Mktg 522 Marketing Management

MKTG 522 Marketing Management

SUBJECT: MY INTERPRETATION OF THE COURSE LEARNING OUTCOMES

Individual Case Study (Make up for missed Checkpoint 1)

Overview

The purpose of this case study is to present a brief overview of the marketing study outcomes and personal interpretation of the key points of marketing theory covered in this course. The interpretation will be aimed at emphasizing the practical importance of marketing today.

MARKETING: EVOLUTION AND PURPOSE

The idea of marketing must have existed for many centuries. Yet, at the beginning it probably was not so sophisticated theory as it is today. Because of the globalization and rapid development of information technologies people, or market participants, have been urged to systematize their market experience into a well-organized theory. In our course of study the marketing has been defined by the term that sounds more specific: «an approach to business focusing on satisfying customer needs and wants». To serve its key purpose, the marketing strives to find an answer to such questions as why customers do not or, conversely, do readily buy products offered by the sellers, who the ideal buyers are, and what should be done to have the buyers buy what the sellers offer. In fact, the terms «buyers» and «sellers» are not absolutely accurate as applied to marketing. To be more accurate, the marketing approach implies that the business activities are centered on customer, because the concept of business here means both profit and non-profit organizations. So, the words «buy» and «products», or «services», can be identified as the key terms reflecting the idea of marketing. It should also be noted that the words «buy» and «services» represent a wide range of services, non-profit activities, and behavior.

STRATEGIC IMPORTANCE OF MARKETING CONCEPT

The key points of marketing concept are customer satisfaction, profit, and properly organized efforts to make profit through customer satisfaction. At the...