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.
All this data will be analysed and commentated onto my investigation at hand giving me a variety of sources. Marketing Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. Management process - successful marketing needs managerial input because it requires constant information gathering, as well as data analysis, in order for decisions to be made. Therefore, for my Dot.Com venture I would have to make important decisions for the making of the project, prospects for the future and any problems that it would face if it existed today. I would ensure methods of constant information gathering as well as data analysis in order for the big decisions to be made.
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. I will look upon on establishing customer needs, methods of analysing marketing opportunities, and the m... ... middle of paper ... ...ons can exert a major influence upon the stores’ accessibility and attractiveness to consumers. Planning the selection process as carefully as possible and using methods described should maximise the success. Marks and Spencer pays particular attention to social and geodemographics, along with consumer spend, before deciding on a location. Own brands are desirable products to offer, as they offer profitable margins and a high level of control over the marketing aspects of management.
Without marketing business will find it difficult to determine prices. As a result, marketing is important because it helps to determine price. In other words, marketing helps to put the right price to maximize
Market need is uncertainly, to meet customer expectation, company have to learn what their want and provide it on time. Marketing research therefore can be called that is one of the factor that force company’s ability to supply expected goods or service to market by mean of learning about consumers and respond their need. (Trim et al 2006, pp205-206) Good research should be objective and provide precise information for companies because that influences to manager whose make decision and develops business plan or strategy from that data. Moreover, Trim et al(2006, p209) argue that ‘marketing strategists need to be able to use the findings of qualitative marketing research in order to influence board level thinking and actions.’ that necessary for manager to ta... ... middle of paper ... ...y want company to improve quality of similar product that company already got. This comment might come on extra comment in questionnaire that researchers give to respondents.
Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses. Marketing Defined The text states that marketing is both an art and a science where constant tension exists between the formulated and creative sides.
· Product (including range of pack sizes, flavours and colours) · Price (pricing strategy and pricing method) · Promotion (branding, advertising, packaging and sales promotion) · Place (distribution channels and seeking shop distribution) Managers look at these areas and decide what marketing actions need to taken. For effective marketing each area needs to be considered. The actions taken must work with each other. A successful mix will achieve marketing objectives and customer satisfaction. The most important element of the mix is the product.
Marketers use a business tool called the marketing mix, which can be crucial when trying to determine a product or brand’s offer which is why the the 4’P’s of Marketing can be beneficial to use. Manktelow and Carlson (n.d) define marketing “Putting the right product in the right place, at the right price, at the right time” This definition can simply mean that a marketer can create a product for a particular group of people. The marketer needs to put it on sale where this group of people go to on a regular basis and sell it at a price level which matches the value they feel they get out of it. According to Borden (2015), “marketing mix are the ingredients that combine to capture and promote a brand or product’s unique selling points, those that differentiate it from it’s competitors.” The 4 P’s are the elements used in the marketing mix:
Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps.
According to The Times 100(2014) market research involves gathering and analyzing information of consumers, competitors and market trends. Market research is essential for any business to stay up to date due to frequent change in market activities, businesses should have good understanding of supply and demand of the product they are dealing with. The main purpose of market research is to deliver a business with an extensive view of consumer needs so that products should be developed and services should be provided which can meet their needs. Doyle and Stern (2006) also state the role of marketing research in order to retain customers and fulfil their needs. Stability, development and profit of any business totally depends upon the ability of management to orient the organisation by meeting the needs of the customers.