“The process by which companies create value for customers and build profitable relationship with customers in order to capture value back from them is called Marketing.” This is a simple definition of Marketing; however, students often get stuck in the middle of assignment about Marketing, because they do not carefully follow the definition of Marketing. If students can extract the meaning of Marketing from its definition, then Marketing assignment will not remain a difficult task for them anymore.
In the definition of Marketing, value is the benefit that Marketer offers to the customers. Profitable relationship with customers is built through Customer Relationship Management (CRM). CRM is based on customer perceived value, efforts for retaining the customers, and customers’ loyalty. Students should have good knowledge of these things to write a Marketing assignment. Customer perceived value is what customers expect from the company in terms of benefits.
Companies give patronage or loyalty discount to customers to retain customers, and students should also have knowledge about this. Customer loyalty is about allegiance of customers towards the company, and if customer becomes loyal to a company; then, company captures value back from the customers. This is all about the definition of Marketing. Students can write an assignment on Marketing if they realize what customers and marketer exchange through marketing.
Marketers try to satisfy the customers with a product or service, while customers hope that they will get a benefit for the price that they pay to the marketer. If the customer perceived value is equal to the price that customers pay, then the customer gets satisfied with the product or a service. If customer perceived value is more than the price, then the customer is delighted, and the customer is dissatisfied vice versa.
If students can learn some basic concepts about Marketing like Marketing Mix (4 Ps of Marketing comprising of Product, Price, Place, and Promotion) and PLC (Product Life Cycle), then students will definitely get help while they work on their Marketing assignments. PLC is all about how a product undergoes a life cycle ranging from its launch to decline.
In Marketing Mix, marketers aim to deliver the right product (customer-desired product) for the right customer (Target Market), at the right price (price that is profitable for both customers and marketers, and that is, based on customer perceived value), at the right place (where product should be delivered), with the right promotion (communication that is, suitable for customers).
Now you have the knowledge about the basic concepts about Marketing; therefore, you can definitely come up with a Marketing assignment on your own.
Natasha Aiken is a Marketing Analyst, Research Writer, and a Statistician. She often creates Marketing assignments to help students of Marketing and provide Help With Assignment Writing. She thoroughly conducts research to gather reliable information for various writing tasks.