News & Events
Marketing in 21st. Century By Muhammad Sabahuddin
Marketing Manager
When asked to define Marketing most people confuse it with advertising and selling, while it is true that those are elements of marketing, but marketing is more than just advertising and selling, it is about creating value.

The term marketing was originally used to describe everything a company does in relation to its market. Over the years of high and stable growth, however, the word is being used mainly to describe such activities as sales promotion and pricing, to which relatively little value has been assigned in terms of the overall commer­cial flow.

Over the years with the shifting dynamics of modern marketing, fulfillment of customer wants and needs has taken the prime position and the companies are changing along with consumer behavior and psychology

Identifying Customer Needs
In order to identify customer needs, companies will have to ask themselves what goods and services their custom­ers wants.

Clearly, consumers want to buy top-quality goods and services at rock-bottom prices, but companies will also have to ensure that purchasers have no regrets about hav­ing bought particular items. Customers want to feel that they have chosen what they buy from a wide selection, that they have made an independent choice, and that their choice will not disappoint them. It is the ability to offer customers as many of  these features as possible that will enable companies to compete.

In the past, it was sufficient for companies to set their targets, identify customer needs and then to strike a bal­ance between the four key elements of marketing known as the "four Ps" (i.e., product, price, place and promotion).

In the future, companies will have to decide, first of all, how they are going to attract customers. Based on this decision, they will also have to decide how to allo­cate resources (both internal and external) and how to make good use of them.

The key to their success is in ensuring that they are managed in a way that is likely to have an emotional impact on cus­tomers. They will achieve  this by deliberately creating an atmosphere of what could be described as excessive competition within the company. This, in turn, has gener­ated customer trust and helped to create a brand image.

In  21st. century the most important thing for a company is to create cus­tomer and brand value. Doing so requires that a company reorga­nize its structures, reengineer its business processes, make full use of information technology, and redesign its in­formation systems so that it will be able to provide this value consistently and to ensure that all these functions are in a spiral shaped cycle.

Next-Generation Marketing
Creating customer value must be the starting point. Companies need to put in place and operate management systems to achieve this, and these should then create more value. This vector should form a spiral around the customer.

Once customers have benefited from such value, how­ever, they want more and expect their needs to be satis­fied. If they are not, any loyalty to the company con­cerned will evaporate. Value creation is always a stress­ful process, and the formation of value on the customer axis is nothing less than entrepreneurship itself.

At Ray Pharma we strongly believe that it is more important than just changing attitudes in theory is demonstrating customer-oriented thinking by chang­ing one's behavior in practice. Adopting a 21st-century approach that combines marketing with this new kind of management will not only increase customer value, but also achieve greater productivity, thereby ensuring that company will retain its value. This, in turn, will ensure that we would be well regarded by shareholders and investors, and will enable them to increase their corpo­rate value.
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