Marketing, Customer Value, and the Link
MKF1120 ESSAY
TUTOR NAME:
ALEX SCHALL-RIAUCOUR
STUDENT NAME:
CRESSA CORNELIA JAP
STUDENT ID:
24282596
INTRODUCTION
In today’s economy, firms are no longer the center of business. In order to survive, companies need to acknowledge the fact that business now revolves around customers
(Keith, 1960). As a result, marketing becomes one of the most prominent philosophies in business. Therefore, to get a better understanding of today’s business, this essay will be discussing about three important concepts. These concepts are marketing as a business philosophy, the understanding of customer value, followed by the link between marketing and customer value. In addition, this essay will be using the Village “Gold
Class” Cinema as example of the concepts’ application.
MARKETING
Marketing as a business philosophy has grew astoundingly for the past few decades. It becomes one of the influential subjects that being thoroughly explored in the society.
Many have tried to define marketing in different ways. Based on a marketing expert
Philip Kotler (1983), marketing is defined as a “human activity directed at satisfying needs and wants through exchange processes” (p. 7). Marketing exists in order to know what the customers wants and what are their needs, and satisfy those wants and needs through transactions. According to Kotler (1983), there are various philosophies that can guide the business conducts exchange and achieves desired outcomes. Using
Village “Gold Class” Cinema as example, philosophies that will be discussed here are product philosophy and marketing philosophy.
Product Philosophy
According to Kotler (1983), product philosophy assumes that customers will choose to buy high quality products, and thus organizations should focus on the product design and its quality.
Village “Gold Class” Cinema is an example of product philosophy application in business. In February 1997, Village Cinemas and Warner Bros partnered to open a new
TUTOR NAME:
ALEX SCHALL-RIAUCOUR
STUDENT NAME:
CRESSA CORNELIA JAP
STUDENT ID:
24282596
INTRODUCTION
In today’s economy, firms are no longer the center of business. In order to survive, companies need to acknowledge the fact that business now revolves around customers
(Keith, 1960). As a result, marketing becomes one of the most prominent philosophies in business. Therefore, to get a better understanding of today’s business, this essay will be discussing about three important concepts. These concepts are marketing as a business philosophy, the understanding of customer value, followed by the link between marketing and customer value. In addition, this essay will be using the Village “Gold
Class” Cinema as example of the concepts’ application.
MARKETING
Marketing as a business philosophy has grew astoundingly for the past few decades. It becomes one of the influential subjects that being thoroughly explored in the society.
Many have tried to define marketing in different ways. Based on a marketing expert
Philip Kotler (1983), marketing is defined as a “human activity directed at satisfying needs and wants through exchange processes” (p. 7). Marketing exists in order to know what the customers wants and what are their needs, and satisfy those wants and needs through transactions. According to Kotler (1983), there are various philosophies that can guide the business conducts exchange and achieves desired outcomes. Using
Village “Gold Class” Cinema as example, philosophies that will be discussed here are product philosophy and marketing philosophy.
Product Philosophy
According to Kotler (1983), product philosophy assumes that customers will choose to buy high quality products, and thus organizations should focus on the product design and its quality.
Village “Gold Class” Cinema is an example of product philosophy application in business. In February 1997, Village Cinemas and Warner Bros partnered to open a new