It has been defined as a marketing idea. That means companies must plan on in order to develop appropriate marketing models that will facilitate them access their loyal customers and increase in sales of products, beating their competitors (Kotler 1972). The Changing Image of Marketing and Social and Economic Forces Affecting Marketing Marketing concept being universally accepted as the finest marketing management idea is in itself a misconception. The marketing concept is as dynamic as the business world domestically as well as globally (Kotler 1972).
The concept of marketing is dynamic and responds to global and domestic changes in business trends. The concept has evolved with time and is no longer confined to applied economics, focusing only on the distribution channels for goods and services. With changes in business trends the marketing concept evolved into a management tool focusing on increased sales. In the modern business world marketing has evolved into an applied behavioural science meaning a change in focus to the understanding of buyer and seller systems involved in the marketing of goods and services (Kotler, 1972).
Companies and businesses have been pegged their goals on the marketing concept. This means that companies must develop appropriate proactive strategies to be able to not only retain customer loyalty but also access new customers. Competition in the business world generates the conducive environment for changes in marketing strategies from the old focus on distribution channels to the modern customer responsive focus (Kotler, 1972). Companies must understand changes in customer’s preferences and behaviour this is because changes in customer preferences directly affect marketing.
Comment 2 Strategies to retain and grow customers The most important strategy is to facilitate the growth of the apostle category. These loyalists are satisfied customers. Customer satisfaction directly results to customer loyalty. Interacting with these customers through the launching of customized products targeting particular customers can be one strategy that will boost retention of the customers. The loyalists provide free advertising for the company by word of mouth advertising (Kotler & Keller, 2009).
This not only saves the company revenue in forgone advertising costs, but also brings in new customers. These loyalists are more likely to spend more money on airtime hence increasing the company’s overall profitability. The developing of loyalty programs can be achieved by customized product launching. Institutions are heavy consumers therefore the use of corporate agreements will act as an external force in retaining them as customers (Kotler & Keller, 2009).
In case customer exit it is important to learn why they are leaving since this information will help the company improve on its products as well as respond to the ever-changing customer preferences. This will help the company establish what products are being offered by the competitions that are causing an exodus in the company’s customer base (Kotler & Keller, 2009). Conclusion In marketing, the interpretation of the marketing concept is what really determines if the company achieves its goals in improved sales and customer satisfaction and loyalty.
Customer retention can be achieved by adopting the marketing concept that will be responsive to the dynamism of customer knowledge. The concept of marketing is not static, but subject to change in order to remain relevant in the dynamic and global business world (Kotler, 1972).
References Kotler, P. (1972). A Generic Concept of Marketing. Journal of Marketing, 36(04), 46-54. Kotler, P. , & Keller, K. L. (2009). A Framework for Marketing Management. New Jersey: Prentice Hall.