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The knowledge of Marketing Concepts has become valuable to organizations to fight it out in a churning marketplace. This has resulted in huge demand for MBAs with Marketing specialization & the career growth of Marketing professionals has been exponential in most organizations. Many CEOs & Managing Directors of organizations in highly competitive markets are with marketing backgrounds.
In an era of global markets, the customer today has a much wider choice and given the plethora of television channels, apart from internet marketing and teleshopping, the customers seek to be wooed by the marketers. And as time passes, wooing and cajoling will only intensify, calling for innovative and inventive ways of not only attracting but retaining the customers for a longer duration.
In the traditional selling concept, the main strategy was to first manufacture the manufactured and then somehow find and convince the customers to buy the products. And this was done by aggressive sales & sales promotion tools with huge impetus on closing the sales or achieving the targets even if it meant cutting down on prices.
In a contrast to this, the Marketing concept emphasizes the importance of consumer needs & behavior. The approach is to first understand the consumer’s needs & then approach him to satisfy him as the most important pursuit. In today’s time, the focus is on maximizing profits through consumer satisfaction less on sales maximization. Marketing aims to understand the consumer & his needs so well that the product or service so developed should sell by itself. All that is required is to make customer satisfaction an integral part of the company strategy.
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