The Marketing Process Essay

Competitive advantage - Nundies is an innovative product which provides an alternative to visible panty lines; no other company produces the same type of product

3. The policy should be changed and this impact AAA to acquire more Wholesalers and grow their profit margin by allowing the label.

Discuss what is meant by the term “customer orientation”. Illustrate with examples how companies demonstrate their customer orientation by reference to at least two elements of the marketing mix.

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organisation objectives. Marketing has many ways that products are sold. It includes advertising, selling and delivering products to people. Marketers try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general exposure in the media world. The process of developing, promoting, and distributing products to satisfy customers' needs and wants.

The Federal Reserve statistics indicate that the average U.S. household has a credit card balance of $7,283 while the average indebted household has an outstanding balance of $15,611 (Bricker, et al., 2014). Only home mortgages and student loans exceed credit card balances. If consumers hope to create an appropriate level of wealth to support themselves in the latter years of life and avoid counting on government programs as their primary source of income, consumers will need to save more of their income. Servicing credit card debt required approximately 13.9% of consumer’s disposable income in the fourth quarter of 2008 (Wilcox, Block, & Eisenstein, 2011). If these dollars were available as contributions into a retirement account on behalf of the consumer, countless people would be confident about their ability to save for an appropriate lifestyle in retirement. The abuse of credit card usage may be caused by a lack of spending discipline, lack of information or a lack of financial literacy, or a combination of the three. These shortfalls are examined to determine if policy makers can intervene to motivate consumers to generate improved decisions regarding the use of credit cards. The first step in this process is having a basic understanding or knowledge of financial matters. The need for improving financial literacy in America continues to grow as financial products and services continue to become evolve in complexity. The Great Recession has recently proved that financial literacy in this country has room for improvement at all economic levels. The CARD Act required The Secretary of Education and the Director of the Office of Financial Education of the Department of the Treasury to coordinate with the President’s Advisory Council on Financial Literacy to develop a strategic plan to improve, expand and support financial

In the aftermath of Financial Crisis of 2008 that was caused by poor regulation of the finance industry Dodd Frank was passed. As part of Dodd-Frank, The Consumer Financial Protection Bureau (CFPB) was created to enforce federal consumer financial laws and protect consumers in financial marketplaces. Its’ mission is ensuring financial markets work for consumers and responsible providers for the benefit of the economy as a whole. In pursuit its mission it aims to protect consumers from illegal, deceptive, unfair and/or abusive practices. In order to achieve these goals, the CFPB works to empower consumers by creating tools, answering questions and providing advice to help them understand their choices and shop for the deal that best fits their needs. It also promotes financial education at all stages of life which improves financial outcomes. It publishes research in support of better policies. It also educates financial companies about their obligations under the law. It has the authority to propose new rules that are in the public interest as well as take action against predatory practices. The CFPB also allows consumers to file complaints, and monitors financial markets for risks.

The government is seeking to tighten lending standards in the $52 billion credit card market as part of its agenda of addressing credit card debt traps. As a result, consumer advocates are pushing for new rules that would force banks to only issue credit card limits that customers could repay within three years. However, the banks have rebutted this proposition claiming that 10 years is a “reasonable” time frame for how long it would take a customer to repay their credit card debt. They further argue that only a trivial minority of consumers get into debt trouble with their credit cards. Reforms in this area would require banks to ensure they only issue credit limits that could be repaid within an unspecified period leading to debates surrounding

The Financial Conduct Authority (FSA) said that customers had been ‘ given misleading and unclear information about the policies’. And the new financial markets regulator said that the

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”.

It has become too easy, everyday low prices, any size soda for a buck, ten for ten, five dollar foot long, sixty percent off the entire store, thirty percent off when approved for a credit card; inevitably, the bank is bone dry. The power is off, the house is cold, and the Sheriff is knocking on the door with a lovely writ of possession, ready to seize the occupied land. Consumerism can be just as attractive to society as drugs are to an addict, but consumerism is the easiest way to blow away money, savings, and destroy any financial security.

How can they do this? First, let’s examine the psychological impact financial markets have on consumers.

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.

The Marketing Concept The marketing concept has evolved over the last years, marketing reflects to a key approach to doing business. An organisations objective is to make profit, to do this they have to consider the marketing concept, in order to satisfy customers. For an organisation to be successful should divert its attention away from particular products and towards the interest of the customers. Customers changing their needs and wants influence an organisations strategies and plans. Meeting customer’s needs is the main key in marketing.

Marketing is paraphrased from memory of an understanding business. The term marketing refers to describe the total of works included in the transfer of goods from the seller or the producer to the customer or buyer, consisting of shipping, advertising, selling & storing. As the Kaffel ltd develops in the age of technology it is important for us to understand marketing &q its place in the world. Understanding & applying the principles will be profitable to the businessman & the layperson.

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.