Thursday, February 27, 2020

Explain the relevance of marketing concept to the 21st century Essay - 2

Explain the relevance of marketing concept to the 21st century business of Boots - Essay Example Marketing develops an important link between the material requirements of a society and economic models of response. Marketing generally satisfies the wants and needs through significant long term relationship and exchange process. Leading organizations are implementing several effective marketing tools in order to increase their core competencies and market share (Masterson and Pickton, 2010, p.499). The organization achieves financial success based on their core marketing ability. Effective marketing strategy creates demand for the product. Marketing concept is the key ingredient of marketing. The essay will explain the significance of marketing concept to the boots’ business in this 21st century. Marketing Concept It is important for the organizations to understand the facts and significance of marketing concepts before implementing any marketing strategy. Effective understanding of marketing concept helps the organizations to develop effective marketing strategy based on t he current market demand and customer preferences. Marketing concept is an important management philosophy that helps an organization to achieve organizational goals and objectives through the stated customer recognition and satisfaction and intangible needs and wants of customers (Drummond and Ensor, 2005, p.51). Marketing concept can be classified into two different approaches, such as earlier approaches and contemporary approaches. The marketing orientation developed from traditional marketing orientations like product orientation, production orientation, selling orientation. On the other hand, contemporary marketing concept approaches majorly focuses on relationship management or relationship marketing that includes industrial marketing, customer approaches and business marketing (Shanker, 2002, p.268). The leading organizations in this 21st century are trying to implement social marketing strategy in order to focus on the society benefits. Earlier the marketers used to follow t raditional marketing concepts namely product marketing, production marketing and selling marketing. In 20th century the organizations implemented traditional marketing strategy due to low competitive market and lack of diverse market demand. After the Second World War several organizations tried to expand their business operations in various global market places due to globalization. On the other hand, the market demand and customer’s preference significantly increased due to diversified business practices of several organizations (Wheelen and Hunger, 2011, p.121). Now-a-days, various organizations are competing with each other for their products of a similar segment to secure effective market share. Therefore, people are consuming products of different brands based on the quality and prices of products and services. In 21st century, the organizations are trying to implement several unique marketing strategies based on the market demand and customer preference to attract the customers towards their products and services. In this modern era, the organizations are trying to implement holistic marketing concept in order to achieve significant competitive advantages (Pride and Ferrell, 2004, p.78). This marketing concept is based on design, development and implementation of several marketing programmes, activities

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