Strategic importance of marketing concept

The key points of marketing concept are customer satisfaction, profit, and properly organized efforts to make profit through customer satisfaction. At the same time, strategically, it is important to understand that a business can be profitable, or successful, only if it finds a way to satisfy customers better than its competitors.

This means, that today's business can attract customers only through successful competition. Because of the highly competitive environment, today it is not enough just to satisfy. The important thing is to be better. In other words, if a business is unable to compete, it fails to implement the key marketing ideas simply because such business will fail to satisfy customers.

Moreover, under the competitive environment it becomes important not only to meet, but also to exceed the customers' needs. In an organization, the role of marketing concept is more profound: here the marketing concept implies that everyone's job is to serve the customers directly, or to serve those who serve the customers. For example, to contribute to profit through saving costs or, in other words, to serve the internal customers.

This idea is especially important to emphasize in terms of the roles we may play in an organization in our day-to-day life: we do not necessarily have to deal with customers directly to contribute to the common goal of customer satisfaction. But our roles in it can be significant without doing so.

Vocabulary

concept – понятие

satisfaction – удовлетворение, возмещение

profit – прибыль, выгода

effort – попытка

strategically – стратегически

competitive – конкурентоспособный

to exceed – превышать, превосходить

profound – глубокий

to imply – намекать, подразумевать

Internal – внутренний

to emphasize – подчеркивать

to deal – наносить, заключать сделку, иметь дело

goal – цель

significant – значительный

II. Answer the questions to the text written above

1. What are the key points of marketing concept?

2. What is it important to understand about business?

3. Why is nowadays it is not enough to satisfy customers?

4. Why is the role of marketing concept is more profound in an organization?

III. Make up your own examples with the vocabulary

IV. Complete the sentences

1. The key points of marketing concept are ….

2. A business can be ….

3. … can attract customers only through successful competition.

4. If a business is unable to compete ….

5. … but also to exceed the customers’ needs.

V. Make up a dialogue on the basis of the text under the following situations:

• A student is having a test. The teacher asks him/her on the topic “STRATEGIC IMPORTANCE OF MARKETING CONCEPT”;

• Two businessmen discuss the problem of “STRATEGIC IMPORTANCE OF MARKETING CONCEPT”;

• A reporter is interviewing a marketer about the problem of “STRATEGIC IMPORTANCE OF MARKETING CONCEPT”;

***

I. Read and translate the dialogue

Mr. Raymond: Good morning, students

Alison Tailor: Good morning, Mr. Raymond

Brian Green: How art doing, Mr. Raymond

Mr. Raymond: So, I guess since you are here, you are ready for my questions. And my first questions will be – what are the key components of marketing strategy? Miss Tailor?

Alison Tailor: The key components are target market and product mix.

Mr. Raymond: Right! Now Mr. Green, tell me please what is meant by target market?

Brian Green: Target market is a group of customers to satisfy.

Mr. Raymond: All right! Now, Miss Tailor, what is a product mix?

Alison Tailor: A product mix is a product, price, place, and promotion.

Mr. Raymond: You are absolutely right! Well, you know that in real life, these components boil down to the following objective all businesses need to fulfill: to increase the number of customers so as to increase sales. What can be done to achieve this goal? Mr. Green?

Brian Green: I think that is order to achieve this goal, the marketing strategy should give us tips on how to do that. In every particular situation we face in day-to-day life we have to find answers to specific questions.

Mr. Raymond: You answer is correct, but not full. Mr. Green, please, give me an example on this situation?

Brian Green: I’m sorry, but nothing comes into my mind

Mr. Raymond: That’s too bad. How about you, Miss Tailor?

Alison Tailor: Well, for example, to sell an accounting service like filing a personal income tax return we would need to determine what has to be done to attract customers, what kind of office would be needed to deliver the service, how much it would cost and what price would be right, and what should be done to attract more customers.

Mr. Raymond: Very good example! It is easy to see that this pattern would have to be followed in every real-life situation. Even looking for a job we would have to be concerned with where we can work, what we can do, at what remuneration, and how to attract employer's attention to be employed. Well done! So Miss Tailor, you get A+. Mr. Green – your grade is B.

Alison Tailor: Thank you, Mr. Raymond. Good-bye.

Brian Green: Mr. Raymond, is it possible if I try to have this test one more time?

Mr. Raymond: Yes, it is. I’ll have some free time next Tuesday.