Marketing
Marketing is selling of products or services, the business activity of presenting products or services in such a way as to make them desirable.
Component of marketing:
• Distribution
• Marketing research
• Advertising and sales promotion
• Selling and merchandising
• after sales services
• Packing
• Pricing
• Product advertising
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. Orientation
They are two types of orientation,
• Marketing orientation
• Production 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:
Marketing orientation...
Determine customer needs
Invest resources
Make product/provide service
Market product/service
Feedback
Production orientation...
Determine whether a product can be made
Invest resources
Make product/Provide service
Sell product
Segmentation
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
• Gender
• Income
• Geographical area
• Buying habits
• Buying
Component of marketing:
• Distribution
• Marketing research
• Advertising and sales promotion
• Selling and merchandising
• after sales services
• Packing
• Pricing
• Product advertising
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. Orientation
They are two types of orientation,
• Marketing orientation
• Production 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:
Marketing orientation...
Determine customer needs
Invest resources
Make product/provide service
Market product/service
Feedback
Production orientation...
Determine whether a product can be made
Invest resources
Make product/Provide service
Sell product
Segmentation
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
• Gender
• Income
• Geographical area
• Buying habits
• Buying