• Гідрологія і Гідрометрія
• Господарське право
• Економіка будівництва
• Економіка природокористування
• Економічна теорія
• Земельне право
• Історія України
• Кримінально виконавче право
• Медична радіологія
• Методи аналізу
• Міжнародне приватне право
• Міжнародний маркетинг
• Основи екології
• Предмет Політологія
• Соціальне страхування
• Технічні засоби організації дорожнього руху
• Товарознавство продовольчих товарів

Unit 1 The Marketing Concept

According to the definition provided by the American Marketing Association (2008), marketing refers to "an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders." In essence, marketing is a consumer-oriented philosophy or way of doing business; companies that are consumer-oriented will put consumers' needs and wants on their top priority. From this perspective, the ultimate goal of marketing is therefore to create and retain profitable customers by satisfying their demands.

One final point about the marketing concept - it is not a function that can be left to people working in the marketing department only. Successes in marketing require the involvement of employees from all levels and functional departments to serve their customers' interests.

The following summarizes the three main components of the marketing concept:

Customers' needs/ wants/ demands - the focus of the marketing concept is to satisfy customers' needs, wants, and demands;

Profitability - companies aim to generate profits by satisfying their customers' demands better than their competitors;

Integrated marketing - marketing is a concerted effort from all personnel within a company.

Concluding example: Four Seasons Hotels and Resorts is a hospitality organization that embraces the marketing concept. The goals of Four Seasons are to achieve a fair and reasonable profit to ensure the prosperity of the company and its shareholders, as well as to offer long-term benefits to its hotel owners, shareholders, customers and employees. The company satisfies the needs and wants of its customers by creating properties of long-lasting value using superior design and supports them with exceptional personal service experiences. Four Seasons highly believes that the united efforts of all its employees are the key to satisfying the customers; therefore it is important for all employees to work cooperatively together and respecting each other's contribution and presence. As a result, there is a famous saying within the organization, "we seek to deal with others as we would have them deal with us." In this example, Four Seasons clearly demonstrates that the organization expects to generate profits by placing its guests' needs and wants on the top priority, and its success is an outcome of the service-oriented attitude of all its personnel.

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