Components Of The Marketing Process Essay

Marketing: the process of planning and executing of a product, its pricing, its promotion, and its distribution. In addition marketing attempts to manage customer relationships in ways that benefit the organization and its stakeholders. Marketing creates UTILITY (want-satisfying power of a good or service) through the exchange process. Time Utility – Availability of goods and services when people want them. Place Utility – Availability of goods and services at convenient locations. Ownership Utility – Ability to transfer title to goods and services from marketer to buyer. Form Utility – Conversion of raw materials and components into finished goods and services.

Marketing is the function that connects businesses to their target audiences’ needs. It is how a business presents and distributes their product to their audience. For example, a business can market their product by advertising it to the public. This can be seen in many forms of media; such as: on television, via web, posters or on billboards.

The Marketing process is made up of simple concepts that involve lots of research on the part of the marketer. The process begins with understanding the consumer, without knowing what consumers need or want, it would be extremely hard for firms to both develop and sell a product. Knowing that consumers want more green products due to growing environmental concerns is a very important detail. Needs and wants are what fuel consumer purchases and marketers must perform research in order to best serve their customers. Through this research, marketers are led to the next step of the process and can now develop a customer driven marketing strategy. Here, the firm must decide how it will differentiate its product from others on the market.

6) Firms using mobile marketing to reach out to its customers may benefit from this type of marketing because it provides timely information to its customers as they go about their days activities. This would be especially useful for short term sales on products. If I was to get an e-mail notification of a two day sale at thegolfworld.com, I am able to use the link to view sale items right away.

Price is an important factor in the marketing mix not only because it drives revenue and business sustainability, but also because it acts as a signal of value to consumers. Consumers often use price as a way to gauge quality or exclusivity. Moreover, price can also help segment the market, by customer, product-form, location, time-basis, or price sensitivity. By offering products at different price ranges, a wider range of consumers can

Top managers develop long-range plans, called strategic plans that define the company's overall mission and goals. Strategic planning focuses more on issues that affect the company's future survival and growth. To develop strategic plan, top managers also need information from outside the company, such as economic forecasts, technology trends, competitive threats, governmental issues and shareholder concerns.

Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).

Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.

According to Levitt (1986), an industry, such as e-commerce, “is a customer-satisfying process,” and according to Kotler (2000), marketers attempt to satisfy their customers by offering them the right combinations of product, price, promotional message, and place— i.e., by offering the right marketing mixes. Marketing organizes essential issues into 4Ps, Product, Price, Promotion and Place. Product is the physical good or service provided to the customer. Price is one of the elements of marketing mixes and is the amount the customer will be paying for the product. Promotion is the spreading the word about the product and place is where the product is sold.

In the marketing world, before releasing a product onto the market a company would carry out research in all spectrums to investigate the targeted audience. Once market research is completed, marketing or advertising is carried out so that the targeted consumers can purchase and the company receives an earned profit from sales. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing, 2009). Marketing strategies need to tick off consumer needs and demand. Companies follow a set of marketing strategies to be able to achieve their set mission goals. Strategies like segmentation, targeting and positioning of the market is used to analyse the

Marketing is perhaps the most important activity in a business because it forms the communication bond between the customers and the company, and it’s a key aspect of communicating the value of the product.

Marketing cannot be defined by a single aspect. Marketing is formulated by the approach of satisfying customer’s wants and needs, segmentation, targeting and positioning and meeting organizations objectives. To function effective marketing is to create awareness, market research and create a desire for a product or service to name a few. Every person in an organization is responsible for marketing.

When developing financial services marketing strategies, it is essential to appreciate some of the limitations cited in this chapter. However, it is equally imporant to appreciate the ethical dilemmas that these limitations present to the financial services marketer. The abuse of the consumers' inability to process the necessary information when evaluating a financial service is not only unethical, but in certain cases, it may violate regulations and result in legal repercussions. It is therefore essential for a financial services marketer not only to be aware of regulations that govern and restrict their marketing activities, but also to be fully aware of the company policies that may constrain the scope of

Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.

Table of Contents Introduction 3 Task-1 Understand the concept and process of marketing 3 1.1 Explain the various elements of the marketing process. 3 1.2 Evaluate the benefits and costs of a marketing orientation for a selected organization 4 Tesk-2 Be able to use the concepts of segmentation, targeting and positioning 5 2.1 Show macro and micro environmental factors which influence marketing decisions. 5 2.2 Propose segmentation criteria to be used for products in different markets. 6 2.3 Choose a targeting strategy for a selected product/service 6 2.4 Demonstrate how buyer behavior affects marketing activities in different buying situations 7 2.5 Propose new positioning for a selected product/service 8 Task-3 Understand the individual elements of the extended marketing mix 8 3.1 Explain how products are developed to sustain competitive advantage 9 3.2 Explain how distribution is arranged to provide customer convenience 9 3.3 Explain how prices are set to reflect an organization’s objectives and market conditions 10 3.4 Illustrate how promotional activity is integrated to achieve marketing objectives 11 3.5 Analyze the additional elements of the extended marketing mix 11 Task-4 be able to use the marketing mix in different contexts 12 4.1 Plan marketing mixes for two different segments in consumer markets 12 4.2 Illustrate differences in marketing products and services to businesses rather than consumers 13 4.3 Show how and why international