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Marketing , Customer Values And The Interrelationship Between Them

1777 words - 7 pages

Marketing plays a vital role in the failure or success of a business. Marketing is often misunderstood as the selling and promotion of products via commercials, advertisements and sales calls. However, selling and promotion is only one of the important aspects of marketing (Kotler, Shaw, FitzRoy & Chandler, 1983). Therefore, it is essential for businesses to fully understand hot marketing affects them. This essay will further explore marketing as a business philosophy, the customer values provided and the link between the two with the use of Village “Gold Class” Cinemas specifically to illustrate these concepts. Village “Gold Class” Cinemas is a unique premium site that is designed to provide customers the best experience whilst the whole screening of the movie (Village Cinemas, 2013).

The concept of marketing has constantly been evolving over the past years that there is no specific and precise way to define marketing. Thus, many different marketing definitions emerged and challenged other marketing perspectives. The first official marketing definition was developed by the American Marketing Association (AMA) (Gamble, Gilmore, McCartan-Quinn & Durkan, 2011). The AMA (1960, as cited in Kotler et al., 1983) defined marketing as “the performance of business activities that direct the flow of products and services from producer to consumers” (p. 7). Kotler (2009, as cited in Gamble et al., 2011) defines marketing by which individuals and groups of people acquire their needs and wants through a societal process of creating, offering and exchanging products and services of value with others. Marketing is also described as human activity targeted at satisfying the needs and wants of others through exchanged processes (Kotler et al., 1983). To put it simply, marketing is the organisation satisfying the wants and needs of the customers through the exchange of value from products and services. Village “Cold Class” Cinemas applies marketing to their business by satisfying the needs of their customers with entertainment and the wants of their customers by providing the service of having the best movie experience in return for profit of the business.

Next, the concept of marketing as a business philosophy will be explored. A philosophy can be defined as “a theory or attitude that acts as a guiding principle for behaviour” (Oxford Dictionary, 2014). Therefore, marketing as a business philosophy also can be viewed as the principles of marketing that guide the running of a business. There are five philosophies or concepts that guide businesses with their marketing activity. They are namely the production, product, selling, marketing and societal marketing philosophy. Business that use the production philosophy are focused on the efficiency of manufacturing by mass producing to reduce costs as it is assumed that consumers favour products that are available and affordable. The product philosophy focuses on delivering quality of the products where products are...

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