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.
Promotion is a way company communicates messages on what the pruct does and what does the product can offer customers. It includes below elements:
Product- A product is anything that can be offered to a market to satisfy a want or need, products include physical goods, services, experience, events, persons, places, properties organisations, information and ideas. It is therefore the combination of goods
As per Ian Ruskin Brown and Greg Clark “ Marketing mix is the term used explaining the different elements comprising the offer that the different companies makes to their customers”. (Brown and Clarke, 2000:44). E.Jerome McCarthy in early 1960s came up with the four Ps in the marketing mix. According to him these 4ps are “ Product, price, place and promotion”.( McCarthy and Shapiro 1975: 35). Refer Appendix I for the pictorial representation. But the view of Richard Sandhusen is that the four marketing mixes should be ‘price, product, promotion and distribution’ (Sadhusen, 2000:319). According to Steven Stralser ‘in order to create a marketing strategy and plan that touch all the areas of marketing to position a product, maximise revenue etc a few more components have to be considered which are, Marketing segmentation, Marketing Strategy, Marketing research , Pricing, placement and value chain.’(Stralser,
Product, Price, Place and Promotion also commonly known as the 4P’s are the major factors or tools with which a firm or an organisation operates in the market by offering a superior value proposition to its clients and customers and thus earning value back from them in return to achieve the objectives of its shareholders. These 4P’s are combined together to form the marketing mix of a firm.
The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.
Marketing mix can be describes as "the use and specification of the 4 Ps describing the strategic position of a product in the marketplace… A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com)" The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target markets objectives are attained. The 4 Ps of marketing are Product, Place, Promotion and Price. Each plays a key factor in the overall successful marketing of a product or service.
The term "product" refers to tangible, physical products as well as services. A product is everything one receives in an exchange,
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.
According to our book product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It includes physical objects,
The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.
Marketing mix is also called 4P’s of marketing .It can also be used to find existing market strategy. 4P of marketing represents:
The process of communicating the value of a product or service to customers, for the main purpose of selling that product or service is known as marketing. The science of choosing target markets through market segmentation and analysis, and understanding consumer behavior while providing superior customer value to the customers is termed as Marketing Management. It can be looked at as one of the most important of the organizational functions and a set of processes for creating, communicating and delivering the value to their customers or potential customers, and a customer relationship management that benefits the organization in a variety of ways.
Promotion – an activity, such as a sale or advertising campaign designed to increase visibility or sales of a ‘product’.
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.