Entrepreneurial Marketing Strategies
Assignment No. 1
1 - Market-Led Strategic Management
Answer the following review questions
1. Among the many definitions of marketing, what is your most favorite and why
it is for you is the most significant?
My favorite definition of marketing by far is the AMA July 2013 one which states,
"Marketing is the activity, set of intitutions, and processes for creating,
communicating, delivering , and exchanging offerings that have value for customers,
clients, partners, and society at large". Not only does it mention the impact of
marketing on the customers, which the definitions did not, this definition did not
forget to include "society at large. " As far as I'm concerned marketing has an
impact on the society because it influences human behavior and lifestyle choices.
2. Marketing has been criticized because it ‘makes people buy things they don’t
really need’. Refute or support this accusation.
Marketing has had a bad reputation because of incompetent salespeople who are not
very knowledgeable of the product/service they're selling.Their main goal is to
sell rather than meet the needs and expectations of the customer. Yes, to a certain
degree good marketing convinces people to buy unecessary things because it
highlights or even exagerrate the merits of a product/service. Good marketing
catches the public's attention and convinces people to that they need that
particular product or service.
3. Discuss TREND impacting marketing and the implications of these trends on
how marketers deliver value to customers.
Trend serves as the driving force of
marketing because the former directly changes the latter's direction, manner and
channel.
For instance, we live in a world where majority of the population are on the
interent esp. social media. This trend inspired a more interactive customer-
oriented approach to marketing. If in the past, marketers are more company-
oriented, in the age of information, customers make more informed choices, hence
companies are now delivering more value to the customers. (E.g. Better customer
service, free resources, engagement in product development, etc.)
4. Explain the third marketing principle, ‘the customers do not buy products,
they buy what the product can do for them’, by sharing your own experiences.
As a customer I'd like to share my experience with buying a smartphone. In the
summer of 2018,my smartphone got broken so I had to buy a new one ASAP. Back then,
our TV is broken, therefore a smartphone is the only way I could get news and
entertainment. Because, I had to buy a new smartphone ASAP, I didn't have much time
to gather a lot of cash, hence the limited budget of P6,000. I chose to buy the
Huawei Y6 2018. It didn't matter if it was from a phone manufacturer I'm not
familiar wit. Buying a decent phone with a clear resolution, decent camera that
fits the bill was my only concern, given the circumstances.
I bought that smartphone not because of it's features but because it served my
needs: having a smartphone (a communication/enterntainment tool)
In the end, I got more than my money's worth because it's been working well.
5. Talk to five people varying in age from young adult to senior citizen, about
Assignment No. 1
1 - Market-Led Strategic Management
Answer the following review questions
1. Among the many definitions of marketing, what is your most favorite and why
it is for you is the most significant?
My favorite definition of marketing by far is the AMA July 2013 one which states,
"Marketing is the activity, set of intitutions, and processes for creating,
communicating, delivering , and exchanging offerings that have value for customers,
clients, partners, and society at large". Not only does it mention the impact of
marketing on the customers, which the definitions did not, this definition did not
forget to include "society at large. " As far as I'm concerned marketing has an
impact on the society because it influences human behavior and lifestyle choices.
2. Marketing has been criticized because it ‘makes people buy things they don’t
really need’. Refute or support this accusation.
Marketing has had a bad reputation because of incompetent salespeople who are not
very knowledgeable of the product/service they're selling.Their main goal is to
sell rather than meet the needs and expectations of the customer. Yes, to a certain
degree good marketing convinces people to buy unecessary things because it
highlights or even exagerrate the merits of a product/service. Good marketing
catches the public's attention and convinces people to that they need that
particular product or service.
3. Discuss TREND impacting marketing and the implications of these trends on
how marketers deliver value to customers.
Trend serves as the driving force of
marketing because the former directly changes the latter's direction, manner and
channel.
For instance, we live in a world where majority of the population are on the
interent esp. social media. This trend inspired a more interactive customer-
oriented approach to marketing. If in the past, marketers are more company-
oriented, in the age of information, customers make more informed choices, hence
companies are now delivering more value to the customers. (E.g. Better customer
service, free resources, engagement in product development, etc.)
4. Explain the third marketing principle, ‘the customers do not buy products,
they buy what the product can do for them’, by sharing your own experiences.
As a customer I'd like to share my experience with buying a smartphone. In the
summer of 2018,my smartphone got broken so I had to buy a new one ASAP. Back then,
our TV is broken, therefore a smartphone is the only way I could get news and
entertainment. Because, I had to buy a new smartphone ASAP, I didn't have much time
to gather a lot of cash, hence the limited budget of P6,000. I chose to buy the
Huawei Y6 2018. It didn't matter if it was from a phone manufacturer I'm not
familiar wit. Buying a decent phone with a clear resolution, decent camera that
fits the bill was my only concern, given the circumstances.
I bought that smartphone not because of it's features but because it served my
needs: having a smartphone (a communication/enterntainment tool)
In the end, I got more than my money's worth because it's been working well.
5. Talk to five people varying in age from young adult to senior citizen, about
