* The marketing process involves understanding the market to create, communicate and deliver an offering for exchange. * The marketing process is an ongoing cycle and often marketers will be undertaking multiple tasks simultaneously. * Marketers start by understanding the consumers, the market, and how they (the company, product or brand) are currently situated. * This may involve undertaking some market research to gain insights into a problem the marketer currently faces or reviewing sales data to understand how the company is currently performing. * The understanding phase of the marketing process involves analysis and assessment of the marketing environment, as well as consumer and business buying behaviour. * Marketers need to learn what customers, clients, partners and society want. This is an ongoing process as customer preferences are continually evolving. Customers’ needs and wants change with each product purchased, magazine read, conversation had or television program watched. * Markets are cluttered and there are many options available to consumers. Role of Marketing
Marketing is the process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment. Marketing concept:
* Customer satisfaction
* Customer loyalty
* Value-driven (includes customer’s subjective view or assessment of the benefits they receive relative to the costs they incur) Marketing Mix:
The marketing mix is a set of variables that a marketer can exercise control over in creating an offering for exchange. It is a framework describing the different elements that marketers need to consider. Frameworks include: * the 4 Ps framework — product, price, promotion and place (place is more easily understood as distribution). The 4 Ps framework is the traditional approach to the marketing mix. 1. Product –A good, service, or idea offered to the market for exchange 2. Price –The amount of money a business demands in exchange for its offerings 3.
Promotion - The marketing activities that make potential customers, partners and society aware of and attracted to the offering 4.
Distribution (Place) - The means of making the offering available to the customer at the right time and right place Product - A good, service or idea offered to the market for exchange. Products are best understood as a bundle of attributes - the features and functions of a product that benefit the customer. Price is the amount of money a business demands in exchange for its offerings. Willingness to pay refers to what customers are prepared to give in return for what they will get. Promotion describes the marketing activities that make potential customers, partners and society aware of and attracted to the business’s offering. The product might be: * already established, such as Vegemite, where the aim of promotion is to remind customers that Vegemite can be used for breakfast, lunch and tea. * modified, such as a new variation of Coke, where the aim of promotion is to inform existing customers about the improvement or new variety and to attract potential new customers. * new, such as a new release movie, where the aim is to make customers aware of the product for the first time. * there are 4 tools in the promotions mix: Advertising, public relations, sales promotion, and personal selling. * Distribution (place) - The means of making the offering available to the customer at the right time and place. The marketer must ensure products are available to the target market in the right amount and at the right time while managing the costs of making the products available. Such costs include inventory, storage and transport. PESTL – External factors, Macro Environment
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