Q1
Marketing is about creating exchanges. An exchange takes place when two parties give
something of value to each other to satisfy their respective needs or wants. In a typical exchange,
a consumer trades money for a good or service. In some exchanges, non-monetary things are
exchanged, such as when a person who volunteers for the company charity receives a T-shirt in
exchange for time spent. One common misconception is that some people see no difference
between marketing and sales. They are two different things that are both part of a company's
strategy. Sales incorporates actually selling the company's products or service to its customers,
while marketing is the process of communicating the value of a product or service to customers
so that the product or service sells ( Gitman et all 2018 ).
In a changing climate of customer orientation and shifts in behavior, a modern business must
clearly identify the buyer's needs and buying patterns, then produce the goods and services to
meet those needs. The marketing concept must be designed to please customers by offering
value and promoting customer satisfaction. The goal is to market a product or service that
exceeds customer expectations. The value of the product or service is emphasized over the price
of the product.
REFERENCE
Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma,
and James C. Hyatt. "The Marketing Concept." (2018). Introduction to Business: Creating
Products and Pricing Strategies to Meet Customers' Needs. Rice Univ. Open Press
Q2
Customer focus should indeed be the most important aspect of a business. Having a customer
focus is usually a strong contributor to the overall success of a business and involves ensuring
that all aspects of the company put its customers' satisfaction first. Also, having a customer focus
, usually includes maintaining an effective customer relations it helps us better understand the
customer. It puts you in a better position to help your customers and makes it more appealing to
them to work with you. Thus, the customer's challenge becomes a mutual challenge. Also, when
you have engaged customers, the word of your brand will spread through the customers and you
may get referrals. Top brands such as google, Dropbox, Tesla, Evernote, etc, all use referral
marketing and are widely successful with it.
Q3
To achieve success as a business manager , there are many potential obstacles that one will need
to consider along the journey . Any good business manager will recognize the various ways in
which their respective business can be disrupted and move from being sustainable to a thing of
the past . Some of those obstacles that can stop the success of an organization , are the five macro
-level environmental factors . These factors include : political & legal , economic ,
technological , social , and natural . When deciding on the marketing plans for the theme park ,
these five categories will need to be taken into consideration so that all bases are covered and the
them park ends up becoming a success . Political factors are the government actions , rules and
regulations that any organization must adhere to . It 's imperative that a theme park pays close
attention to the political factors that they must abide by so that there are no shutdowns . The
political factors that can impact the planning for the theme park will be getting certain
inspections passed for different rides within the park . If an inspection is failed , it will throw the
timeline of the park off and will make marketing for the park more difficult if there are too many
delays . During the times of government mandated inspections , there will need to be flawless
construction and safety protocols to ensure that there will not be any legal factors that will
cripple the park . Legal factors are a very closely related factor and this is due to " Organizations
being very susceptible to change in laws and interpretations done by courts " ( Farooq , 2017 ) .
If an inspection is passed , but there is still a faulty piece of equipment somewhere , someone can
get hurt . Once that person is
Marketing is about creating exchanges. An exchange takes place when two parties give
something of value to each other to satisfy their respective needs or wants. In a typical exchange,
a consumer trades money for a good or service. In some exchanges, non-monetary things are
exchanged, such as when a person who volunteers for the company charity receives a T-shirt in
exchange for time spent. One common misconception is that some people see no difference
between marketing and sales. They are two different things that are both part of a company's
strategy. Sales incorporates actually selling the company's products or service to its customers,
while marketing is the process of communicating the value of a product or service to customers
so that the product or service sells ( Gitman et all 2018 ).
In a changing climate of customer orientation and shifts in behavior, a modern business must
clearly identify the buyer's needs and buying patterns, then produce the goods and services to
meet those needs. The marketing concept must be designed to please customers by offering
value and promoting customer satisfaction. The goal is to market a product or service that
exceeds customer expectations. The value of the product or service is emphasized over the price
of the product.
REFERENCE
Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma,
and James C. Hyatt. "The Marketing Concept." (2018). Introduction to Business: Creating
Products and Pricing Strategies to Meet Customers' Needs. Rice Univ. Open Press
Q2
Customer focus should indeed be the most important aspect of a business. Having a customer
focus is usually a strong contributor to the overall success of a business and involves ensuring
that all aspects of the company put its customers' satisfaction first. Also, having a customer focus
, usually includes maintaining an effective customer relations it helps us better understand the
customer. It puts you in a better position to help your customers and makes it more appealing to
them to work with you. Thus, the customer's challenge becomes a mutual challenge. Also, when
you have engaged customers, the word of your brand will spread through the customers and you
may get referrals. Top brands such as google, Dropbox, Tesla, Evernote, etc, all use referral
marketing and are widely successful with it.
Q3
To achieve success as a business manager , there are many potential obstacles that one will need
to consider along the journey . Any good business manager will recognize the various ways in
which their respective business can be disrupted and move from being sustainable to a thing of
the past . Some of those obstacles that can stop the success of an organization , are the five macro
-level environmental factors . These factors include : political & legal , economic ,
technological , social , and natural . When deciding on the marketing plans for the theme park ,
these five categories will need to be taken into consideration so that all bases are covered and the
them park ends up becoming a success . Political factors are the government actions , rules and
regulations that any organization must adhere to . It 's imperative that a theme park pays close
attention to the political factors that they must abide by so that there are no shutdowns . The
political factors that can impact the planning for the theme park will be getting certain
inspections passed for different rides within the park . If an inspection is failed , it will throw the
timeline of the park off and will make marketing for the park more difficult if there are too many
delays . During the times of government mandated inspections , there will need to be flawless
construction and safety protocols to ensure that there will not be any legal factors that will
cripple the park . Legal factors are a very closely related factor and this is due to " Organizations
being very susceptible to change in laws and interpretations done by courts " ( Farooq , 2017 ) .
If an inspection is passed , but there is still a faulty piece of equipment somewhere , someone can
get hurt . Once that person is
