Moreover, he claims that, in order to understand how consumers actually make buying decisions, three scopes have to be identified, which are who makes the buying decision, the types of buying decisions, and the steps in the buying process.
This report will examine the importance of marketing to organizations in the twenty-first century. It will focus on one company, namely Mercedes Benz, and first of all show what marketing is. In addition, it will look at how Mercedes Benz uses marketing strategies and techniques. Furthermore, it will consider the reasons why marketing is essential to this organization, and how it has changed its use of marketing and how it might continue to do so in the future.
In order to do this, it will be necessary to use marketing models and examples throughout. Also, a history and definition of modern marketing will be given. Next, the functions of marketing will be explained. A description of the marketing process, with particular emphasis on the development of integrated marketing strategies by organizations will also be covered. …
It was around 1960, when marketing mix was first introduced. The concept of the marketing mix primarily revolves around marketing’s four Ps, which include price, product, place and promotion (Grnroos, 1994). From then on, this basic marketing mix model remained unchallenged. It even overpowered earlier marketing models Wroe Alderson’s organic functionalist approach as well as the system-oriented approaches and parameters theory advocated by Copenhagen school in Europe. Similarly, previous approaches like the commodity, functional geography-related regional and institutional schools, have long been forgotten. For a long time, the use of marketing mix has been concentrated on the simple business to customer market.
For over forty years, the management paradigm of marketing mix has indeed dominated most thoughts, practice and research of marketing. As time goes, the concept of the marketing mix and the four Ps had become an irrefutable paradigm used in academic research, which in turn results to validity being taken for granted. In most parts of the marketing and academic world, researchers remain to consider the concept as the epitome of marketing truth even up to the present time.
One way of using the marketing mix in generating greater understanding and communications is through the establishment of long lasting customer relationships. For years, there has been a growing interest on the study of customer relationship economics. It has been introduced by Heskett et al. (1994) that understanding the concept of market economies means the achievement of understanding the customers rather than focusing on the development of scale economies. One example cited by Reichheld (1993, p. 65) was the result of his study at MBNA, a US credit card