Understand the concept and process of marketing Assignment

Understand the concept and process of marketing - Assignment Example ntify the needs and wants of its customers to have a competitive advantage in the market and be able to provide the services or products to the customers which best suits the needs and wants of the customers. It is necessary to satisfy the specific needs and wants of the customers because it would ultimately help to generate more revenues and achieve the overall mission, vision and objectives of a particular company. Customer’s Value Customer value can be defined as the values gained by him as a result of owning and utilising a particular service or product in excess of how much it had cost to him in the process of acquiring such service or product. Customer satisfaction is dependent on the extent up to which the expectations of the buyer matches with the performance of the product or service as perceived by him. If in any case the product performance does not match or falls below the expectation levels of a customer he becomes dissatisfied with the service or product offered to him. Marketing actually takes place when people takes the decision of satisfying their wants and needs through exchange. Exchange is thus a process through one obtains the desired product from someone and in return offers something back to the person. Thus a company offers its products or services to its customers in exchange of money. However the concept of marketing is changing rapidly and is no longer limited to the exchange process only. Relationship is also vital to the marketing process and the companies are now focussed on relationship marketing which helps to create, maintain and build a strong long term relationship with the stakeholders of the company including its customers (Palmatier, 2008). Evolution of Marketing The concept of marketing has evolved over time and customer is... Understand the concept and process of marketing The other important sectors of UK include agricultural and fishing, tourism and finance. Social – The social factors include trends in demographics such as population size, age, cultural factors and consumer activities. The culture of UK refers to the idiosyncratic cultural norms. UK generally speaks English as the native language. It is characterized by the existence of different types of consumers in the market. Technological – Technological factors include rate of new product development, increase in process automation and other technical infrastructures such as technology inducements, technology transfer, impact of internet and R & D activity. In UK technology is one of the central parts of any business. They make heavy use of technology in almost every sector. Marketing objectives of a firm are designed in such a way that ultimately it leads to the attainment of the overall objectives of the business firm. The marketing objectives actually set out path for an organisation towards achieving the marketing activities that are needed to be performed by the company. Some of the marketing objectives of Vodafone include retaining the leadership of the company in the market measured on the basis of revenues earned per customer, customer satisfaction and network quality.