The Development of the Marketing Thought Essay Example | Topics and Well Written Essays - 1750 words

The Development of the Marketing Thought - Essay Example These forces, while closely interrelated, produced fickle consumer markets which are more sensitive to price, services, and such other features which create customer value that a slight difference would equate to huge economic losses. From transactional marketing to relational marketing follows a tool for building customer relationships: customer relationship management. If developed and implemented effectively, Strategic CRM has been a guiding tool for most businesses today in competition-filled markets for without a loyal customer base, the business will eventually remain stagnant and cease to exist. After more than a decade of confining the marketing concept as â€Å"a process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives,† the American Marketing Association developed another definition of marketing, describing it as â€Å"...an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.† ... s, marketing evolved from a cold means to maneuver a product into the market in both ways strategical and tactical to a humanitarian obligation that likewise yields two-way benefits; only that in the second definition, marketing purports to be the only tool to stay profitable in the industry taking into consideration the radical changes in the business environment. In brief from a product-oriented approach, organizations now divert their attention to their customers and in creating a profitable rapport with them. Marketing Paradigm Shift? The so-called shift in marketing paradigm is seemingly misguiding as what a few authors contest. What is considered a paradigm shift is not applicable to how the marketing concept evolved from transactional into being relational. Some studies have indicated that transactional and relational marketing may still co-exist today although the former is slowly dominated by the latter with the rise of the web technology where direct marketing became virtua lly possible not to mention, efficient for both buyer and seller. Business firms used to concentrate only on the mass production of goods with less or without particular consideration to consumer relations knowing that the consumers will patronize such products anyway through an unsegmented promotional technique. There was technically no form of personality and individuality -- absence of a human touch. In the business equation, there were only enthusiastic retailers and submissive buyers; therefore in theory, businesses did not consider the profitability of confining the emotional link in between human transactions. In the early 1980s, Len Berry coined the term relationship marketing, describing it as the strategical approach that invites, improves, and maintains customer relationships.

U.S Is On Its Way :: essays research papers

The Asian financial crisis serves as a timely reminder of a fact too often overlooked: Merchant banking is the leading edge of shareholder activism. Indeed, one of the chief traits shared by hard-hit Pacific Rim economies is a decided lack of such activism. As a result, their companies are less prepared than they might be for global competition. To one degree or another, much the same holds true in other markets abroad. U.S. companies, in contrast, have seen their competitive ability markedly strengthened by shareholder activism. And much credit goes to merchant banking--that is, private investors managing their own capital. True investor activism as practiced by such financial buyers has created a new model for American enterprise. That model is based on highly leveraged capital structures, on compensation and equity ownership that align the interests of managers with owners, and on effective corporate governance mechanisms to monitor and control the use of free cash flow. All have the objective of maximizing value. Contrary to popular perception, the strategies of merchant banks involve not just financial engineering, but also growth, which would not be achievable without risk capital. In the buyout world, we have seen a fundamental shift from the 1980s mantra of "unlocking value"--capitalizing on arbitrage opportunities and market inefficiencies. Today, the emphasis is on creating value by molding strategic direction, giving incentives to and empowering managers, and rationalizing operations. Increasingly, merchant banks are the key agents of change. In the 1980s, parts of the manufacturing and retailing sectors were entirely reconfigured by leveraged-buyout activity. In the 1990s, financial buyers have changed the landscape of such industries as media, broadcasting, business services, printing and publishing, and food and health services. America's technological reemergence, captured in part by the Silicon Valley phenomenon, has been fueled by venture capital. And for more mature industries, LBOs have triggered corporate renewal. Countless academic studies and real-world examples have highlighted the perils of the corporate governance status quo sans LBO: the central conflict between owners and managers over the control and use of corporate resources, the unenlightened use of free cash flow, and the scrutiny of and pressure on quarter-to-quarter earnings growth versus long-term growth and value creation. By severely constraining and imposing restrictions on the use of free cash flow, LBOs force only positive net present value capital decisions. Studies have shown that operating cash flow increased on average by about 40 percent in a one-to-four-year time frame following the transaction.

Black Pillow by Frank Moore

Black Pillow 2002 by Frank Moore is set on a cornfield during daylight. In the background of the canvas there is a large factory with some plants and butterflies. The edge of this artwork has a yellow border and parts of this canvas are also lightly filled with the color yellow as well. On the left side of the canvas, there is a farmer in overalls that does not seem like he cares about what he is doing, pumping gas into the roots of the cornfield as he glowers into space.One the bottom of the canvas you can find the gasoline spilling all over the pillow of the cornfield, the white roots from the corn stand out from the black color of the gasoline. The art elements shown in â€Å"Black Pillow† are that it has a very warm feel to it since warm colors are used; it almost makes you feel like you are there outside in the hot field and gasoline. It is loosely spaced out since there is no color in the background that fills it up a lot except for some yellow lines and spots. It defini tely has bold colors to it and has no greyscale in it.The yellow has a significant contrast from the background and the black as well. The line of the corn leaves looks very alive and natural while the roots in the gasoline are stiff, rough and dead looking. This canvas shows how humans and industrialization are harming the corn crops by the gasoline, since gasoline consists of ten percent ethanol which comes from cornfields. The color yellow in the border of this artwork symbolizes rotting, heat, decay and death. Which fits in well with this theme since the careless farmer is pumping gas all over the roots of the cornfield.The gasoline which represents the color black means the coldness, negativity and evil that is pouring and taking over the corn which the color yellow can also symbolize joy, happiness, and optimism. The white root of the corn symbolizes how the innocence is being besieged by the gasoline’s coldness and evil. The gasoline in the pillow of the soil is where it gets its name â€Å"Black Pillow†. Personally, I believe Frank Moore got his message across in this artwork. He is portraying the decay of cornfields because of the increase in oil industry.The color symbolism is prevalent because the oil is the evil that is invading the cornfields for the benefit of more resources. It shows the evolution of where the oil comes from and how it is not used properly and is wasted on an everyday basis which causes pollution. Frank Moore’s point for this artwork is to show how ignoble humans are today and how bestial we are to our world enervating its natural beauty for our own selfish purposes. This topic is very imperative to our society today since gasoline is in high demands and our world’s pollution is getting worse by each day.

Key Factors That Influence The Success Of A Business

Introduction The global economy continues to grow in the 21st century based on the continuous developing success of businesses. It can be argued that there are many important factors that will influence the success of a business. However these two assets have been highly valued as they are linked to organisational success. 1. Business Relationships 2. Reputation Dr. Robert Cialdini is a professor who has spent his entire career researching the science of influence and acquired an international reputation of being an expert in his field. (Cialdini, 2016) Dr. Cialdini developed his scientific findings for human interaction, which he refers to as the Six Principles of Influence. We will analyse if these principles have continue to stay relevant in the 21st century’s global economy. Business Relationships What is a business relationship? It is said that â€Å"relationships† are the fuel that feeds your â€Å"business†. It takes dedication to develop and maintain not only a business relationship but also important to make it a successful one. To be able to develop and maintain successful business relationships is acknowledged in practice. However, this can be complex process of finding factual evidence in academic literature. Why are Business Relationships important? The importance of business relationships can take various different forms. †¢ As a company, this is a great way for you to connect with your clients and customers. †¢ Relationships with other companies are alsoShow MoreRelatedFactors That Influence Risk Levels On The Hospitality Industry1207 Words   |  5 PagesThis essay will critically analyse factors that influence risk levels in the hospitality industry. Further to this, recommendations on risk handling will be put forward to lessen these risks. 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