* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download docx marketing essentials (1)
Customer experience wikipedia , lookup
Pricing strategies wikipedia , lookup
Market penetration wikipedia , lookup
First-mover advantage wikipedia , lookup
Customer relationship management wikipedia , lookup
Internal communications wikipedia , lookup
Market segmentation wikipedia , lookup
Consumer behaviour wikipedia , lookup
Sales process engineering wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Social media marketing wikipedia , lookup
Affiliate marketing wikipedia , lookup
Food marketing wikipedia , lookup
Neuromarketing wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Product planning wikipedia , lookup
Marketing communications wikipedia , lookup
Target audience wikipedia , lookup
Marketing research wikipedia , lookup
Sports marketing wikipedia , lookup
Ambush marketing wikipedia , lookup
Digital marketing wikipedia , lookup
Multi-level marketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Youth marketing wikipedia , lookup
Viral marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Target market wikipedia , lookup
Marketing channel wikipedia , lookup
Advertising campaign wikipedia , lookup
Marketing plan wikipedia , lookup
Direct marketing wikipedia , lookup
Multicultural marketing wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Marketing strategy wikipedia , lookup
Sensory branding wikipedia , lookup
Street marketing wikipedia , lookup
Running head: Marketing essentials 1 Name Course Institution Professor Date Marketing essentials Running head: Marketing essentials 2 This paper will talk about marketing: the role of marketing and how it relates to other functional unit of an organization, the marketing concept; marketing mix and market planning. The American Marketing Association defined marketing as an organizational or managerial function and a set of processes for creating, reaching and delivering value to customers and also for managing relationships in such a way that benefits both the stakeholder and the organization. On the other hand, Kotler defined marketing as a societal process by which persons and groups get what they need or want through producing, offering and also freely exchanging products and services of value with others. From these two definitions, we see marketing as a management process which is responsible for anticipating, identifying and also satisfying the requirements of customers while generating profits. For a fact there is no doubt that marketing is a management process, this is because most organizations that are successful see it as a crucial set of coordinated activities that must be motivated from a calculated level of business. Most organizations have a senior director with the functional responsibility for marketing and also is usually necessary for a strategized marketing plan that is to be put in place or be implemented, with consistent goals and objectives set out in the corporate plan. Even though a widely held perception that marketing is synonymous with selling, the definition confirms that the scope of marketing extends more than just selling. Undeniably, a business strategy built on selling and with no due attention to other important marketing activities can have severe shortcomings this is maybe because the customer’s needs may have been overlooked, the organization may have sold goods or services that the customer Running head: Marketing essentials 3 doesn’t need or maybe the customer may have needs for the organization’s goods or services but may have purchased the wrong ones. The whole essence of marketing is captured in three words; identifying, anticipating and satisfying. These entail a process through which the organization must look out what customers really need or even go out and carryout a research of what their customers need or want in the future; the organization should then fulfill these needs by deploying the available resources in the most appropriate manner. The process needs to be self-motivated because needs and preferences change over time, making some goods or services less appropriate for their needs or even not appropriate. There are numerous examples of products that have been able to fulfill needs in the past but have been superseded by alternatives due to change in needs; a good example is audio cassettes. Most successful business organizations regard marketing as a continuous process by which actual and also perceived customer need are regularly analyzed in order to fulfill all needs to the extent the capability of the organizations or the available resources. The marketing concept is the attitude that organizations should focus on and also satisfy customer needs and by this doing, they being able to simultaneously generate profits. More specifically, this entails identifying the target customers, understanding what they want and then developing goods and services that are able to satisfy the needs of their customers better than their competitors. Running head: Marketing essentials 4 Recent trends in marketing consist of; relationship marketing, industrial marketing and also societal marketing. Modern or recent marketing also indissoluble from digital sphere. Emarketing and online marketing are some of the most essential tools for modern organizations. Internet marketing is sometimes well thought-out to be wide in scope, not only referring to the internet but also putting together with e-mail and also the wireless media as well as driving audiences from traditional forms of product promotion. Relationship marketing; it was first developed through direct response marketing campaigns emphasizing customer retention and also satisfaction, rather than an overriding focus on sales dealings. It differs from other forms of marketing when it comes to recognizing the long-term value of relationships and extending communication beyond pushy promotional messages . in this type of marketing it’s a short term arrangement where both the seller and the buyer have an interest in providing a more satisfying exchange. This approach tries to go beyond the simple after purchase exchange with a consumer to make a deeper relationship by providing a holistic, personalized experience to create more strong ties. Relationship marketing is frequently applied when there are competitive substitutes or alternatives which a customer can pick from and when there is an ongoing of intermittent desire for the product or service. The exercise of relationship marketing has been promoted by several contemporaries of customer relationship management software that allow the tracking and also the analysis of the present customer preferences, activities, tastes, what they like, what they don’t like and also their complaints. With the current growth of the internet and also the present mobile platforms, this type of marketing relationship marketing has continued to change and advance as technology Running head: Marketing essentials 5 opens more collaborative and social communication ways. This includes tools for maintaining relationships that go far beyond the simple demographic and the customer service data. An important principle of relationship marketing is the retention buyers through varying means and practices to ensure repeated trade from the already existing customers or buyers by satisfying their needs and wants in a way that is better to that of its competitors. The overall goals of relationship marketing are to find, draw, and win new customers; nurture and retain those the firm already has; allure former clients back into the fold and also trim down the costs of both marketing and also servicing clients. Industrial marketing; this can be said to be the practice of selling goods and services to other firms that either resell them or maybe use them as their resources to produce their goods or services. They may also use those products to support their operations. It is also called business marketing or the B2B marketing. The enormous growth and change in business marketing are due to three revolutions that are happening around the world today. The first one is the technological revolution. This is because the technology is changing at an extraordinary pace by this speeding up the pace of new products and service development. The second revolution is the entrepreneurial revolution. To remain competitive, most firms have downsized and also reinvented themselves. Flexibility, adaptability, speed, assertiveness and innovation are the secrets of remaining competitive. Marketing is taking the entrepreneurial front by finding market segments, unexploited needs, and new clients for the existing products and also by creating new processes for sale, supply and customer service. The third revolution is that one that is occurring within marketing. Firms are looking far beyond ancient assumptions and adopting new-fangled frameworks, theories, models, and concepts. They are also moving away from the throng market Running head: Marketing essentials 6 and being preoccupied with transactions. Relationships, partnerships and also alliances define today's marketing. The cookie reaper approach is out. Organizations are customizing marketing programs to personal accounts. Societal marketing; it holds that the organization’s tasks are to determine the wants, interests, and needs of the targeted market and also to deliver satisfaction more efficiently than its competitors and by this preserving or enhancing social, ethical and also ecological well-being. Societal marketing is linked with corporate social responsibility and also sustainable development. Societal marketing mainly focuses on consumer satisfaction and also the wellbeing of the society at large, this I did by providing products that are eco-friendly products. In terms of societal marketing, products are grouped in terms of long-term benefits and products of immediate satisfaction: undersupplied products bring neither long or short-term benefits; pleasing products bring a high level of instant satisfaction but can be of harm to the society; salutary products bring low short- term satisfaction, but they are of benefit to the society; desirable products put together both long term and immediate or instant satisfaction. Societal marketing suggests that for the welfare of the general public, deficient goods should be eliminated; products should be modified so as to reach the 4th category by incorporating missing short- term benefits into beneficial products and long- term benefits into pleasant products and a firm’s ultimate goal should be to develop attractive goods. The external factors that influence marketing; the external environment of marketing is comprised of factors whose control is outside an organization. These factors influence marketing of a certain firm or organization because they don’t have control over them. Such factors include; competition, government policies, natural occurrences, social and cultural forces, demographic factors and technological changes among others. Running head: Marketing essentials 7 How competition impact on marketing; competition can be defined as the numbers of similar competitive products or goods marketers in your industry, their size, and their market capitalizations. While marketing, an organization may not have a direct impact on them, but it is very important that it monitors its competitor's activities and then design effective strategies using its controllable variables. How government polices affect marketing; to start with, government policies refer to the laws and policies that govern the land. They go a long way to affect an organization’s business operations as a marketer. For example, government constraint on the importation of a particular product might hold back the marketers playing in that particular field. How natural forces influence marketers; natural forces refers to the physical environment, it includes the available or lacks of natural resources that can vacillate or get in the way of an organization’s production output. How social and cultural forces influence marketing; social and cultural forces refers to the organization and dynamics of people and groups and their behaviors, believes, thought patterns and lifestyles and friendship just to mention a few, many of this trends goes a long way to affect a firm’s marketing operations. How demographic factors influence marketing; demography refers to study of people, such as their age, sex, marital status, livelihood, family size, etc. despite the fact that, demography is unruly because you cannot command the sex, age, marital status in your external environment, Running head: Marketing essentials 8 but right forecast of it goes a long way to enabling an organization in marketing to forecast future trends and consumptions of its product. How technological changes affect marketing; technology poses so many challenges to marketers, it affects the kind of product that a certain organization or can offer while marketing, For example, technology have changed products like typewriting machines into a more dexterous computer systems. We cannot stop the advancement of technology, but we can learn to adapt to its changes. When external factors or forces affect one organization or business, it may be a good opportunity to another. So while marketing, organizations need to be on the look, so as to be able to fore cast possible changes in the external environment so as to be able to design effective plans on how you should be able to adapt. In the world today, the role of marketing in organizations is crucial. Big and small organizations are today competing for the same market, and the most innovative and proactive have emerged profitable. Today’s worldwide economy has realized the importance of small organizations and is more and more giving them the much-needed support to sustain their growth. End of the result, a company’s survival is reliant upon their smart marketing efforts joined by financial operational among other functions within their structure. Competition has gone higher more than ever and as main inroads are achieved in the use of technology, the state of affairs is not getting any better. Social media avenues have been encroached by organizations in search of better capturing of the audience with their produce and Running head: Marketing essentials 9 service offerings. The majority of them have certainly achieved much accomplishment, and customers are more knowledgeable than they were a few years back. Marketing plays a very important role in setting up relationships between consumers and the organizations offering to the market. It gives us the self-assurance to want to try a new product in the market as opposed to conditions where the products enter the market without advertising. This makes the marketing function critical in every organization irrespective of whether the organization is a profit or non-profit centered. Marketing shapes the image of the organization, how people correlate the organization's products or services and indeed give people the assurance about their products or services. When it come to the profit-motivated firms, marketing is responsible for the increase in revenue and by extension increase in the organization's profitability. The function also helps to grow of the customer or clients base for the organization. This is especially so when the organization is dealing with more of corporate consumers, and where decisions engage more than one party. The marketing function is also tasked with the branding of the firm, partaking in publicity activities, advertising and customer dealings through response collection. Every product commences starts with marketing and an end with marketing where by the department establishes the needs of the customers and after introducing the product, the department seeks to identify whether the customer’s desires were met. Organizations are contending to be at the top of the consumer's mind and at the same time trying to protect their market share. Marketing is at the center of creating consumer loyalty and Running head: Marketing essentials 10 customer maintenance. The end result, the function carries out promotions, campaigns from time to time; this has been proven to be a successful initiative in also attracting more customers. Devoid of marketing, our brands will not be clarified, our organizations would also be lifeless. Business’s success is not only determined by the prudent application of funds to the various portfolios venture but also by the relationship established with the customers, which is a function of marketing. The marketing mix is a representation used when bearing in mind the range of activities necessary to construct and implement an all-inclusive marketing strategy. It is most usually articulated regarding ‘the four Ps’ of product, price, promotion and place. ‘Place’ in this circumstance refers to all activities associated with circulation or distribution. Product. This element of the marketing mix considers the practical features, benefits, and restrictions on the product or products offered by the company. Depending on the kind of the business, products can be physical goods or maybe services. The technical features of the product are significant because they will decide whether it will meet the genuine or expected needs of the consumer. Features are articulated as technical stipulations and capabilities, and sometimes the confines to which the product is subject. Running head: Marketing essentials 11 Benefits are the usefulness to the consumer and corroborate what may be expected of the product. Benefits have a significant role to play when planning promotional activities and are consequently the central linking the product and promotion elements of the mix. Some goods are subject to a derived demand so that the features may be somewhat discrete from the benefits of the end product. For instance, no one actually wants credit, as this represents a large, long-term financial commitment. The advantage lies in owning an apartment or house, and without the mortgage, of course, few people can realize this ambition in the short term. Product planning Considers the circumstances of the product within the portfolio of products offered by the organization, and the prospective contribution the product has to make to its prospect success. Almost all products may be considered with allusion to the product life cycle. This model suggests that goods pass in sequence through various stages over time, with revenues increasing through the induction and growth stages, then tailing off and eventually weakening as shakeout, maturity, and decline take place. The product of able firms is the services they offer, which are mainly immaterial but may sometimes be produced as reports and other outputs. Price This refers not just to the price of the product, but to all costs related to the purchase. It might be expressed in pecuniary terms, a rate of interest, costs, fees, or a combination of all these components. The price may be a one- off payment or a series of payments over time. It may be Running head: Marketing essentials 12 subject to time limits. It may also be restrictive on buying other products, or a minimum lock-in period, such as a mobile telephone contract with a minimum span. Promotion Promotion refers to all activities that are meant to inform the customer and affect the purchasing decision. The array of promotional media deployed by an organization is sometimes referred to as the promotional mix. This incorporates: • publicity • direct sale, such as individual interactions and phone or online sales • public relations • selling • Support. Promotion may be highly distinct to individual products or a range of products or may enhance brand perception in respect of the organization’s public image. In some cases, the name of the product may become synonymous with the organization itself. For instance, the ballpoint pen was once referred to habitually as a ‘biro’; it was both the inventor’s last name (Laszlo Biro) and the name of his business. Similarly, a vacuum cleaner is still called a Hoover by many clients, Hoover being the name of just one producer. Running head: Marketing essentials 13 The promotional mix varies broadly from organization to organization. Fast moving consumer goods producers rely expansively on publicity, while life assurance corporations have customarily used direct selling to a much greater level. Market segmentation can be utilized for both research and planning objectives. It is highly relevant when considering the promotional mix, and is also necessary when considering the other elements of the marketing mix. Market segmentation involves the study of the market with an orientation to uniform subsets that share like characteristics. Usually used segments include: • age • gender • geological situation • socio-economic groups • Psychological circumstances, such as risk appetite, desire to conform or be different, and so on. Segmentation provides insights into strategic opportunities and options. For instance, some companies choose a highly focused approach to targeted marketing aimed at very specific market segments, while others apply differentiated marketing strategies to address several sections Running head: Marketing essentials 14 deploying different marketing mixes, fast moving buyer goods companies often produce low price brands and quality priced brands within their product selections. As legal constraints and globally accepted professional standards have changed over time, the promotional mix used by professional firms has changed completely in recent years. In many countries, accountants, lawyers, and doctors were forbidden from marketing at all and had to rely on affidavits and personal referrals, and even when such rules were relaxed, many professionals glared upon promotion in the conventional sense. Such attitudes are rarely met today. Place This refers to all actions related to moving the product from the manufacturer to the buyer. It is concerned with distribution through the generator’s channels to market. Distribution may entail physically moving the product to the consumer, or to intermediaries who take responsibility in different stages of distribution, such as agents, retailers, and wholesalers. In retail industries, distribution was at one time only concerned with transferring goods from the point of production to the apex of sale, but the logistics have now changed as more companies clinch online orders and home delivery alongside their stores. Advancements in information technology have changed the face of shipping in the previous twenty years. In many nations, it has become obvious that retail shops are finding it more and more difficult to contend with the more direct channels facilitated by e-commerce. While for the foreseeable future consumers will continue to rely on the traditional shopping encounter for specific goods, such as fresh food and fashion, it is clear that certain businesses cannot expect Running head: Marketing essentials 15 their conventional business model to be sustainable. This has been borne out by the fall of some inveterate companies and the difficulties encountered by others. Proficient firms now rely heavily on virtual channels to market, having formerly been highly reliant on face-to-face interaction. In addition to the four Ps, some organizations slot in additional elements into their marketing mix to make them seven Ps. The most ordinary of these are people, processes and physical evidence. People this component of the marketing mix is of particular importance: • when goods offered are considered to be uniform by customers • For services, which are impalpable and therefore have to be distinguished in an effective manner People are the most capricious resource employed by an organization, as the contribution of any individual can change from day to day, or even during any single day. People facilitate interactions amid the business and the customer, so it is very necessary that workers add value at the apex of trade and in back office roles. Some authors refer to every synergy between the client and any individual worker as a moment of truth. Every moment of truth is an opening to pleasure Running head: Marketing essentials 16 the customer or simply satisfy the customer, but it is also a moment when unsuitable behavior, attitudes, mood or language can drive the customer away, perhaps never to return again. When judging this section of the marketing mix, the organization has to consider issues such as: • the obligations that should be carried out by people, and how these obligations should be allocated among them • the level to which tasks can be computerized, making the service experience more effective and efficient, but without thinning value to the customer • the prospects of consumers when dealing with people in the organization • The level to which competitive benefit can be obtained by enhancing the supplement that agents may potentially make, which can be achieved through learning, training, development, inducements and other motivational stimuli. Processes Processes are crucially important when they can impact on the effectiveness of delivering benefits to the consumer. Computerization and the linking of processes have parts to play here. Successful businesses capitalize on the use of technology to take on tasks that are accomplished better by devices than people, while at the same time urging their people to fulfill roles that only people do fine. Running head: Marketing essentials 17 Many companies have seen a revolution in the way that consumer needs are discussed by focusing on process changes. These include the systems used by shuttles for booking, ticketing and moving customers through terminals and into airplanes, and the systems used by financial institutions to provide inaccessible banking services, including current accounts and card commodities. Adding value through changes in methods may be achieved by tuning and refining existing systems, or by re- engineering processes entirely. Physical proof When considering the buying of a good, the customer may react to physical prompts, such as if the packaging is gratifying on the appreciation or even whether the good itself is aesthetically eye-catching. In the cases of the widespread marketing mix, physical proof is especially appropriate to services. As affirmed earlier, services are subtle, so those responsible for marketing can design and put into practice physical cues to which the customer may respond optimistically. Marketing plans serve as the outline for your organization’s sales strategy. They lay out each detail of what's to come over the subsequent year and may be subject to modification or assessment because of changes in the market. Marketing shouldn’t be set in activity and left single-handedly, but continuously reviewed, evaluated and attuned to befit the needs of the corporation and the wants of the consumer. Understanding how to adjudicate whether your Running head: Marketing essentials 18 marketing plan is achieving the best possible results can save you time and capital and help ensure the success of your business Return on the venture is always a major worry when it comes to marketing or any other business expenditure. The idea is to ensure whether the capital you put into your marketing plan has resulted in profit. You must gauge the amount spent on each operation, against a number of sales each operation brought in exclusively. You can compute an overall measurement, but a more precise breakdown of each marketing plan will tell you exactly which operations worked and which fell short. Consumer response in all its diverse forms can help you to decide what type of reactions your marketing creates. Surveys online and in person, universal customer service response and online comments can all expose what your consumers think of your marketing and which operations have the greatest impact. Simple questions like "How did you discover out about our seasonal auction?" can disclose which schemes are reaching the consumer and which market sections are making purchases. If your marketing reach is increasing, the efficiency of your plan is the likely cause. Marketing that makes its way into new areas either by customer suggestion or natural growth shows both a prosperous and popular product or experience and a compelling marketing message. The enlargement of your marketing budget is an extra indication that your plan is operating well and has gained more support from the business. Running head: Marketing essentials 19 Your marketing partners will offer response about whether your marketing plan is working. Partner feedback reveals the effectiveness of your efforts in relation to associated brands, suppliers, and sellers. These external members of the team might feel the effects of a victorious operations before you do because they are often on the frontal lines and might have more straightforward customer interaction. The same goes for an off-putting testimony. If your associates are asking when you will be delivering new marketing efforts, it might be time to refurbish the marketing plan. The actions of your entrants or the competitors’ can often are very telling when it comes to the victory or downfall of your marketing plan. If competitors dash to copy what you've done or try their best to one-up your initiatives, the plan is working. If your operations go largely ignored, or there is an instant off-putting response, there may be an issue or at least a question about what you've set in action Running head: Marketing essentials 20 References Grönroos, C. (1994). From marketing mix to relationship marketing: towards a paradigm shift in marketing. Management decision, 32(2), 4-20. Veryzer, R. W. (2005). The roles of marketing and industrial design in discontinuous new product development. Journal of Product Innovation Management, 22(1), 22-41. Cohen, W. A. (2005). The marketing plan. John Wiley & Sons.