Question

Book:

Title: Framework for Marketing Management, 15th edition

Author/s: Philip T. Kotler, Kevin Lane Keller

1. Does Marketing Create or Satisfy Needs? (Chapter 1)

2. Consider Porter’s value chain and the holistic marketing orientation model. What implications do they have for marketing planning? How would you structure a marketing plan to incorporate some of their concepts? (Chapter 2)

Answer 1

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Does Marketing Create or Satisfy Needs

Marketing is, irrespective of its industry, one of the main assets for any company. Thanks to the wide variety of competitors in the current market, managers are constantly developing tactics that allow them to benefit from a competitive edge in the industry. Marketing not only helps the company boost its revenues, but it also allows it to better evaluate and research the competition so that strategies can be formulated that fulfill its customers ' overall needs. Companies are unable to establish contacts with their customers and limit their brand awareness within this sector without an appropriate marketing strategy.

There has been some debate recently over the use of ads to build or meet the needs of customers. Most consumers feel that marketing induces demands in the industry and introduces customers to the purchasing of unneeded products or services due to their tactics, causing them to be pessimistic and unsatisfied. Marketers believe consumers can differentiate between needs and desires, and the marketer's aim is to meet consumers ' needs.

Marketing does not, however, establish desires, but only wishes to explain. The marketer must understand the needs of consumers to influence them in the purchase of the products and needs pre-existing marketing. In other words, the company's goal is to attract customers by attracting them, among all like rivals, to purchase a specific product.

Therefore, marketing strategists examine the business, consumer behavior and geography, demographics and personal interest of a number of competitors in order to develop a plan to connect with the targeted consumer. Marketing thus generates customer loyalty through innovative approaches that concentrate on the needs and preferences of consumers, and in effect increases brand recognition and overall profits in the industry. As stated earlier, marketers are not generating needs, but evaluating them.

In marketing, requirement is characterized as a state of felt poverty in which the need for food, clothing, warmth and health, considered necessary in society, is missing. Marketers do not create need, but from the social upbringing of consumers the need has been created. In this case, it wants to become necessary when it is valued for a thing or entity that satisfies a need and wishes to convey needs created by the individual and his community. Since consumers' needs play the root of purchasing, marketers examine these requirements and categorize them into five separate, stated, actual, unrealized, happy, and hidden requirements.

What customers need is specified. The above needs are primarily general requirements, such as the purchasing of a home. Real needs are what the stated criteria actually mean, such as the exact location and size of the building. Customers, such as helpful neighbors or convenient services, anticipate but not request unstated requirements. Enjoyable needs are not necessary, but pleasure to obtain, as customers decide on the nature of their property's timber, stone and lawn. Finally, hidden requirements are needs that are reluctant for customers to convey, such as their status after buying the house.

Considering the fundamental needs, customers must be allocated and marketinged in a lot of research, study and regulation. The Marketing Cycle (Situation Analysis, Marketing Strategy, Marketing Mix Decision and Implementation and Controlling) is a four-step model for consumer awareness, customer loyalty and strong consumer relations to create brand consciousness and gain market competitive edge.

The situation analysis includes a thorough analysis of the present situation of the business and recognizes openings in the market to satisfy unmet customer requirements. The business analyzes its past, current and future prospects and finds niches on the market that can boost its market share. The study of power, vulnerabilities, opportunities and threats (SWOT) offers a valuable tool in the analysis of the business itself against its industry.

When customers ' needs are identified, the company develops a strategic plan that identifies its target market and sets its products in a specific segment. The marketing strategy will include segmenting, targeting, product positioning and a value proposal for the target market. With its new product and/or service, which not only meets the consumer needs, it also helps the enterprise increase its brand awareness. The Marketing Strategy allows the business to strategically permeate the market.

The decisions on the marketing mix are the third step in the commercialization process. The Marketing Mix consists of the four p's, prices, goods, places and promotions with information on tactical decisions explaining the various elements of the entry into the market of the product or service to gain traction in the industry. Implementation and monitoring are the final step in the marketing process. All the preparation is complete at this stage and the product was launched.

The company now has to track the product and the way it responds, meets the needs of the customer, appreciates the product or dilutes the brand progressively through competition. Instead the organization changes its brand positioning to please the consumer sufficiently, so that the product is environmentally friendly.

Yet the organization constantly analyzes the industry and its customers throughout the marketing process and ensures that the product they produce is compatible with the needs of the customer. The marketing itself is therefore unable to establish a need in the industry because it requires the whole marketing cycle. Companies manufacture goods that consumers want in every company on the market and therefore motivate customers on the market.Consumers are king of this system of free enterprise, and the market meets its requirements. Consumers can and do decide whether or not to want a commodity. There is no buying control in marketing, but can be used as a way of choosing goods.

Consider Porter’s value chain and the holistic marketing orientation model. What implications do they have for marketing planning? How would you structure a marketing plan to incorporate some of their concepts?

Porter’s value chain and holistic marketing orientation model both can play a crucial role in marketing planning. The Porter’s value chain model acts as a tool to identify the key activities that would incur cost and create value for a business. This value chain is comprised of nine activities, out of which five are primary activities and rest are support activities. The primary activities are comprised of inbound and outbound logistics, operations, marketing and sales, and service. The support activities include HRM, infrastructure, technology development, and procurement. The holistic marketing orientation model considers the business as a whole rather than individual departments.

Both the models discussed above would help in ensuring that the marketing decisions of a company strategically aligns with the overall company objectives. The core concept of both the models is to provide value to the end customers which would help the business in expanding their market share and achieving higher profits. Efficient value chain would help in ensuring that the company is providing superior quality products and services to the customers in a timely manner. The Porter’s value chain model would help in identifying and improving key marketing activities including pricing, advertising and promotions, sales, selection of intermediary channel. Besides, the holistic model will help in making sure that there is proper communication between all the departments such that the company can identify the customer needs and deliver the products and services in a timely manner accordingly. Hence, a marketing plan can be prepared with the help of incorporating the above concepts.

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