Concepts And Process Of Marketing

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Task 1: Understand the concept and process of marketing (LO 1)

1.1 Explain the various elements of the marketing process
Marketing comprises of creating value for customers and building a strong customer relationship in order to capture value from consumers in return. Another way to simplify marketing is that if business is all about the customers and money and the art of influencing one to part from the other, then marketing is all about finding the right people to persuade. Increasing the consumers wants and needs.
Below is a diagram which explains the process of marketing:

There are four possible marketing orientations under which an organisation can design and carry out their marketing strategies.
• The marketing concept is one of the five marketing management orientations. The marketing concept is founded on the belief that a company must create, distribute and market goods more proficiently than the competition in order to turn a profit. To apply this concept, managers focus on studying the target market and consumer 's needs along with advertising the product in a combined manner.
• The production concept is established on the basis that consumers prefer low prices and product availability. To apply the production concept, managers focus on low costs, mass distribution and high production competence.
• The selling concept is based on the basis that consumers and companies will not purchase goods from companies without aggressive selling and persuasive
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