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The Circle of Satisfaction is a marketing mega-concept unique to this unit. Give a brief overall explanation of this mega-concept then select at least three of its sub-concepts and explain them in more detail including examples.
The purpose of this assignment is to demonstrate your learning of marketing. Although using an example is preferable, students are advised to focus on the unit concepts [75%] and focus less on describing the example [25%].
How the unit concepts relate to the example and vice versa is what should be made clear and emphasised.
The academic essay is rarely employed outside of universities and it is unlikely a future employer will ask for an essay. However, an academic essay has the same structure as a business presentation and is therefore important part of a student's learning journey.
Try to gain the reader's attention and encourage them to read on with a creative title.
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Marketing is the process of linking producer with the potential market. Meanwhile, it can be said as the philosophy or concept of doing business. Marketing covers a very large arena in business. It begins with understanding the position of the company by crucially analysing the internal and external environment of the organisation, the threats posed to it or the weaknesses it needs to deal with, the economic opportunities that it can grab. The firm then sets up the marketing strategies that can keep in mind the stated environment and produce goods and services accordingly (Cooke, 2015).
Institute of Marketing in the United Kingdom represents the concept of marketing as a set of management functions those directs and organises business activities in order to assess and convert purchasing power of the customer into demand for particular products or services (Gilliam & Voss, 2013).
Some basic objectives are included within the client-based marketing system, and those are as follows (Katsikeas, 2014):
The essay aims to represent the concept of mega marketing by means of the circle of satisfaction. The theme is centred around the fact that only when a company takes care of its customers’ satisfaction, the customers will, in turn, take care of the company’s benefits in the long run (Oliver, 2014).
The mega marketing concept focuses on three main themes such as employee satisfaction and competencies, product and service quality, obtained value of customers. The system and concept of these three subjects are written. So that ultimate core concept of the circle of satisfaction can be transparently built up to the readers of this essay.
No company can frame a marketing strategy leaving out the term 'customer’ from their contingency planning, as customers from the 'priority base' of all business operations. How effective a marketing plan depends on to what extent are the customers satisfied. The scenario starts with the employees’ efforts and their potentiality in serving quality products. Prior to this comes to employee satisfaction. Only when they are satisfied, they put in efforts to deliver their best. Only when the best product is delivered, should a customer show willingness to re-purchase those, thus making higher profits, which could be further invested in the business for upgrading the manufacturing processes (Ancarani, 2001). Thus, a circle is created where satisfying the customers seem to the major criteria- the mega concept of marketing.