Marketing plays a vital role in the success of an organization as well as in economic growth and development. (Perrault & McCarthy, 2004) In my personal opinion, marketing is understanding a customer needs (both current and potential) and creating a product that provides value. Customers form expectations about the value of products and services that are offered. (Armstrong & Kotler, 2005) There are many definitions for marketing, but the main focus point in all is the consumer and the product. Marketing allows organizations to get their products recognized and desired by consumers.
Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
1- The purposes of marketing strategy : A- To enable organizations to achieve and sustain a competitive advantage in the marketplace. B- To create both market-based relational and intellectual assets. C- To enable organizations to build beneficial exchange relationships with customers. D- To modify, influence and shape the behaviors of customers. E- To identify and increase new paths of differentiation, and F- To enhance the importance of non-price criteria relative to price in the brand choice decision process of buyers 2- The last objective can be achieved through by segmenting market into subgroups and offer based on customer’s needs for each segment 3- Differentiation means heterogeneity in supply 4- A sustainable competitive advantage is important condition for a business to compete over the long-run.5- In an industry, there will be more than one path or marketing strategy to attain the desired performance.
Marketing B2C Site, Compared to a B2B Site Introduction When a company uses marketing, the company is attempting to promote his or her products or services with the intent of being able to maximize ones profit and gain the confidence of the consumer. Within today’s society marketing having the right product or service can be difficult with being able to implement the marketing process and plan accurately along with being able to remove the potential obstacles. This paper will show and define the meaning of marketing with (B2B), (B2C), and compare how marketing differs between the two websites. Understanding marketing a company has to know the 4 Ps. When determining the difference in a B2C site compared to a B2B site one should focus on the 4 Ps of marketing which is Product: branding, warranties, packaging design and new product development.
Creating a product to market to the public involves the creation and formulation of a product strategy. Companies face questions regarding the quality, features and price of a product, therefore, it is very important that marketing managers develop a wining product offering by addressing the five product levels, which are potential product, augmented product, expected product, and basic product. Finally, once all these levels have been identified and addressed, customer value hierarchy is created. (Kotler & Keller, 2009) Within that product strategy, applying a means-end chain theory to create attribute-benefit-value for the market product is a great way to generate a desirable product. (Chin-Feng, L. & Hsin-Chung, H., 2009) "Analytical results indicate that consumers are primarily concerned with personal feeling, seduction and self-imagery benefits.
This step is a communication between a product or business and the customers because marketing lets the business notify their targeted customers about the benefits and qualities of a product. This way possible customers can learn about the product and possibly buy it. Value based Marketing When selling goods or solutions, values-based marketing is to attract a customer's values and integrity. It changes advertising out of a product-centric strategy to some customer-centric one. Values-based marketing may also involve integrating customers' values to the way services or products are
Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers. Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether then it’s for profit or not. To make my strategy successful for business it must: Ø Understand customer needs Ø Understand and keep ahead of competition Ø Communicate effectively with its customers to satisfy customer expectations. Ø Coordinate its functions to achieve marketing aims Ø Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders.
The study of why we buy certain products and not others is consumer psychology (Schiffman & Kanuk, 2010 pg 54). This is the perception, thoughts, feelings, and beliefs that can influence how we relate to and buy goods and services. This study looks into the process we go through to select, secure, and also arrange these products or services. This also allows us to find reasons to satisfy our needs and the impact of these processes on consumers and the society (Bagozzi,Gurhan-Canl & Priester, 2002, pg 37). It is important to develop successful marketing communication which consists with pricing, promotions, products, and placing.
The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization. After a target market is selected, “…the firm must take steps to satisfy [the customers] needs” (Kerin, Hartley, & Rudelius, 2009 p. 13). The basic concept of the marketing mix is to focus on what customers want and to keep customers satisfied. Although the marketing mix is a unique way to market a product or service, satisfying the consumers’ needs and wants is every marketer’s main goal. Aspects of the Marketing Mix The best way to define a market is to recognize the needs and wants of consumers and then focus on meeting those needs and wants.
Traditionally, Marketing was defined as a “… set of processes for creating, communicating and delivering value to customer” [Kotler and Keller, 2012, pg. 27], however this definition seems unfinished as omits the notion of competitors; From a modern conception, Marketing has to be understood as the “achievement of corporate goals through meeting and exceeding customer needs and expectations better than the competition” [Jobber and Ellis-Chadwick, 2013 pg. 5]. This “set of processes” referred in the definition can be expressed on the Marketing Planning, taken into consideration the growing importance of Marketing at a business level, the author will analyses its role upon three main edges, hence, Marketing analysis, Marketing strategy and Marketing