Essays

Q2. Explain the parts of Holistic Marketing and why each is important to development of customer value.

The holistic marketing concept looks at marketing as a complex activity and acknowledges that everything matters in marketing. The holistic viewpoint follows that systems—in this case marketing—somehow function as wholes and that their functioning cannot be fully understood solely in terms of their component parts. Therefore, a broad and integrated perspective is necessary in developing, designing, and implementing marketing programs and activities. The four components that characterize holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing.

Relationship Marketing – a key goal of marketing is to develop deep, enduring relationships with people and organizations that directly or indirectly affect the success of the firm’s marketing activities. Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. Four key constituents for relationship marketing are customers, employees, marketing partners (channels, suppliers, distributors, dealers, agencies), and members of the financial community (shareholders, investors, analysts).Designed to foster customer loyalty, interaction and long-term engagement. This CRM approach focuses more on customer retention than customer acquisition.

Integrated Marketing – occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers such that “the whole is greater than the sum of its parts.” Two key themes are that (1) many different marketing activities can create, communicate, and deliver value and (2) marketers should design and implement any one marketing activity with all other activities in mind.

Internal Marketing – an element of marketing, is the task of hiring, training, and motivating able...