Marketing Mix

Topics: Marketing, Marketing plan, Customer service Pages: 7 (2378 words) Published: March 26, 2014
Marketing Principles
Today, marketing must be understood not in the old sense of making a sale, but in a new sense of satisfying customer needs. Without customer needs there is no marketing. If the marketer understands customer needs; develops products that provide superior customer value; and prices, distributes, and promotes them effectively, these products will be sold easily. Selling and advertising are just part of “marketing mix” which is a set of marketing tools that work together to satisfy customer needs and build customer relationship. Marketing is a social and managerial process by which individuals and organizations get what they need and want through creating and exchanging value with others. The definition of marketing is “the process by which companies create value of customers and build strong customer relationships in order capture the value from customers in return”. So in order to maximize the profitability of firm understanding the marketing process is very important. the various elements of the marketing process.

Under the marketing concept, you must find a way to discover unfulfilled customer needs and bring to the market products that satisfy those needs. The process of doing so can be represented in a sequence of steps: the situation is analyzed to recognize opportunities, the strategy is put together for a value proposition, tactical marketing mix decisions are made, the plan is implemented and finally the results are monitored and weighed in. The Marketing Process

Situation Analysis
Marketing Strategy
Marketing Mix Decisions
Implementation & Control
I. Situation Analysis
In order to profitably satisfy customer needs, the company first must understand its external and internal situation, that includes the customer, the market environment, and the company's own capabilities. In addition, it needs to predict trends in the dynamic environment in which it operates. The situation analysis thus can basically be viewed as an analysis of the external environment and an internal analysis of the company itself. The external environment could be described in terms of macro-environmental factors that largely affect many companies, and micro-environmental factors that are closely connected to the specific situation of the company. The situation analysis should consist of past, present, and future aspects. It also should include a history outlining how exactly the situation evolved to its present state and a proper analysis of trends in order to forecast where it is going. Good forecasting can lessen the chance of spending a year creating a product to market only to find that the need no longer exists. If the situation analysis shows gaps between what consumers want and what currently is offered and made available to them, then there might be opportunities to introduce products to better satisfy those consumers needs. Hence, the situation analysis should yield a summary of both problems and opportunities. From this summary, the company can match its own capabilities with the found opportunities in order to do a better job at satisfying customer needs than the competition. There are a number of frameworks that can be used to add structure to the situation analysis: 5 C Analyses – company, customers, collaborators, competitors, climate. Company represents the only internal situation; the other four cover aspects of the external situation Pest analyses –for macro-environmental political, economic, societal, and technological factors. A PEST analysis can be used as the "climate" portion of the 5 C framework. SWOT analyses – strengths, weaknesses, opportunities, and threats - for the internal and external situation. A SWOT analysis can be used to condense the situation analysis into a listing of the most relevant problems and opportunities and to assess how well the company is equipped to deal with them. II. Marketing Strategy

Once the best opportunity to satisfy the unfulfilled customer needs is identified,...
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