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Topic 1: Delivering Customer Value through Marketing in Small and Medium Sized Enterprises
- INTRODUCTION – Contemporary Issues In Marketing
Marketing is defined as the organizational function as well as a set of practices and processes for communicating, creating, and delivering value and satisfaction to customers through managing their relationships in a manner that benefit the entire organization as well as the shareholders. This definition relates to two major objectives of marketing; discovering customer needs and requirements and satisfying these needs. The primary goal of marketing is to identify customer needs and demands and planning how they can be satisfied by providing them with high quality goods and services. Contemporary Issues In Marketing.
Achieving these goals involves developing a marketing mix that comprises of product, pricing system, distribution network, and promotional strategies (Doole & Lowe 2005, p. 61). A marketing audit puts into consideration both the internal and external influenced of marketing planning and review of the plan. It is very important to conduct marketing audit to identify the successes and failures of a marketing plan by indicating how well the plan has helped in achieving the stated marketing objectives. Contemporary Issues In Marketing.
In the wake of globalization, small and medium sized enterprises (SMEs) face increased competition from multinationals because the latter have adequate resources such as finances, skilled and highly qualified manpower and marketing capabilities. However, SMEs can achieve competitiveness and competitive advantages in the market through innovation and effective customer value creation through market. Contemporary Issues In Marketing.
According to Bagozzi, Gurhan-Canli and Priester (2002, p. 43), marketing helps in creating customer awareness about a brand or products and services and engages customers with the marketing process. For instance, the social media marketing strategy involves customers who interact among themselves and discuss about the provisions of a company or a brand. However, for the SMEs to achieve marketing objectives they must have capabilities and competencies. In this case, competency gaps should be prioritized and closed through training as well as support intervention (Doole & Lowe 2008, p. 56). Contemporary Issues In Marketing.
- IMPLICATION FOR PRACTICE
Understanding of the destination marketing and its concepts enables marketers in the tourism industry to adopt the most appropriate strategies of marketing their destinations. Destination marketing involves not only the geographical region but also products and services involved in tourism that offer integrated tourism experience to the consumers. Since the tourism has become highly competitive, it is important for marketers to devise new strategies and ways of marketing to remain competitive in the market. Contemporary Issues In Marketing.
Understanding of the factors that influence revisiting of a destination by consumers is very imperative as it enables marketers to attract and retain consumers by increasing catalysts and reducing constraints. For instance, providing high quality social amenities such as clean water, electricity and sewerage systems and encouraging the government to reduce taxes on the industry; are some of the ways that would attract destination tourists. The behaviors of tourists are best explained by the theory of planned behaviors. Marketers need to understand the perceived beliefs of the tourists towards their destinations because these beliefs will determine the frequency of visiting by the consumers. Contemporary Issues In Marketing.
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