Relationship Between Marketing and Consumer Demand

Relationship Between Marketing and Consumer Demand From the past decades to the new 21st century, the global economy had grown vastly over the years and the organisations had come to a realization of the importance of customer demands and the need for marketing. For most of the companies, their main objective was to make a certain amount of profit. Profit can be earned by satisfying the customers’ need through the use of marketing philosophies. Hence, customer value is an essential component for marketers to examine through the process of producing a product/outcome. In order to understand marketing and consumer demand, we will have to first elaborate the concept of what is marketing and look at the customer values. And the remaining essay would elucidate the relationship between the two. No matter in what type of industries or how large were the organisations, the company would have a certain amount of skill in marketing. So, what is marketing? Most of the people may picture a salesman straight away as they believe marketing were equivalent to the word ‘selling’. However, selling was only one of the several functions of marketing. â€Å"Marketing is the activity, set of institution, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.† (AMA, 2013) The first part of the definition, ‘activity, set of institution, and processes’ recognizes the broad scope of marketing. It indicates the roles/functions that need to be performed by marketers such as perform market researches and choosing target markets. The second part of the definition is ‘creating, communicating, delivering’. This suggests that marketing is to get the right goods and services to the right people at the right place at the right time at the right price (Elliott, Greg, Thiele Waller, 2012, ). This part of the definition included the creation and the delivery process of marketing. The third part of the definition ‘exchanging offerings that have value’ includes the process satisfying customers’ needs and wants through exchange which is one of the ways for individuals to get what they desired by offering certain things that the other party desired. For instance, money or other products. The last part of the definition â⠂¬Ëœcustomers, clients, partners, and society at large’ outlines the beneficiaries of the process of marketing. The benefits were not only received by the organisations and the consumers, the suppliers and the society can also gain benefits from marketing. The society can be benefited from marketing as marketing creates employments and society welfares and wealth as more people are spending and thus indirectly speeds up the GDP. Marketers have to perform functions such as identify the need, development of the product, pricing, distributing and promoting the product. Their main aim is to make selling superfluous. (Kotler Philip, 1983, p. 4) Apart from the definition, marketing can also be examined from the five philosophies of marketing. The production philosophy assumes the consumer would favor in the product and the main aim is to improve the efficiency of both production and distribution. The product philosophy looks at the quality of the product while assuming the consumers would favor the product. The selling philosophy involves organisations stimulate customer’s interests. The marketing philosophy questions the organisation, whether they did satisfy the customer’s needs efficiently and effectively or not compared with their competitors. And lastly, the societal marketing philosophy considers whether the organisation enhanced the consumer’s and the society’s well-being based on the marketing philosophy. For a product such as the Membership to Zoos Victoria, the marketers would have done market researches and targeted the membership to families and children as they had packaged a lot of benefits for children or family. For instance, there are 15% discounts from the stores in the zoo. Membership to Zoos Victoria also creates and deliver the good at the right time and right place, the product can be brought from online or at the zoo and even if the consumers purchased the membership after the visit to the zoo, they could get refunds for the ticket money. As mentioned in the previous, the zoo’s main target is family and children, as the kids can satisfy themselves while they visit the animals, the exchange was proceeded as the consumers, parents/families does gain happiness within the tour. Before we discuss about the customer value, I believe it is essential for us to understand value. Value is the worth, desirability or utility (Grà ¶nroos, C., 1997). On the other hand, customer Value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits (Quester, P., 2007). By all means, in order to make customers receive the benefits, they would have to give up certain things for the exchange of the product. In decree to get better acknowledged about the customer value, we can apply the diagram beneath. Functional/instrumental value is concerned with the products usability; the products unique characteristics and its desired function. This value is basically generated by the purchase and use of the product. Under the functional value, there are three main areas the correct attributes, appropriate performances and outcome. The correct attributes concerns with the characteristics a product has as consumers would prefer to buy a product that has the most suitable characteristics that they desired. Appropriate performances look at the quality of the product. So, the customer would be satisfied if the product is able to perform as well as it was appeared in its description. Lastly, the appropriate outcome considers whether the product reaches the outcomes that the consumer demanded. The experiential/hedonic value looks at the products ability in creating experiences, feelings and emotions of its users. For this value, there are four parts to it sensory, emotional, social/relational and epistemic. Some retailers focus on sensory value (such as aesthetes, ambulance, aromas, feel/tone) (Smith Mark, C., 2007). The third beneficial value is the symbolic/expressive value. This value is concerned with the extent to which the product gave its user a certain degree of self-worth or self-value. It is also a value that connects with personal meanings of the product to particular consumers. The social meanings of how the others think about you and conditional meanings such as Valentines rose or the dumplings that we have for Chinese New Year Festival. In order to have the benefits, customers also has cost/sacrifice values. This can be economic losses, risks associated with the product, personal investments and psychological losses. So, by knowing the customers concerns or hold back in the process of purchasing a product, the marketers would look at the costs and tries to minimize the costs so products can be sold more efficiently. For the Victoria zoos, its product: the mem bership of zoos Victoria has complied with the four values. The product does provide services/tours for its members and it has appropriate performance and outcomes (functional values). Furthermore, the membership also blends in with emotional, relational and epistemic values as the members can both enjoy the tour and learn knowledge about the zoo animals at the same time. It also helps to enhance the relationships between the consumers (families). It gave its consumers the experience to have a close interactions with the animals. The membership contains symbolic values as it carries out personal and social meanings. On the membership website, the campaign was focused on children or family relationship and it also mentioned about the fees for membership would be used for saving extinction animals. This would make the consumers of the zoo appears to be morally respectful to the society as they are indirectly helping/saving animals. Marketing and customer value has a close relationship. Customers are the core of marketing as the consumers would only buy products that they strongly desired. Thus, in order for the company to be successful, organisations would have to be customer orientated. Before organisations produce their product, a certain amount of market research would be made and these researches would have focused on the consumer needs. As more and more businesses had opened locally and globally, each organisation faces with a greater extent of competitions, no matter in quality, price or service. This growing fierce competition had led organisations to put strong emphasis on customer value and their needs. Therefore, when companies creating their product, they would put consumers values into the consideration so their product can outweigh the competitors’ products. The same concept was also adopted by the Victoria zoo, in their product, the membership to zoos Victoria. Consumers are able to receive benefits from the exchange process as their values being fulfilled by the product. For instance, members can visit new exhibits prior to the non-members, customers and there are 15% discounts for any purchase at the zoo stores. The consumer can also receive benefits such as the freedom to visit all the zoos in Victoria and there are special name cards for individual kids. These characteristics would satisfy most of the customers as they would feel being welcomed and well considered by the zoo. The zoo’s welcome letter also addresses themselves as a family, which would made consumers to felt being a part of a family. Overall, the membership of zoo Victoria is a successful product as its advertisement campaign was very well presented, there are considerations for the customer values and it adopts the marketing philosophies well through the product. For the purposes of gaining more consumers, the organisations must have a strong understanding in marketing, both as its definition and its five philosophies and in the concept of customer value. When marketing and customer values are being understood by companies, the organisation, customers and the society can all gain benefits from it as businesses can earn more profit, customers can enjoy their life by using the product and the society can gain benefits through the interactions between the two parties. Reference List America Marketing Association – AMA. (2013) Definition of Marketing. Retrieved from https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx Elliott, Greg, Sharyn Thiele, and David Waller. Marketing. 2nd Ed. (pp. ) Milton, Qld.: John Wiley and Sons Australia, 2012 Kotler, Philip. Marketing and Human Needs. Marketing in Australia. (pp. 4) New York: Prentice-Hall, 1983 Grà ¶nroos, C. (1997), â€Å"Value-Driven Relationship Marketing: From Products to Resources and Competencies,† Journal of Marketing Management, 13 (5), 407–419. J. Brock, S., Mark, C. (2007) Customer value creation: a practical framework. Associate Professor of Service Management, Faculty of Business, University of Victoria, British Columbia, Canada Quester, Pascale G.. Chapter One. Marketing: creating and delivering value. 5th Ed. (pp. ) North Ryde, N.S.W.: McGraw-Hill Australia Pty Ltd., 2007. Smith and Colgate. (2007) Customer value creation: a practical framework, Journal of Marketing Theories and Practices. Vol 15, No. 1, pp 7-23

Michael Smyth vs. Pillsbury Company. Essay

STYLE: Michael Smyth vs. Pillsbury Company. COURT: United States District Court of Pennsylvania. CITATION: 914 F. Supp. 97; 1996 U.S. Dist. LEXIS 776; 131 Lab. Cas. (CCH) P58, 104; 11 I.E.R. Cas. (BNA) 585. ISSUE: Can an employer be accused of violating public policy, tortuously invading privacy and subsequently be estopped from firing or discharging an at will employee, if for the purpose of company’s interest, it monitor an employee’s email communications over the company’s email system just to find them contrary to company’s interest? FACTS: Plaintiff, a manager at defendant’s company had work email account with access from home. Plaintiff was assured by defendant that email communication is private and confidential with no messages being intercepted and used employment termination. Plaintiff in reliance to promise to its detriment used work email system to make threatening email comments with supervisor was intercepted and employment was terminated. Court ruled in favor of Defendant as it was not evident if termination threatened or violated a clear mandate of public policy or Plaintiff’s common law right to privacy. HOLDING: An employer cannot be accused for violating public policy, privacy and/or discharging an employee according to restatement definition of tort of intrusion upon seclusion. LAW: Restatement (Second) of Torts  § 652B: Liability only attaches when the â€Å"intrusion is substantial and would be highly offensive to the ‘ordinary. â€Å"Unless an employee identifies a ‘specific’ expression of public policy violated by his discharge, it will not be labelled as wrongful and within the sphere of public policy†. EXPLANATION: The clear mandate of public policy must strike at the heart of a citizen’s social right, duties and responsibilities. Plaintiff was not fired for serving on jury duty, for prior conviction or for reporting violation of federal regulations to NRC. Plaintiff’s alleged unprofessional communication over email system utilized by entire company diminishes expectation of privacy. Plaintiff was not asked to disclose personal information by defendant. JUDGEMENT: The motion of the defendant to dismiss was granted. The complaint was dismissed with prejudice

Problems faced by women Essay

            Human Resources in the Recession: Managing and Representing People at Work in Ireland; William K Roche, Paul Teague, Anne Coughlan, Majella Fahy. The effects of the Irish recession on the manner in which people are managed at work and on how they are represented by trade unions is the subject of this study. This study examines how human resource managers and unions (where they are found) have faced the challenges. First of all, the impact of the international financial and economic crisis on the Irish labor market is assessed. Then, the Irish economic crisis is placed in a comparative European context to get a sense of the extent to which the public policy response in Ireland has been similar to those pursued by other EU member states. After this assessment a detailed literature review is conducted on reviews and debates concerning the impact of recessions, past and present, on the conduct of human resources in organizations. This is followed by a detailed examina tion of the type of policies and practices that are available to HR when making adjustments to difficult business conditions. The research has used a survey conducted of managers with responsibility for human resources to assess their responses to the recession. The survey firstly sought to examine the impact of the recession on firms in terms of revenue and employment change, in order to establish the commercial context for any recessionary measures adopted. The subjects of examination are then the types and incidence of measures taken by firms, ranging from pay and headcount adjustments, changes in HR systems and functions, to changes in working time arrangements. The responses of the firms reflect the severe effects and challenges experienced by the survey respondents. This is followed by an investigation into the role of the HR function in the recession. The section explores whether the operation of HR has changed as a result of the recession, the function’s level of infl uence in terms of HR strategy formulation and implementation, the business role of HR, the level of engagement with employees, types of policies and practices that have received greater or lesser attention and relationships with trade unions. Finally, the HR practices that survey respondents considered to be most effective in helping them manage the recession are investigated. Examination of the effects of the recession, as experienced by thirty HR  managers, representing a wide range of businesses, who participated in the different focus groups is entailed. It reviews, in detail, the effects on HR of acute cost, headcount and productivity pressures and the range of retrenchment measures that they were required to put in place. The research then examines HR managers’ understanding of what constitutes ‘good human resource practice’ in recent and current recessionary conditions. The main HR practices that were identified in the literature include – wage ad justment; employment adjustment; re-organization of working time; workforce stabilization; employability; voice and engagement; and process or product innovation. By and large, while most of the measures adopted were aimed at reducing pay costs in one way or another, Irish firms have been quite diverse with respect to the range of measures that have been implemented to steer their way through the recession. The survey results also show that HR mangers have been steadfast with regard to implementing the ‘softer’ side of HR practices.             Impact of the Recession on the Labor Market in the South East; Annette Cox, Terence Hogarth, Thomas Usher, David Owen, Freddie Sumption, Joy Oakley. This study focused on analyzing the impact of economic downturn on skills needs and training practices within different sectors in the South East, focusing on a mixture of sectors which were seriously affected by recession and those which might lead the recovery. The research consisted of two phases: the first involving quantitative analysis and literature review, and the second involving qualitative analysis of interviews conducted with stakeholders and employers. The research concluded that the Impact of Recession on Employers’ Current and Future Skills Needs and Training Practices is conditional. Small organizations are reported to be more likely to reduce training investment than large firms and commitment to training varies by sector, There is an increased demand for ‘short and sharp’ courses, Training opportunities are being targeted at senior staff and trainees, Employers are receiving high numbers of applications and using tighter screening criteria and Multi-skilling needs are developing as a result of expansion or contraction of business.             The impact of the economic recession on hR; Talent 2 and Ipsos MORI This study is based on a survey. Senior HR professionals were asked about how the global recession is affecting their organizations and their people management strategies and practices. 200 senior HR Directors and VPs were invited to participate in the survey, and 73 completed it. The findings of the survey were that HR is greatly affected by recession in the economy. Three in five respondents felt that the current capital markets had a direct impact on their organization, with three- quarters also feeling they have a direct impact on HR. Similarly, the vast majority of organizations (95%) were either freezing, or decreasing, their annual HR budget, in areas such as training and development, external training, the use of external consultants, recruitment and HR systems. Evidence suggests this is likely to be the case regardless of what the predicted financial performance is for their organization. The top three priorities selected were Performance management; Leadership and management development; and Employee communication and engagement.             The Impact of the Recession on Employment-Based Health Coverage ; Paul Fronstin This article focuses on the impact of the recession on employment-based health coverage. This Issue Brief examines changes in health coverage among workers during the recession that started in December 2007, including monthly changes for 2007 and May 2008−July 2009. The emphasis is on changes that occurred between September 2007 and April 2009. While health coverage through the work place is by far the most common source of health insurance among the population under age 65, the recession that started in December 2007 is associated with a change in employment- based coverage and the uninsured. Workers least likely to have employment-based coverage at the beginning of the recession were more likely than other workers to experience a decline in the percentage with such coverage one year later. Younger workers were more likely to lose coverage than older workers. Hispanic workers we re more likely to lose coverage than whites or blacks. Part-time workers were more likely than full-time workers to have lost employment-based coverage. The percentage of workers with own name employment-based coverage declined the most for those employed with  for-profit private- sector employers and those employed by the federal government. The largest declines in the percentage of workers with employment-based coverage in their own name by firm size occurred in the smallest firms, those least likely to offer coverage. Workers who were members of a union were less likely to have experienced a loss of employment- based coverage than were nonunion workers. Workers with the lowest earnings were the least likely to have employment-based coverage in their own name and experienced the largest decline in coverage.

America s Influence On North America - 1130 Words

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