Marketing

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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 attitudes

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.

Whole market

Sub-groups

Homogenous sub-groups

Homogenous – a group that are the same type of customers and have they own customer needs which are different to another group.

AIDA
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
The 4p’s are 12 variables which are broken down into 4 groups. The 4p’s of the marketing mix.

Product
Price
Place
Promotion

The 4p’s all have they own mix;

Product – this refers to the following aspects of a products design; •Quality.
Features and Options.
Style.
Product line.
Brand name.
Packaging.
Warranty.
Service level.

Price - This refers to just a small number of potential aspects of the total package; •Price level.
Discounts and...
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