These four components help determine a clear and effective strategy to bring a product to market. Each element is crucial in its own right and needs to be given due focus.
Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes Product mix objectives creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction.
The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science,  [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.
Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: Needs can be objective and physical, such as the need for food, water and shelter; or subjective and psychological, such as the Product mix objectives to belong to a family or social group and the need for self-esteem.
Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups. When needs and wants are backed by the ability to paythey have the potential to become economic demands.
A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality.
Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing. Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible.
A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation. The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries.
Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing.
It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. A firm in the market economy can survive by producing goods that persons are willing and able to buy. As an example, a marketing department could ascertain via marketing research that consumers desired a new type of product, or a new usage for an existing product.
The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc. Inter-departmental conflicts may occur, should a firm adhere to the marketing orientation. Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product.
Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization. As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals.
Societal marketing A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value. Marketing organisations that have embraced the societal marketing concept typically identify key stakeholder groups such as employees, customers, and local communities.
They should consider the impact of their activities on all stakeholders. Companies that adopt a societal marketing perspective typically practice triple bottom line reporting whereby they publish social impact and environmental impact reports alongside financial performance reports.
Sustainable marketing or green marketing is an extension of societal marketing. Marketing mix The four Ps, often referred to as the marketing mix or the marketing program,  represent the basic tools which marketers can use to bring their products or services to market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to each of these Ps.
Origins[ edit ] During the s, the discipline of marketing was in transition.Product Ventures is a product and packaging design agency. Experience the artistic fusion of consumer desires, business objectives and manufacturing realities; thoughtfully considered and expertly defined through the talents of Product Ventures’ interdisciplinary team encompassing research, design and development.
Business S tudies Notes MODULE-5 Marketing 20 MARKETING MIX In the previous lesson you learnt that marketing identifies consumers’ needs and supplies various goods and services to satisfy those needs most ef fectively.
A lot of entrepreneurs are often confused when formulating a marketing plan. This article wants to provide an overview into 1) what marketing is, 2) the importance of a marketing plan, 3) the components of a marketing plan, and 4) common frameworks used when writing a marketing plan. A basic definition of marketing will be really helpful for understanding the usefulness and need of marketing plan. Objectives set forth what you want to accomplish as you launch your new product. The best objectives meet the SMART test: They are specific, measurable, achievable, relevant to what you’re doing. SP Studios develops logos and visual identity guidelines for new and existing companies, products, and projects. We will help you implement a creative strategy to make your marketing plan a reality with the right mix of advertising, online presence, digital and print collateral, trade shows, special events, and more. We help shape business presentations, too.
So the businessman needs to: (a) produce or manufacture the product according to consumers’ need; (b). Digital Library > Defining and Serving a Market > Market strategy “How to Establish a Promotional Mix” You drive sales by promoting the benefits of your company’s goods or .
Product Line and Product Mix. Adjustments to Products. Marketers must often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer.
Learning Objectives. Discuss strategies for adjusting products in response to changes in . SP Studios develops logos and visual identity guidelines for new and existing companies, products, and projects.
We will help you implement a creative strategy to make your marketing plan a reality with the right mix of advertising, online presence, digital and print collateral, trade shows, special events, and more.
We help shape business presentations, too. Objectives set forth what you want to accomplish as you launch your new product. The best objectives meet the SMART test: They are specific, measurable, achievable, relevant to what you’re doing.