Component of marketing:
•Advertising and sales promotion
•Selling and merchandising
•after sales services
Importance of marketing to a business
Marketing improves the financial success of most organisations over a long period of time. It does cost the organisation money for the marketing to take place. Marketing also ensures your organisations products and services are desired by their target audience. The key thing to remember is you can’t sell something that is not needed by your customer/consumer. Marketing should improve the quality of service provided for actual and potential customers. It also makes the customer more aware.
They are two types of orientation,
A marketing orientation is the structure and all the processes within the organisation. All these are designed with customer satisfaction in mind. An organisation must have a belief that a marketing orientation is necessary for long-term profitability if it is to be truly successful.
Examples of both marketing and production orientations are below:
Determine customer needs
Make product/provide service
Determine whether a product can be made
Make product/Provide service
You segment customers into different groups this is because different groups of people require different things from the company or organisation. Below is a list of the types of group: •Age
Segmenting is the subdividing of a market into subgroups of customers. You would then continue to segment the groups until you have groups that are distinct and homogenous.
Homogenous – a group that are the same type of customers and have they own customer needs which are different to another group.
AIDA is the original sales training acronym. AIDA describes the basic process by which people become motivated to act on external stimulus, including the way that successful selling happens and sales are made. A - Attention
I - Interest
D - Desire
A - Action
Simply, when we buy something we buy according to the AIDA process. So when we sell something we must sell go through the AIDA stages. Something first gets our attention; if it's relevant to us we are interested to learn or hear more about it. If the product or service then appears to closely match our needs and/or aspirations, and resources, particularly if it is special, unique, or rare, we begin to desire it. If we are prompted or stimulated to overcome our natural caution we may then become motivated or susceptible to taking action to buy. Marketing mix
The marketing mix is generally accepted as the use and specification of the 'four Ps' describing the strategy position of a product in the marketplace. The 'marketing mix' is a set of controllable, tactical marketing tools that work together to achieve company's objectives.
The 4p’s are 12 variables which are broken down into 4 groups. The 4p’s of the marketing mix.
The 4p’s all have they own mix;
Product – this refers to the following aspects of a products design; •Quality.
•Features and Options.
Price - This refers to just a small number of potential aspects of the total package; •Price level.