The Role Of Marketing In A Corporate Environment

Decent Essays
The Role Of Marketing In A Corporate Environment

The definition of Marketing in the eleventh edition of Marketing: An Introduction is stated as the process by which companies create value for customers and build strong customer relationship in order to capture value from customers in return. How does the corporate world successfully merge with marketing to satisfy the consumers’ opinion of value? By designing a customer-driven marketing strategy. One theory from The Times 100 states that Effective marketing demands the identification and understanding of target markets. Having a clear understanding of target markets create an entry into providing a product that will sell. Marketing Mix also known as the four P’s (Product, Price, Promotion, and Distribution (Price) created in 1960 by McCarthy is used by marketers throughout the world. Broken down into their segments and defined as:
Product- anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
Price- amount of money charged for a product or service.
Promotion- activities that communicate the merits of the product and persuade target customers to buy it.
Place (distribution) - company activities that make the product available to target consumers.
With social and demographic changes the sale of products can be affected. So if companies want to continue to add value to products there must be the introduction of services to the mix.
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