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Marketing Exam Model Answer Essay Example

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Marketing Exam Model Answer

The traditional definition of marketing has significantly moved away from product-based to focus on customers. The traditional marketing concepts were centered around the consumable products with an emphasis on 4Ps. In the contemporary environment of competitive global business, marketing has evolved to encompass various inter-related issues and factors that impact customers’ changing preferences. The products, therefore, have become secondary to the requirements of customers. The transactional marketing which primarily relied on mass consumption has become redundant because customers today cannot be clubbed within one single bracket. The various macro environmental factors like market segmentation, socio-economic and legal paradigms, environmental issues and sustainable development etc have become vital ingredients that have a significant impact on the market sustainability. Thus, the current business environment necessitates the development of new products that meet the changing requirements of the customers. The market strategy of the business must respond to the system as a whole rather than to one single variable, the product. The emerging new definition of market promotes relationship building with customers and other business partners. British Airways is the prime example of relationship marketing. To maintain a competitive advantage, BA has consistently been coming up with different packages for its different customers and has forged alliances with various other business units to improve and improvise its services. It has been evolving new customized services for its different segments and attracting new customers with varying packages that may suit their status, needs, and pricing. Thus, while it has special super-class cabins for its rich clients, the common man can also avail the services in economy class. (words: 260)  Publics are major constituents that significantly impact BA’s business strategies.  The six market model become important consisting of customers, suppliers, business partners, intermediaries, and media.  

Reference

Clarkson, Richard M., Clark-Hill, Colin and Robinson, Terry. (July 1997). Towards a General Framework for Relationship Marketing: A Literature Review. Competitive paper presented at the Academy of Marketing Conference, Manchester Metropolitan University.
preview essay on Marketing Exam Model Answer
  • Pages: 2 (500 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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