Marketing takes place all around us, from the Levi’s jeans we wear on a casual Friday to the Sony screen advertising the latest Hungry Jacks’ combo meal you see while driving your German-made Mercedes down to work. According to Grönroos, he stated that marketing in short was, “Delivering superior value to customers is an ongoing concern of management in many business markets today, and the value concept is considered one of the most popular constructs among business managers and academia” (Grönroos, 1997). The objective of this paper is to understand marketing as a business philosophy, as well as customer value and the link between these two elements. The business, Village “Gold Class” Cinemas will be used to elaborate these concepts.
Marketing as a business philosophy
In recent years, the concept of marketing has been debated and evaluated since it was recognised as a distinctive discipline and domain. Kotler defined marketing as the process of organizing, analysing, controlling and planning a business’s customer impinging assets, guidelines and activities with a view of fulfilling the needs and wants of specific customer groups at a profit (Kotler, 1967), whereas the American Marketing association described marketing as the activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large (AMA 2013). An example of how the above concept is exemplified is how Village “Gold Class” Cinemas offer an array of services such as wide screen cinemas, luxurious chairs and a full service bar lounge accompanied with gourmet dishes and a personal waiter service during screening. In return, customers will have to pay a premium for the aforementioned services.
As a philosophy, marketing is based on thinking about the business in terms of customer needs and their satisfaction. The concept and philosophy of marketing states that a business should focus on satisfying and fulfilling its customer’s wants and needs while achieving the business’ goals, and this has been widely used in a range of disciplines, such as economics, accounting, finance, strategy, production management, and marketing (Wilson, David T., and Jantrania, Swanti, 1997). Marketing is different than selling because it is not concerned with the values that the exchange is about. In all departments of a firm, the marketing philosophy is considered a way to perform a business transaction. Besides that, a customer’s needs, wants and demands should be the top priority of every employer and employee’s minds. The sole purpose of marketing is to guarantee a provide products to a consumer group while guaranteeing satisfaction.
Building mutually beneficial exchanges and relationships with target markets whilst creating a cost efficient strategy for the organization is called marketing management. By doing so, firms have to adopt a marketing philosophy. This philosophy includes five...