Marketing And Marketing: The Importance Of Marketing

1392 Words 6 Pages
Marketing is one of the important processes in any organisations. When we talk about marketing, “many people mistakenly think of marketing only as selling and promotion” (Kotler & Armstrong, 1994, p. 6), because of every day we are “bombarded with television commercials, newspaper ads, direct mail, and sales calls” (University & Barnes, 2001). In fact, marketing does not only involves selling and advertising; “Selling is not only the tip of the marketing iceberg; it is only one of several functions that marketers perform, and often not the most important one” (Kotler & Armstrong, 1994, p. 6). In fact, “marketing includes all business activities involved in the flow of goods and services from producers to consumers” (ILRI, 1995). Another definition …show more content…
164). Each consumer has their unique set of needs and wants. Therefore, some consumers are willing to pay a high price for a good quality of the product or a high level of service. On the other hands, others will make the decision not to spend on the same benefits or quality that are not worth the price. Zeithaml (1988, as cited in Smith & Colgate, 2007) describes customer value as, “From a customer’s perspective, customer value is what they ‘get’ (benefits) relative to what they ‘give up’ (costs or sacrifices)”. There are four major types of value, which includes functional/instrumental value, experiential/hedonic value, symbolic/expressive value and cost/ sacrifice value. Thus, the organisations need to provide the consumer with the best cost, best product and the best service. We can explain all of these through the consumers in Queen Victoria Winter Night Market. In the winter night market, as the food are expensive than eating in their store in usual days so each individual stores have to make sure that they do not overprice their products. A higher price may bring the higher profits. However, instead of increasing the price itself, we could also increase the quantity so the money they pay will worth to the product. The individual stores need to satisfy their consumers by providing a high quality that is worth it. By doing so, one of the ways is they could provide the consumer with special products that especially for particular events. The winter night market has also provided a range of services for the visitors, for example, short films available, performance from Melbourne International Jazz Festival, plenty of variety of food and open pit fires lit up across the market to keep visitors away from cold and more. All of these services are attracting the visitors to visit and even back to visit again. Designing and delivering

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