Marketing & Entrepreneurship Creating Customer Value

Question: Discuss about the Marketing Entrepreneurshipfor Creating Customer Value. Answer: Introduction Creating Customer Value Building Relationships Marketing, in short, refers to the promoting of business and selling products and services through market research and advertising. It is based on the concept of choosing target markets through analysis and segmentation thereby understanding its influencing prospect over consumer behaviour. This provides a link between the material requirement and economic patterns and thus satisfies the needs and wants of the consumer through the developmental exchange process (Barrett Weinstein, 2015). It has built a long term relationship providing services to an applicable audience worldwide. Marketing has standout to be the most important influencer for peoples lives. Starting from buying the goods and services, purchase storing, its effect over a communication channel including TV, Radio, Television, Internet to drawing near the potential employers who have curricle themselves to fountain their rest under the marketing scope (Harker Lam, 2014). For the employer, this has paved an exciting car eer path driving out the area of specialization and letting a continuous flow over market dealing. Marketing plays an important role in economic growth through stimulating research and new ideas, providing choices as per products, and engaging in profit and non-profit companies, it has improved the standard of living. It has broadened its theory to macro and micro marketing. Market focus takes us back to its era of evolution. It was framed taking into account its trade analysis matter, production, oriented, sales, department, company, and society (Hacioglu et al., 2012). This concept led to the formation of a coordinated and integrated manner that satisfies customer intended goals. Taking the customer value the benefit perceived by the customer is the cost that it perceives when higher price makes acceptable the benefits. Again the competition in marketing cannot be ignored as it creates a superior value to compete. Relationships are building to maintain a long term retaining. There are particular links between marketing and other functions like finance, accounting, human resource, information systems, non-profit organizations, and other social responsibilities and marketing ethics. There are global aspects that impact on competition and opportunities (Ionit, 2012). Strategic Marketing Planning This context explains the brief discussion about marketing and their implied function. It details the strategic planning of marketing, its framework, the four Ps marketing mix, few briefing theory about marketing strategy, programs and difference between international and global strategy (Kraus et al., 2012). The four Ps strategy helps in organizing framework bring detailed decisions and creates an idea to all marketing decision to work together as a whole. Planning of market requires spelling out about the offers, target market and its time, resources needed, their expected results and controlled procedures (Lam Harker, 2013). These marketing plans have a structure to their strategic defining and tactics, budget, audit control procedures. They also frame target market and segmentation and lay various objectives and goals whereas the program helps in blending the companys marketing plan into a big plan. This requires effective building up process. Identifying Marketing Opportunities This resource is context to understand the searching techniques over opportunities, the effect of competitive pressures and their macro environment influences, screening, and evaluation of market strategy opportunity, and the logic for laying planning grids and matrix. The environmental forces deal with the implementation of direct marketing and external market. The company should have its objective in order to state its mission and generics activities. It enters into the competitive situation to engage in identifying pure competition, oligopoly, monopoly, monopolistic competition (Oly Ndubisi Iftikhar, 2012). Because of the marketing ix the company can set its market and understand current competitors offering. It also anticipates the likely plans and monitors effect as per the change in competition. There are few attractive opportunities like marketing strategic planning (finding attractive opportunities), various break through (enabling innovators to develop strategies) and compe titive advantage features (target market perceives marketing mix). Basically, these opportunities are market perception, product development, market development and diversification based upon the current and new market chosen (Ruiz, 2014). Again, the opportunities are crucial to evaluate as they carry different risks based upon the types discussed. Most useful ad or methodology are generated for evaluation like SWOT analysis (concerning to identify the strength, opportunities, weaknesses, and threats). Marketing Research Information Management Here there is a brief exploration to define and solve marketing problems, gather all primary and secondary data, find out the difference between qualitative and quantitative research and its methods. In market research, there are procedures to analyze information and make a marketing decision. It also focuses on new information and can be handled inside the company or by specialists. There is little scientific market research that should be combined with strategic planning which involves developing, testing and decision-making framework. The qualitative research seeks the depth, is opening ended, provide good ideas and is important in narrowing the research problem. This utilizes the sampling method for surveying, observation, and experimentation (Oly Ndubisi Iftikhar, 2012). The MIS or Marketing Information System organised the continuous flow of gathering and analysing of information. It is purely focused to make marketing better in decision making considering the specific informa tion required and then utilising the opportunities. Market Segmentation This case discusses the role of market segmentation, its varieties in the international market, basic approaches to market-oriented strategy and discussing its positioning and perceptual mapping. Understanding the market segment requires identifying and understanding the needs of particular groups and customers. It aims at the product segmentation over knowing the population. Segmentation involves its criteria over similar responses and segmentation dimensions. Few possible segmenting dimensions are based upon the Customer relation to their geography, age, sex, family, income and education; and the situation-related based upon benefits and consumption (Kraus et al., 2012). In the case of segmenting dimension, these are relevant to product and affect the purchase of a specific product or brand. There are few examples of segmentation dimensions like the type of customer, demographics, buying situation, kind of relationship and purchasing methods. Again the approach to the computer-base d method of segmenting involves clustering, customer databases, conjoint analysis framework. Over a broad product market, they fill the segment over the single target, multi target, and combined target. These are as per the selection to homogenous segments, selecting two or more segments and developed and combined marketing mix over single and combined. References Barrett, H. and Weinstein, A., 2015. Corporate entrepreneurship, the marketing mix, and business performance. InProceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference(pp. 144-150). Springer International Publishing. Harker, M. and Lam, W., 2014. Marketing and entrepreneurship: an integrated view from the entrepreneurs perspective. Hacioglu, G., Eren, S.S., Eren, M.S. and Celikkan, H., 2012. The effect of entrepreneurial marketing on firms innovative performance in Turkish SMEs.Procedia-Social and Behavioral Sciences,58, pp.871-878. Ionit, D., 2012. Entrepreneurial marketing: A new approach for challenging times.Management Marketing,7(1), p.131. Kraus, S., Filser, M., Eggers, F., Hills, G.E. and Hultman, C.M., 2012. The entrepreneurial marketing domain: a citation and co-citation analysis.Journal of Research in Marketing and Entrepreneurship,14(1), pp.6-26. Lam, W. and Harker, M.J., 2013. Marketing and entrepreneurship: An integrated view from the entrepreneur's perspective.International Small Business Journal, p.0266242613496443. Oly Ndubisi, N. and Iftikhar, K., 2012. Relationship between entrepreneurship, innovation and performance: Comparing small and medium-size enterprises.Journal of Research in Marketing and Entrepreneurship,14(2), pp.214-236. Ruiz, J., 2014. Marketing capability, entrepreneurship and organizational innovation inhotel sector.Ecorfan Journal,5(12), pp.2109-2118.