Principles of Marketing essay

Document Type:Essay

Subject Area:Marketing

Document 1

Additionally, it will explain how companies create customer-centered businesses. Furthermore, this essay will describe how customer-centered businesses impact the customer decision making process. Lastly, this essay will describe the tools used to make effective marketing decisions. According to Kotler et al. (2013), Marketing is an integrated, multi-channeled, strategic, ingenious, multi-faceted, customer-centered process used to define, reach, segment, or even attract and persuade potential customers to purchase a product or service as well as support customer retention and service. The buying function of marketing is essential in the acquisition of quality production materials. It is undertaken by the supply and purchase department of the organization. This function help to acquire the right, necessary and appropriate materials needed for production. Product management and development function of marketing identifies what the target market needs, want and require and help in designing effective products based on the market needs and wants.

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This function also includes evaluating product performance and adjusting it to fit in the current market trend. This function also involves selecting transportation means to be employed and ensuring ease of acquisition by the customers. Oftenly, involves selecting middlemen to be engaged in the distribution channel, their motivations and incentives. The risk bearing function of marketing ensures that there are effective measures in place to minimize risks such as defaults, product damage and pilferage. This functions involves providing effective packaging methods, transportation as well as storage, and handling. Financing function of marketing involves budgeting for marketing activities, obtaining financial assistance to customers to enable them to purchase the organization’s services and products. Furthermore, customer-centered businesses impact the customer decision making process in the sense that customers always tend to make purchasing decisions to buy products or services with regard to the customer experience and satisfaction they receive from companies providing these services or products.

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Moreover, they tend to making purchasing decisions based on the ‘customer value’ placed on them, needs, wants and preferences met by these companies (Marks et al, 2014). Another way in which customer-centered businesses impact the customer decision making process, is the fact that a good customer centered business motivates the customers to buy more, frequently and repeatedly in a comfortable manner. This also provide means for creating solid customer information for alternate evaluations. Thirdly, a good customer-centered business result to customers engaging in impulse buying. REFERENCES Alp, A. Evaluation of the dynamic impacts of customer centered lead time reduction, Improvements on customer oriented and financial performance. Kotler, P. , Burton, S. , Deans, K. Marketing during a Recession. An illustration of How Economic Principles Guide Marketing Approaches.

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