Explain the various elements of the marketing process
Management is the processes of planning, organizing directing motivating and coordinating and controlling of various activities of a firm. Marketing is the process of satisfying the needs and wants of the consumers. Management of marketing activities is Marketing Management. According to Guru Philip Kotler, management is the analysis, planning, implementation and control of programs designed to bring about the desired exchanges with target on adoption and coordination of the product, price, promotion and place for achieving response. In other words, a business discipline, which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities, is Marketing Management. Marketing Management focuses upon the psychological and physical factors of Marketing . The marketing manager are responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. While the psychological factor focus upon discovering the needs and wants of consumer and the changing patterns of buying behavior, habit etc. the physical factors focus upon fulfilling those needs and demands buy better product design, channel of distribution and other functions. In summary, Marketing in action is marketing management
Marketing Management has the responsibility of to perform many functions in the field of marketing such as planning, organizing, directing, motivating, coordinating and controlling. All these function aim to achieve the marketing goals.
Marketing concepts is where a company has to make a decision by taking into consideration what the customers want or what is cost effective for example what the customer wanted might not be profitable to the company so it has to make a decision on how to make a profit while still catering to customer needs. Marketing concept according to Kotler (1996) is marketing philosophy, which sees the consumer as the central focus of all the activities of an organization because no organization can survive without the continued patronage of its consumers. Production Orientation: This type of business concentrates on cost effective and efficient production. They do this because they believe that price is what drives their customers. Product Orientation: No customer input is needed here. Products are developed based on what the company has a reputation for producing. Sales Orientation: The focus here is to sale whatever the company makes or supply. Items like Insurance policies etc are sold to consumers aggressively whether they need it or not. Marketing orientation: All activities in this type of organization are based around customer satisfaction/ what the customer wants and needs.
Under the marketing concept, the firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. The process of doing so can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored.
1. Situation Analysis
Marketers identify what the customer needs and wants, provide a market offering, creating customer value and satisfaction, and exchange between the firm and the buying public where marketing takes place. * Identify the customer needs
Looking at human and social needs, the firm can provide a market offering to satisfy the customers. Market offering can be divided into two: concrete and intangible products. Concrete products include basic human needs, while intangible sales include those that do not result in ownership. It is a must for a company to pay more attention to what the customers need instead of focusing on the product and the benefits and services that it grants. Eventually, the...
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