Marketing , Customer values and the Interrelationship Between them

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Recommended: What is marketing

Marketing plays a vital role in the failure or success of a business. Marketing is often misunderstood as the selling and promotion of products via commercials, advertisements and sales calls. However, selling and promotion is only one of the important aspects of marketing (Kotler, Shaw, FitzRoy & Chandler, 1983). Therefore, it is essential for businesses to fully understand hot marketing affects them. This essay will further explore marketing as a business philosophy, the customer values provided and the link between the two with the use of Village “Gold Class” Cinemas specifically to illustrate these concepts. Village “Gold Class” Cinemas is a unique premium site that is designed to provide customers the best experience whilst the whole screening of the movie (Village Cinemas, 2013).

The concept of marketing has constantly been evolving over the past years that there is no specific and precise way to define marketing. Thus, many different marketing definitions emerged and challenged other marketing perspectives. The first official marketing definition was developed by the American Marketing Association (AMA) (Gamble, Gilmore, McCartan-Quinn & Durkan, 2011). The AMA (1960, as cited in Kotler et al., 1983) defined marketing as “the performance of business activities that direct the flow of products and services from producer to consumers” (p. 7). Kotler (2009, as cited in Gamble et al., 2011) defines marketing by which individuals and groups of people acquire their needs and wants through a societal process of creating, offering and exchanging products and services of value with others. Marketing is also described as human activity targeted at satisfying the needs and wants of others through exchanged processes (Kotler et al., 1...

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...etrieved April 2, 2014, from http://www.oxforddictionaries.com/definition/english/philosophy?q=philosophy

Smith, J.B., & Colgate, M. (2007). Customer value creation: A practical framework. Journal of Marketing Theory and Practice, 15(1), 8-17.

Village Cinemas. (2013). About Us. Retrieved April 2, 2014, from http://villagecinemas.com.au/about-us

Woodall, T. (2003). Conceptualization Value for the Customer: An Attributional, Structural and Dispositional Analysis, Academy of Marketing Science Review, (2003)12, 1. Retrieved from http://www.amsreview.org/articles/woodall12-2003.pdf

Woodruff, R. (1997). Customer Value: The Next Source for Competitive Advantage, Journal of the Academy of Marketing Science, 25 (2), 139-153.
Zeithaml, V. (1998). Consumer Perceptions of Price, Quality, and value: A Means-End Model and Synthesis of Evidence, Journal of Marketing, 52, 2-22.

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