Marketing is the newest among the marketing approaches that serves an organization with effective techniques and tools to reach specific goals. Thereby, helping the brands create long-term relations with their customers. Contemporary approaches followed by organizations such as Cause Marketing wherein it is the type of marketing in which a company and charity team up together and spread awareness for a good cause. If the campaign is successful, it can help in increasing the business value for the company. Secondly, event marketing pertains to the type of marketing in which marketers conduct promotional events and promote their products and services in those events. This involves face to face contact and helps in increasing the credibility of the brand. Lastly, Green marketing tackles about the practice of marketing in which the services and goods are marketed from their environmental benefits. Research has shown that the customers are willing to pay extra for products from companies which are concerned about the environment and committed to sustainable development. Questions: 1. What is your own definition of contemporary marketing? 2. Cite some reasons why contemporary marketing leads to a long-term relationship with customers. (Use the information in the case and your own knowledge.) 3. Based from your answer in question 2, which do you think is the most important reason?
Marketing is the process of communicating with the customer and inducing in him the knowledge of the product. If the product features match the customer’s need, he would eventually be convinced buying it. In other words, marketing is the process of understanding the customer preferences and providing him with what he wants. But the preference of a customer depends on the nature of the product and not the nature of the business of a company. Hence it is the kind of contemporary approach towards a customer that makes the whole difference. This is where companies have been constantly working on finding the unique ways to please a customer and retain his loyalty. The contemporary approaches of marketing followed by leading organizations include Relationship Marketing, Industrial Marketing, and Social Marketing. Relationship marketing helps organizations to maintain healthy relationship with their customer. Industrial Marketing is a B2B process. It helps businesses to frame strategies that serve the needs of corporate customers. Social Marketing is the newest among the marketing approaches that serves an organization with effective techniques and tools to reach specific goals. Thereby, helping the brands create long-term relations with their customers. Contemporary approaches followed by organizations such as Cause Marketing wherein it is the type of marketing in which a company and charity team up together and spread awareness for a good cause. If the campaign is successful, it can help in increasing the business value for the company. Secondly, event marketing pertains to the type of marketing in which marketers conduct promotional events and promote their products and services in those events. This involves face to face contact and helps in increasing the credibility of the brand. Lastly, Green marketing tackles about the practice of marketing in which the services and goods are marketed from their environmental benefits. Research has shown that the customers are willing to pay extra for products from companies which are concerned about the environment and committed to sustainable development. Questions: 1. What is your own definition of contemporary marketing? 2. Cite some reasons why contemporary marketing leads to a long-term relationship with customers. (Use the information in the case and your own knowledge.) 3. Based from your answer in question 2, which do you think is the most important reason?
Chapter7: Consumer Buying Behavior
Section: Chapter Questions
Problem 2DYMP
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Marketing is the process of communicating with the customer and inducing in him the knowledge of the product. If the product features match the customer’s need, he would eventually be convinced buying it. In other words, marketing is the process of understanding the customer preferences and providing him with what he wants. But the preference of a customer depends on the nature of the product and not the nature of the business of a company. Hence it is the kind of contemporary approach towards a customer that makes the whole difference. This is where companies have been constantly working on finding the unique ways to please a customer and retain his loyalty.
The contemporary approaches of marketing followed by leading organizations include Relationship Marketing, Industrial Marketing, and Social Marketing. Relationship marketing helps organizations to maintain healthy relationship with their customer.
Industrial Marketing is a B2B process. It helps businesses to frame strategies that serve the needs of corporate customers. Social Marketing is the newest among the marketing approaches that serves an organization with effective techniques and tools to reach specific goals.
Thereby, helping the brands create long-term relations with their customers. Contemporary approaches followed by organizations such as Cause Marketing wherein it is the type of marketing in which a company and charity team up together and spread awareness for a good cause. If the campaign is successful, it can help in increasing the business value for the company. Secondly, event marketing pertains to the type of marketing in which marketers conduct promotional events and promote their products and services in those events. This involves face to face contact and helps in increasing the
credibility of the brand. Lastly, Green marketing tackles about the practice of marketing in which the services and goods are marketed from their environmental benefits. Research has shown that the customers are willing to pay extra for products from companies which are concerned about the environment and committed to sustainable development.
Questions:
1. What is your own definition of contemporary marketing?
2. Cite some reasons why contemporary marketing leads to a long-term relationship with customers. (Use the information in the case and your own knowledge.)
3. Based from your answer in question 2, which do you think is the most important reason?
4. In your opinion, to what extent have contemporary marketing contributed in increasing the business value for the company?
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