It is from this aspect that the public gets to know an organization and have a view for it depending on how they interact with the marketers. An organization also has to plan a direction and scope on how to integrate its marketing goals through marketing strategy. To come up with a result oriented marketing strategy there are several factors that has to be taken into consideration. They include: market situation, the organization size, the industry in which the organization operates, the geographical location of the organization, the products they produce or the services they offer, the consumer buying behavior, and the target group among other marketing concepts (McGrath ‘et al’ 1999). An organization has to gather information about markets or customers, their prod... ... middle of paper ... ...vestor.com 2011, Managing Downside Risk.
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.
It will also describe how each one of the four elements of the marketing mix impacts the development of an organization's marketing strategy and tactics. Three Sources Describing the Marketing Mix The article Developing Your Marketing Mix defines the marketing mix as "a combination of marketing tools that are used to satisfy customers and company objectives". The article describes how it takes proper coordination, planning, and use of each of these elements to reach the consumers in one's target market. The importance of the coordination of the elements is so that one can be sure they are not sending mixed messages to the consumer and confusing them, the elements should all contain the same message. Another important point that this article makes is that properly using the marketing mix to develop your marketing strategy, will help meet the nature and needs of one's specified target market.
This paper will discuss and differentiate among the various tools used in primary and secondary research as well as discuss the differences when using qualitative and quantitative approaches. This paper will further identify which tools are used for each approach and why. The primary purpose of marketing research tools is to assist companies in decision-making. Therefore, the view and understanding of marketing research, its tools, and its methods are adapted in business decisions. Primary and Secondary Research Effective marketing is applying the right research tools at the right time for successful decision making.
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.
It is important to develop successful marketing communication which consists with pricing, promotions, products, and placing. Marketing communication influences us to buy. Compared to consumer psychology it is the study on why or how we buy. Concepts According to, Impact of integrated marketing communication on consumer behaviour: Effects on consumer decision - making process, “…..Communication requires converting the original concepts into symbols, individual or organization who communicates has to transform concepts in a set of symbols that can be transferred to the receiver, who need to decode the symbols, in order to understand the original message (Mihart, C. 2012 p. 4).” This is the importance in the development of a successful marketing communication message. Marketing communication is a fundamental part of successful businesses.
An improvisational model for change Management: The case of GroupWare technologies. Sloan Management Review,(38) 2 , 11-22. Retrieved October 28, 1999 from EBSCO business search on Galileo: http://www.galileo.gsu.edu Kleiner, B. & Kudray, L (1997, May/June). Global trends in managing change.
It outlines the initial positioning of the innovation, pricing, marketing and the competitive level of the product. The function aims at bringing the R&D, production, product development, sales and marketing as well as operation teams together to achieve the organizations objectives (Saini & Krush, 2008). Product marketing function’s main objective is to push the product through the launch by streamlining the organizations raw positioning into value dimensions. It also seeks to develop mechanisms for sales through training programs to achieve the envisioned and even more sales. The marketing programs are executed by the field
The term marketing mix is defined as a set of marketing tools that the firm uses to pursue its marketing objectives in the target market. The marketing mix is an essential part of the formulation of a firm’s marketing strategy. It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan. Traditionally, the marketing mix consisted of four broad categories of variables known as the 4 P’s: product, place, price and promotion.
Introduction In this paper I will define marketing in my own words and also research what the definition is using two different sources. While supporting my answers with three examples from the business world, I will show the importance of marketing. Marketing applies to many different areas of an organization and after close review I will make it clear on how it relates. Personal Definition Marketing is how a company or organization promotes the service or product the company uses to create revenue. After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed.