Name: Jihane Tanog

Section: ABM Lopez

1. What is the role of marketing in economic development? State its importance to marketing?

Many authorities have recently underlined the necessity of marketing in a developing

economy. Marketing would enable manufacturers to generate marketable items by supplying
them with standards, quality expectations, and product specifications. It would allow the goods
to be transported to markets rather than die on the route. And it would make the customer
capable of discriminating, that is, of acquiring the highest value for his relatively limited
purchasing power. Marketing is the catalyst for the transformation of latent resources into real
resources, wants into accomplishments, and the creation of responsible economic leaders and
informed economic citizens in an economy aiming to break man's age-old tie with misery, lack,
and despair. Marketing is a fundamental technique of energizing an economy and promoting
growth. As a result, it may be both a cause and a result of economic progress.

2. What is the difference between product and services, can you cite an example and what do
you thinks is the most appropriate between the two despites of our situation?

Products are tangible objects that are made available to customers through a specific
market for consumption, acquisition, or attention. When someone wants to buy a product, they
may want to physically feel it or interact with it to see if it is the best option for them. Clothing is
one example of a product that many people try on before purchasing. Services are intangible
goods provided to customers via the efforts of at least one other person. When someone provides
a service to another else, they may be carrying out a job or completing a task. Housekeeping,
motor repairs, and personal care are all examples of services. Despite our position, the product is
the most suited of the two. In response to the present epidemic, a variety of medical products are
being developed and manufactured as part of attempts to combat COVID-19. A wide range of
products, including test kits and chemicals, personal protective equipment, hand sanitizers and
other biocidal products, ventilators and related devices, medications, therapies, and of course a
vaccine, have seen significant global demand.

3. What is the difference between contemporary approaches to marketing and traditional

approaches to marketing? Which among the two is the most and appropriate for the company
to use as of our situations.

Traditional marketing approaches relate to a type of promotion that reaches an audience

offline. To engage their audience and increase their reach, businesses use marketing channels
such as print, broadcast, telemarketing, and direct mail. While contemporary marketing
approaches relate to ideas that emphasize the significance of customer orientation and asks for
 and allows for support systems in order to permanently connect to the parties, generate value,
and long-term connections among everyone. They are approaches that, when followed, provide
stronger assistance for their client base through a product variety that fluctuates according to
what the target market demands. Because it is more customer-oriented, contemporary
approaches to marketing are the best and most suited for the company to adopt in our
circumstance. Companies that use a modern approach prioritize their customers' pleasure above
all else, allowing them to satisfy their target audience's specific desires and requirements. It is
more adjustable since contemporary marketing approaches employ a digital platform. It can also
readily adapt to change, so it can stay up with the most recent marketing trends.

4. What do you think is the main benefit of marketing relationship to marketing organization
and customers? Base your reflection in your own experience?

In my experience with Starbucks, I've seen that they keep in touch with their clients via
emails, expressing gratitude and notifying them of new discounts, and even soliciting suggestions
from their customers on their dedicated web page. According to what I observed on Instagram,
the well-known coffee company promotes their goods by publishing short films and photographs
of its clients. More responses are produced when users repost user-generated material on their
own social media profiles. Their close-knit group frequently lines up before daylight to get their
hands on the latest holiday-themed cup or specialty beverage. As a Starbucks consumer, I've
witnessed how the company's narrative has influenced other businesses, both large and small, to
develop long-term connections with all stakeholders. Determine who those individuals are and
devise a strategy to offer value to all of them. You may construct your relationship strategy
through creative solutions to help you expand quickly and maintain true and genuine ties with
partners and consumers.