Marketing Mix
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
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