Sunday, September 29, 2019
Marketing Environment Essay
Marketing is a organizational function and a collection of processes designed to plan for create, communicate, and deliver value to customers and to build effective customer relationship in ways that benefit the organization and its stake holders. Profits and other organizational goals are achieved by creating value for customers. The creation of value is the realization of benefits that exceed the cost of products, services or other items. One important concept in marketing is the idea of utility. Utility is the satisfaction received from owning or consuming a product or service. In a market sense, utility is the value that marketers intend consumers to attach to that marketerÃ¢â¬â¢s product or services. A need is a necessity to meet an urgent requirement. A want is a desire for something that is not essential. Furthermore, demand is the financial capacity to buy what a person wants, for that businessÃ¢â¬â¢s brand of products or services through marketing activities such as advertising. A brand is a promise to deliver to consumers specific benefits associated with products or services. Marketing influences you as a consumer through your current and future career choices, and through the economy. Marketing extends to a variety of tangible and intangible items; they are products, services, people, places, causes, events and ideas. Marketing concept is an organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value. Marketing concept mainly focus on customers relationship. Customer relationship created when businesses and consumers interact through a sales transaction of a product or service. It will refer to customer relationship management (CRM). Marketing functions are activities performed within organizations that create value for specific products or services. In terms of understanding all these theory, we started Butterfly Travel Agency Sdn.Bhd to gain experience and knowledge in marketing as practically. Marketing Environment Marketing environment is a set of forces, some controllable and some uncontrollable, that influence the ability of a business to create value and attract and serve customers. Many factors influence value creation and the nature of customer relationships, including factors that are external to the business. Internal marketing is the implementation of marketing practices within an organization to communicate organizational policies to employees and internal stakeholders. Internal marketing efforts are the businessÃ¢â¬â¢s resources, including human and financial capital. The external environment of a business involves activities, such as supplier and customer actions, that occur outside the organizational functions of a business. External marketing can be implements into microenvironment and macro environment. Microenvironment (PorterÃ¢â¬â¢s Five Forces) The microenvironment includes these forces close to a company, yet outside its internal environment, that influence the ability of a business to serve its customers. A tool that helps determine the power of microenvironment of a business is PorterÃ¢â¬â¢s Five Forces of competitive Position Model. Porter analysis can assist a business with understanding the potential for new product development the attractiveness of a particular market segment or the potential to reduce costs of supply or distribution among many applications. Macro environment The macro environment includes societal forces that are essentially uncontrollable and influence the microenvironment of a business. The macro environment contains the following variety of sub-environments are economic, social and cultural, competitive, legal, political and technological.