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Marketing and the Consumer Experience
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Due date : Date of Submission : Student Name : Word count: 985
Age: 18 Gender: Female Place of Residence: Paris, France Education: Second-year student in Psychology Occupation: Student Stage of life: Young adult single Future goals: Open her own clinic and establish her own book about Psychology.
“Marketing is to fulfill and understand customer needs by studying their behavior and use it to impact on their purchase decisions.”
Age: 58 Gender: Male Place of Residence: New York, USA Education: Master of Business Administration Occupation: CEO of a company Stage of Life: Married with three children. Joséphine has always been drawn to people’s thoughts and actions since she was a little girl. She has a great desire to study psychology as it is interesting and it piques her curiosity about the reactions of people.The more she studied, the more excited she got. Joséphine’s definition of marketing is insightful. She mainly concentrates on psychological aspects since she has an in-depth knowledge on people’s behavior which plays an important role in creating an impact on customers. Nonetheless, marketing is not only about psychological effects but also about strategies and creativity.
“Marketing is the procedure of generating, distributing, exchanging products or services to satisfy customers in order to connect and build sustainable relationships which benefit both sides .” This conclusion is derived based on two formal definitions of The Chartered Institute of Marketing and Philip Kotler. They both defined marketing with core elements: value creation, customer satisfaction, two-way relationships, and profitability. According to Philip Kotler’s definition, it is essential to establish and enhance relationships with customers. This is a long-term aspect of marketing beyond just selling or promoting. In such a competitive market, businesses want to maintain loyalty and retain old customers rather than just a single sale (Philip Kotler, 2020). As Peter Drucker once said: “The aim of marketing is to make selling unnecessary.”(Gunther, 2009). Since commodities and services all come from customer needs, businesses must understand their customers and fulfill them. For CIM, they defined marketing more as financial strategies, concentrating on determining and fulfilling customer needs to make profits. Besides, it also emphasizes predicting customer requirements to specify company objectives. Regarding public opinions on marketing, despite having distinct perspectives, the interviewees do not have comprehensive definitions that cover all marketing aspects. It shows that marketing can be understood through various lenses, depending on people’s experience and background but all of them have a reasonable point about it.
Marketing is hard to fully define as it is wide and complicated with many surrounding factors. It is believed by different scholars to be just an art or only a science (Liu, 2017) but to Philip Kotler (2021), it is both (p.29). From my point of view, marketing is a combination of art as well as science. Art includes advertising, promotion, and communication while Science comes from the act of researching, psychological studies, and predicting the market. In conclusion, marketing is not only about selling but also about creating values and fostering profitable relationships with customers. Different businesses may focus mainly on specific aspects that fit their objectives to construct better strategies.
AMA. (2018, December 12). Philip Kotler, the Father of Modern Marketing, Will Never Retire. American Marketing Association. https://www.ama.org/marketing-news/philip-kotler- the-father-of-modern-marketing-will-never-retire/ CIM. (2015). A Brief Summary of Marketing and How It Works (pp. 1–12). https://www.cim.co.uk/media/4772/7ps.pdf Gunther, R. E. (2008). Peter Drucker—the grandfather of marketing: an interview with Dr. Philip Kotler. Journal of the Academy of Marketing Science , 37 (1), 17–19. https://doi.org/10.1007/s11747-008-0105- Kotler, P. (2020, July 7). Philip Kotler - Marketing and Values. YouTube. https://youtu.be/P- IXyLJ39eM?si=rdxX5vrLWegELr-q Kotler, P., & Armstrong, G. (2018). Principles of Marketing (17th ed.). Pearson Education Limited. Kotler, P., & Keller, K. (2021). Marketing management (16th edition). Pearson Education, Limited.
