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Book/movie review
22/08/2022
In this video, you will learn how to identify the key objectives of the marketing function in organizations.
Read the transcript from this video to help you answer the following questions.
Objectives of Marketing
[Topic: Objectives of Marketing. The host is seated in studio with two panelists – Frances and Matt. The host addresses the viewer.]
HOST: No one company is the same as another. That’s true, but all marketing efforts have certain objectives in common. The first objective is to identify profitable market segments.
HOST: In other words, figure out which customers are valuable and what their characteristics are. What makes them tick? Doing this involves dividing up your market into market segments. Each segment is a subset of customers who share certain distinctive characteristics.
[Matt addresses the host.]
MATT: A few years ago, we did our research, and it showed us just how important school children are as a market for our tablets. So we started looking at how tablets are being used at school…talking to educators, talking to learners, speaking to their parents.
[The host responds to Matt.]
HOST: I guess school kids don’t need the same kinds of features as the average business person.
[Matt responds to the host.]
MATT: Exactly. And their parents don’t want those kinds of price tags either.
[The host responds to Matt.]
HOST: So the next objective is determining customers’ needs and requirements.
[Matt responds to the host.]
MATT: Yeah. Once you know who your customers are, it’s about asking exactly what they want. What features do they need? And what are they willing to pay?
[The host addresses the viewer.]
HOST: Marketers use this information to increase the value they offer customers. They use it to find the right customers for their products and services, and to create new products they know customers want.
[The host addresses Matt.]
HOST: But you and your customers operate in a wider marketplace. It’s not just about looking at them, is it? You have to think about your competitors too.
[Matt responds to the host.]
MATT: And it’s not just other companies offering similar products or services that count as competitors. For example, smartphone screens keep getting bigger, so phones are competing with tablets.
[The host addresses the viewer.]
HOST: That leads to a third objective that all marketing has in common – to analyze and monitor the competition. Who are your real competitors and what products, strategies, and activities are they using? This kind of competitive intelligence lets organizations adjust their own marketing and improve their ability to compete. A final marketing objective is to promote a customer-focused corporate culture. In a company with this type of culture, customer satisfaction is a priority for all employees.
HOST: Consider how a bank gets this right.
[A video clip of Lauren plays.]
LAUREN: I recently opened a new account. I didn’t have to wait at all, and the person who helped me was amazing – friendly, efficient…Oh, and right at the end, the manager even came over and shook my hand. She said she likes to introduce herself to new clients!
[The host addresses the viewer.]
HOST: Keeping customers satisfied involves managing customers’ experiences, as well as all their interactions with your organization. This is something that everyone in an organization has to pull together to do.
HOST: There are no one-size-fits-all marketing techniques. But in all organizations, marketing has similar objectives. These support the ultimate goal of marketing, which is to optimize the exchange of value between your company and its customers.
Using a product that you regularly purchase as the example (any good or service that is not the same as your Course Project), write a one-page summary that answers the following four questions.
1. Who are the target customers?
2. What do the target customers want?
3. What other products, companies, or disruptive technologies is it competing with?
4. Does the company that produces it have a customer-focused culture? If so, how? If not, how would you recommend it do so?
Please be honest, critical and always suggest meaningful improvements.
Please follow APA seventh edition guidelines and submit your assignment as a Microsoft Word document.
Due Tuesday August 29th by 8PM New York Time / 1 page
The writer is very fast, professional and responded to the review request fast also. Thank you.
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