1. What is Marketing? Explain why it is referred to as a "process." What kinds of companies or organizations can use Marketing, and what can they do with it?
Marketing is the act of finding ways to advertise and attract customers to purchase a product or service. Marketing is composed of many steps within its process. These include creating, distributing, promoting and pricing products, available services, and ideas. A marketer does everything they can to earn your business so they may make a profit. If they skip any of these steps in the marketing process, their product will fail. For marketing to be beneficial, both the customer and the marketer must be satisfied with the transaction (Pride-Ferrell page 3).
2. What is "customer centricity" and why is this important to marketers?
Customer centricity simply means customer focused. Because customers purchase an organization’s products, they must be the center of every marketing activity. (See figure 1.1, Pride-Ferrell page 4) If an organization looses focus on the customer’s needs and wants, they will soon lose that company’s business.
3. What is the marketing mix? What are the four parts of the marketing mix? Why are these parts called variables? Each variable is made up of different elements - just as a recipe has different ingredients. Describe at least one element of each marketing mix variable.
Marketing mix is composed of the product and its distribution, promotion, and pricing activities. Marketers decide on which element to use and by how much. Because each of these elements can be controlled to meet the needs of the customers in their target market, they are considered variables (Pride-Ferrell, page 4).
The 4 Marketing Mix Variables:
Product – Goods, services, or ideas that satisfy customer needs.
Distribution – The ready, convenient, and timely availability of products.
Promotion – Activity that informs customers about the organization and its... [continues]
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