Modern Concept of Marketing

In 1972, McNamara further delineated the marketing concept as being a philosophy of business management based on a company-wide acceptance of the need for customer and profit orientation. This concept clearly implanted the importance of consumer relationships into the marketing literature. In his view, it was the primary objective of every business to satisfy customers at a profit within the limitations imposed by legal and ethical customs (Petrov, 1997, 26).

Petrov then points out that the marketing concept has always been synonymous with having a client orientation and to implement this philosophy, an organization must remain close to its customers in the long term as well as in the short run.

Most marketing strategists and theorists around the world agree that the Wal-Mart chain of super discount stores is a phenomenon of retail marketing unequaled in any decade, or in a

. . .
receive more, less or not investment, and (2) development growth strategies for adding new products or businesses to the Boston Consulting Group Box using the Boston Consulting Group (BCG) approach, a company classifies all SBUs according to the growth - share matrix shown in figure (1). On the vertical axis, market growth rate provides a measure of market attractiveness on the horizontal axis, relative market share serves as a measure at company strengths in the market. By dividing the growth-share matrix as indicated, four types of SBUs can be distinguished. 1. Stars: Stars are high - growth, high-share business or products. 2. Cash cows: Cash cows are long-growth, high-share business or products. 3. Question marks: Question marks are low-share business unit in high-growth markets. 4. Dogs: Dogs are low-growth, low-share business and products. Figure (1), The BCG growth share matrix Source: Kotler Philip, et al., (1996), principles of marketing, prentice hall, the European Edition, p. 87 3. The Marketing Process The strategic plan defines the company's overall mission and objectives. Within each business unit, marketing plays a role in helping to accomplish the overall strategic objectives. Marketing's role and act
. . .

Some common words found in the essay are:
Competitive Advantage, Planning Marketing, Wong Saunder, Sam Walton, Michael Porter, Source Kotler, AAA KER, Market Mix, Evaluation Morris, Marketing Management, marketing strategy, marketing mix, strengths weaknesses, marketing strategies, market segmentation, competitive marketing, competitive advantage, et al, strategic planning, market segments, kotler et al, journal marketing vol, competitive marketing strategy, marketing prentice hall, product price promotion,
Approximate Word count = 6674
Approximate Pages = 27 (250 words per page)

More Essays on Modern Concept of Marketing