Marketing concept and philosophy
Marketing concept in addition to philosophy Essay Sample
The principle of marketing is the philosophy whereby organizations emphasis should be on the wants and needs associated with their customers/target market and also in striving to obtain and deliver goods and service that are regarding higher standard than their competitors. It is important for the organization to know who else their competitors are, for instance at The Ritz our competitors are; The Dorchester, The Mandarin Oriental, The Four Seasons Park Side of the road, The Hilton Park Lane, The Savoy, Claridges, Browns plus the Lanesborough. An corporation that does not know who their competitors usually are, regrettably may not end up being as successful as they could be as competitors is a key device of marketing by always enabling you to keep up with trends and know what your customers’ needs and desires, which is at the particular core of the marketing and advertising concept.
The goal of every organization should become to create a brand existence whereby an organizations target market prefers them more than their competitors. All advertising decisions made by a company should be made with always thinking about the clients. For instance, The Ritz continuously strives to improve the guest experience and by applying the marketing and advertising concept we could identify exactly what our target market expects coming from the hotel and make use of that to improve our services. On the other hand, after 110 years of service, The Ritz knows that we offer you a traditional longed regarding service by our clients and we use this particular within our marketing material in order to target the market industry. In inclusion, by applying the advertising concept, thorough market research must take place within order for an organizations marketing material to be effective also for the particular organization to be prosperous. Essentially organizations want to be able to be successful and be above profits and through the advertising concept, the aim is always to turn over profits through client satisfaction. There are four other concepts that focus on alternative theories of how to reach achievement for example; the production idea, which is more about procedures, i. e. simply how much it would cost to create items offered. The item concept concentrates on the benefits a consumer or client receives from the merchandise offered, i. e. devotion schemes. The selling concept, which focuses on quantity of sales to achieve the profit, where companies strongly promote their products to be able to sell them contacting everybody they can and last but not least the societal marketing principle; this concept has the nicely being of the society as its core concentrate.
Within a good establishment such as The Ritz, even though there are components of the four other concepts, the marketing concept reaches the core of our own team. Market research will be essential in applying the marketing concept as above mentioned, therefore, in order in order to best apply the marketing and advertising concept, an organization must ask three following queries. (Bhasin)
1. What is the target audience? – i. e. who The Ritz customers are
2. What usually are the needs, wants, and demands of the target market? i. e. exactly what are their expectations and needs
3. How best can we deliver a value proposition? – what strategy will The Ritz take in order to meet the customer’ t needs, wants and needs
All in all, the marketing principle is vital to the achievement of any business, especially to a hotel. This entails thorough market research along with a very detailed strategy through the organization applying it, however, if applied correctly leads to phenomenal client satisfaction and in change an excellent reputation and revenue for the organization.