Working Through The Marketplace Live Simulations Essay

“When the simulation began, we felt confident in our team’s vision, goals, and strategic plan. After the first rollover, we quickly became aware that the success of a company relies heavily on the dynamics of the market. The strategic decisions of competitors weigh heavily on the overall direction of a company. Our original plan quickly became obsolete in the tumultuous bike industry, and we were forced to re-evaluate our competitive positioning. To this end, we learned

Marketing comprises of all the activities and tasks undertaken to promote and sell the product to the end consumer. It encompasses a wide array of techniques that can be used to push the product/service to the consumer and get them to pay for the same. Marketing can also be done for non-selling objectives like brand awareness, recognition, brand image enhancement etc. In essence, marketing concept creates a value for the customer and communicates it effectively to drive the consumer to make a purchase. It is also almost detrimental in customer retention.

My answers were not decisive which reflect my weak critical thinking skill. For example, when it comes to medication administration, in instances where things are not clear, it should always be referred to the doctor which in this case I belatedly remembered. Nurses should also make sure that they knew how to use all the equipment that is used in the nursing care. In a medical emergency situation, every second counts. In the simulation, epinephrine administration was delayed since the nurse did not know how to use the automatic injection. Over-all the simulation had a significant impact to my learning process.

Over the course of the simulation we learned a lot of lessons about running a business. We learned how to develop effective advertising, leaned how to adapt to changes in markets, and learned how to develop effective products along with lots of other things. This was all with the goal of becoming the most successful firm in the emerging microcomputer industry. Success wasn’t immediate but in the end we lead the Fox League in market share at 31% and were one of only two teams in the league to turn a profit over the 18 months we were in business. However, as we have leaned in Sustainable Business Practices this semester it is not just about the money, it is about taking care of your employees, the environment, and those around you. This is

When marketing a product or service the organisation needs to make sure it will satisfy the customer needs or wants. An organisation will not survive let alone succeed or make a profit if it does not meet the customer’s physical, intellectual, educational or social needs/wants. An organisation will use market research to identify what the customer and consumer wants. This definition means there is a management responsible for doing market research to identify the customer’s requirements

The different marketing concepts that can aid in understanding a company includes company overview, mission and vision, organizational environment, competitive advantage, corporate and business strategies, organizational structure, organizational culture, social responsibility, company policies and company leadership. These concepts will be used in the discussion of findings for this report.

The marketing concept is about matching a company’s capabilities with customer wants. This matching process takes place in what is called a marketing environment.

Marketing is defined as the process by which companies supply a valued product or service to consumers and in return capture value from said consumers. The first goal of marketing is to attract new customers by providing a desired product or service. The second goal is to keep the current customer base loyal while continuously striving to increase that base.

Marketing concept is a business philosophy that guides the marketing activities of a company. This concept has three main characteristics as follows.

Therefore, the marketing concept is a total philosophy, which provides a common focus for all elements of the enterprise. In so doing, it helps to bring business and society into a meaningful and mutually beneficial relationship. Since its inception, marketing concept has been adopted by many business firms because of the role it plays in the success and progress of business,

Concept of marketing: companies who believe in this concept are of the opinion that this success can be achieved only through consumer satisfaction

Marketing is one of the fields in business management. The field involves business organizations and their customers as the key players. Marketing involves an organization or a company identifying and anticipating their customer’s needs and satisfying them in a profitable way. Marketing is a broad field and it encompasses marketing concept and marketing practices. Marketing concept is a marketing philosophy that advocates for selling products or services that are benefit oriented instead of product oriented. Benefit oriented products and services seek to satisfy the needs of customers while product oriented

Chartered Institute of Marketing defined Marketing as “the management process that identifies, anticipates and satisfies customer requirements profitably”. (Lancaster and Raynolds 2002)

In general, the central idea of marketing is an activity which helps to create economic value by selling and buying their goods or services. It relies on the concept of needs and wants, as well as customer demands in the market. By focusing on those concepts, the company is better positioned to make a profit in the right place at the right time. Marketing is the process to create, communicate value propositions to people in the organisation, deliver the value propositions and monitor the value actually delivered.

Defined in Marketing – a practical approach “The Marketing Concept is a business philosophy which states that the satisfaction of customers’ wants is the economic and social