Paper Name: Strategic Management
Paper code: BB335.15
Assessment Name: Individual Case study assignment
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Student Name &ID Number: Thelma T. Umayat_______ Date: 26th March, 2015
The Mantra in Marketing (CCDVTP)
According to Prof. Philip Kotler, marketing is the science and art of creating, communicating and delivering value to satisfy the needs of the target market at a profit. Marketing identifies unfulfilled needs and desires. It defines measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services. Marketing is often performed by a department within the organization. This is both good and bad. It’s good because it unites a group of trained people who focus on the marketing task. It’s bad because marketing activities should not be carried out in a single department but they should be manifest in all the activities of the organization.
Creating value is called Product Management. A product is anything that can be offered to a market for attention, acquisition, or use, or something that can satisfy a need or want. Therefore, a product can be a physical good, a service, a retail store, a person, an organisation, a place or even an idea. Products are the means to an end wherein the end is the satisfaction of customer needs or wants. Product management is like having a company and from inside they make things by the help of engineers and scientists and then ask to sale people, to get rid of them, they do it inside they do it with scientists. And when communicating the value this is called branding or Brand Management. There is the difference between the product management and brand management; you can have five products but what you have to do to brand them? Is to communicate the excitement, differentiation and so on and then to deliver value is called Customer Management.
What changes in product management today is they do not just connect with the scientist…