The Marketing Process Of A Business

Marketing is the management procedure in which the product or service is moves from concept to the customer. It includes the co-ordination of the 4 P’s of marketing: product, price, placement and promotion. [tutor2u.net]

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved October 2007) http://www.marketingpower.com/aboutama/pages/definitionofmarketing.aspx

Concepts of marketing- marketing= a social and managerial process by which individual and groups obtain what they need and want through creating and exchanging products and value with others.

Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.

Definition of marketing is the management process through which goods and services move from concept to the customer. For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. Marketing is based on thinking about the business in terms of customer needs and their satisfaction.

Innovation is also crucial, because it enables the company to differentiate products from competitors. The felt need will still drive the product. This starts with segmenting customers, since satisfying the needs of the mass market will no longer be that effective, unless perhaps for commodity products (Morton 2008). Market segmentation also allows businesses to determine psychographic and other behavioral characteristics (Morton 2008). This will help make a customer profile, which innovation will also respond to.

The general environment is composed of segments that are external to the firm. Although the degree of impact varies, these environmental segments affect all industries and firms competing in them. The

“marketing – orientated companies get close to their customers so that they understand their needs and problems.” ( Jobber, 2010, p.5).

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”.

Marketing is a process of identifying and satisfying the consumer needs and wants by creating or exchanging product.

Marketing can be defined as a managerial and social process whereby groups and individuals obtain what they need or desire through the creation of a product, offering it and exchanging the product of value with others. Some of the marketing concepts include needs, wants, and demand; products; cost, value, and satisfaction; transactions and exchanges; networks and relationships; markets; marketers and prospects.

“Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” – CIM Definition.

Definition of Marketing – Marketing can be defined as the process of converting wants into needs. In other words it can be defined as the process of selling products or services to the customers by an organisation.

Microenvironment- microenvironment surrounds the factors that are close a company that affects their ability to serve their customers, this would include; Customers, suppliers, competitors, other departments within the company, general public, marketing intermediaries and finally members of the distribution channel. These are all forces that closely influence the company and they have a direct affect on the organizations relationship. The suppliers of a company are a part of the microenvironment as even if there is a slight delay in receiving any supplies off the suppliers can result in the customers not being satisfied. Marketing intermediaries are the people that are helping to promote and sell the companies products. Competitors include companies that are offering the same or similar products, for example; Morrisons, Tesco and Asda are all in competition with each. It is in the company’s best interest to develop a strategic advantage over their competitors, encouraging customers to come to them not their competitors. This would include Tesco giving you vouchers for any price difference with their competitors ( if your total bill comes to more than it would in one of the competitor stores then you are given the

American Management Association: Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organisational goals.