Components Of The Marketing Process Essay

1516 Words7 Pages
TASK 1
1.1 Various Element of the Marketing Process
Marketing is defined as an organisational function containing a set of processes for designing, communicating and delivering value to consumers and managing consumer relations in manner that benefits an organisation (Sheth & Sisodia, 2006, p. 105). Some of the processes involved in delivering and communicating the value to consumer include advertising, packaging design, use of discounts, product or service campaign meant to create awareness, and celebrity endorsement. Marketing is what an organisation does to gain consumers and retain a relationship with them. The main goal for marketing is persuade consumer about the value of products and services being offered, hence, ensuring increased sales and profitability.
The elements of the marketing process include product, place, price and promotions, which can be used by a manager to formulate strategies for marketing (Lamb et al, 2011, p. 47). The element of products considers the product or service, design feature and whether it will appeal to the market, branding, and packaging of the product. The place in which the product is being marketed or sold should be accessible and conducive for the consumers. Hence, marketing managers can employ this element to woo consumers. The element of price is significant in determining whether the consumers will buy a company’s product or they will opt for a rival’s product. However, the price set will be determined by the target market
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