Marketing has a massive impact on our day-to-day lives as companies of all sizes and purposes attempt to maximize their sales and profitability.
In contemporary times, the following approaches to marketing are most prominent in the Western world:
• Relationship marketing/relationship management
Building and keeping good customer relations. Here the aim is to focus on the relationship between suppliers and customers, so as to provide the best possible service for customers that will see them coming back to the company time and time again.
• Business marketing/industrial marketing
Building and keeping relationships between different organizations. Here PR focuses on companies supplying industrial or capital goods rather than those at the end of the supply chain, i.e. The consumer.
• Social marketing
Attempting to maximize profit by emphasizing the benefits accrued to society.
• Branding
Placing an emphasis on the philosophy and image of the company.
Marketing is the process used to determine what products and/or services might be of interest to customers and the strategy to use in sales, communication and business development. It is an integrated process whereby companies aim to build strong customer relationships, creating value for their customers and for themselves.
Large multinational firms such as Coca-Cola, Toyota and Microsoft spend millions of dollars each year on marketing, but even smaller local or non-profit organizations will tend to adopt some form of marketing strategy in order to help them achieve their goals.
Companies will try to develop a marketing strategy that allows them to concentrate their limited resources on the greatest opportunities in order to increase sales and achieve a sustainable competitive advantage.
In contemporary times, the following approaches to marketing are most prominent in the Western world:
• Relationship marketing/relationship management
Building and keeping good customer relations. Here the aim is to focus on the relationship between suppliers and customers, so as to provide the best possible service for customers that will see them coming back to the company time and time again.
• Business marketing/industrial marketing
Building and keeping relationships between different organizations. Here PR focuses on companies supplying industrial or capital goods rather than those at the end of the supply chain, i.e. The consumer.
• Social marketing
Attempting to maximize profit by emphasizing the benefits accrued to society.
• Branding
Placing an emphasis on the philosophy and image of the company.
Marketing is the process used to determine what products and/or services might be of interest to customers and the strategy to use in sales, communication and business development. It is an integrated process whereby companies aim to build strong customer relationships, creating value for their customers and for themselves.
Large multinational firms such as Coca-Cola, Toyota and Microsoft spend millions of dollars each year on marketing, but even smaller local or non-profit organizations will tend to adopt some form of marketing strategy in order to help them achieve their goals.
Companies will try to develop a marketing strategy that allows them to concentrate their limited resources on the greatest opportunities in order to increase sales and achieve a sustainable competitive advantage.