Lvmh Marketing

In the context of global expansion and competition of numerous businesses, effective marketing management is one of the key factors of success, playing an essential role in obtaining competitive advantage. Hence, the success of a company is determined by its ability to identify customers’ needs and offering products and/or services to satisfy them.

Innovation and creativity within the context of a firm’s customer’s provide the basis for establishing and developing strong customer relationships, as well as continual business growth and success. Industry leaders represent good examples that demonstrate just how important customers are towards creating value for the firm; such is the case with Australia’s airline industry where Qantas, one of the largest and most reputable brands, continuously re-evaluates their marketing strategies in order to stay ahead of the competition.

Value is also perceived differently between customers, and is relative to the value customers perceive is available from market alternatives (Smith & Colgate, 1988). Customers may choose to shop at Smiggle over alternatives such as Kiki K because they may perceive Smiggle to have similar quality products at a lower monetary cost. Conversely, other customers may not place a high importance on colour and aesthetical appearance when shopping for a pen, and consequently may take their money to somewhere with more standard office pens, such as a newsagent. When assessing value, customers only factor in features of a product which they deem are important (Kotler et., al). Compelling value propositions must be created in order to entice customers and meet their specific demands (Smith & Colgate, 1988). Smiggle offers products that are functional, affordable and are creatively and colourfully designed to inspire fun in school and work tasks. Customers match their expectations to Smiggle’s value proposition, and if a customer believes the product does not hold the benefits it is supposed hold, the customer will be dissatisfied (Kotler et., el). Therefore, Smiggle must either meet or exceed customers’ expectations in order to satisfy them. This process is integral to the ‘mutual exchange’ characteristic of marketing, because companies must gauge demand and then deliver value in

A central theme in marketing is a company’s ability to communicate the value of its product and/or service offering to a specified target or core customer. Through the use of profiling and research, a company determines which individuals best represent the end users of its product and/or service (Boone & Kurtz, 2014). These individuals become the company’s target or core customers. The company then builds marketing strategies specifically aimed “to inform, persuade, and remind” (Kolter & Keller, 2012) the core customers of its product and/or service offering. These marketing strategies define the company and become the means for which it begins to build relationships with its core customers.

To be successful in business, "a consumer does not buy a whole of physical components of the product but it is usefulness, function, satisfaction of consumer's needs, solving the problem, etc" (Dubrouski, , p.1). "That is why the product is a whole of tangible and intangible components which means satisfaction of consumer's needs and desires, solving the problem"(Dubrouski, p.1). Companies and managers must learn to utilize marketing research, as well as, strategy skills to fulfill customers' satisfaction. Management has to focus on exclusive marketing challenges presented by the new era of the 21st century. Management has to be able to utilize inventive, dominant, and cost effective marketing techniques that will support the future success of the organization. Companies must meet,"the increasing importance of services as part of a product (offer, offering package) which cannot be neglected" (Dubrouski, p.1). Exploring the purpose of market research, as well as, evaluating the importance of such research, facilitates managers in realizing the importance of marketing to an organization's success and to be globally competitive.

During the 90’s firms realized that customers do not solely interact with the marketing department, but with all the organization. However this strategy disappeared because it was very expensive and tedious to maintain.

Today marketing must be understood not in the whole logic of making a sale “telling and selling “but in the new sense of sustaining customer needs. In the market understanding the customer and his wants is an important task .selling together to please customer needs and form customer relationships.

Primary research comprised two semi-structured interviews, both with customers who have bought an entry-level product (for this research entry-level products have been defined to reach up to a price level of 450 GBP) at Burberry. The interviews should provide a deeper insight into how product personalisation engages costumers. (Bryman and Bell, 2011) The customers who have been selected will form a case study on Burberry, as Burberry is a representative example of how a luxury brand successfully integrates entry-level product lines and offers personalisation to engage customers who according to Mintel (2014) „cannot afford Burberry clothing, but still want to buy in to the brand“. This will therefore provide a more significant view on the subject.

There has been a dramatic shift in consumer behavior. Consumer needs and wants are not always easily understood, explained, or recognized. According to the text, marketing managers has a difficult but vital job of being able to explain consumers’ behavior to give marketers as clear an understanding of their customers as possible (Grewal, Levy, 2014, p. 174). Once explained, they are able to develop a market strategy to meet the needs and wants of consumers and implementing the strategy to sustain a successful and profitable organization. Along with a shift in consumer behavior, there has been a shift in marketing strategies. Some organizations are using the traditional marketing strategy and some are using the new customer-based model. This paper, by referencing an article called “Rethinking Marketing” will explain whether the new model is necessary to improve business today. This will be done by addressing the similarities proposed and the differences between the approach of that model and strategic marketing management presented in the AMA definition and text. Would this model be an improvement over the way my organization functions? The answer will be given.

Marketing is defined as the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large (Pride 298). Marketing is the exposure of what a firm offers for the consumers. A firm’s products and/or services should be at the customers’ fingertips for easy accessibility. Customer service and satisfaction should be a priority of a firm. Customer satisfaction begins with a communication link where the needs of consumers are displayed. This is the marketing concept, “a business philosophy that a firm should provide goods and services that

Marketing is about the relationship between an organisation and its marketplace, and in particular its customers and potential customers. Customers are the lifeblood of a

Marketing is about creating values. Prosperous companies rely on returning consumers making purchases repeatedly and the aim is to have a sustainable long lasting relationship with clients (Jobber and Chadwick, 2013).

The marketing process has gained more and more significance within the modern day business setting. As competition intensifies and the demands of customers exponentially increase, the economic agents are forced to devise and implement new strategies that attract and retain customers. In other words, it is no longer sufficient for a company to provide its customers with high quality products and services, but it has to also make use of complementary solutions, such as marketing strategies.

The definition of Marketing in the eleventh edition of Marketing: An Introduction is stated as the process by which companies create value for customers and build strong customer relationship in order to capture value from customers in return. How does the corporate world successfully merge with marketing to satisfy the consumers’ opinion of value? By designing a customer-driven marketing strategy. One theory from The Times 100 states that Effective marketing demands the identification and understanding of target markets. Having a clear understanding of target markets create an entry into providing a product that will sell.

Marketing is vital to the existence of a business, as it is experienced every day of our lives as consumers. When a new product is invented or an existing one is improved, there is no guarantee customers will purchase it. Without marketing these products may never reach the customers attention, regardless how good or how revelant the particular product may be to the customer’s needs.