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TASK 1: THE CONCEPT AND PROCESS OF MARKETING

The Marketing Process

Under the marketing notion, the firm should find a way to find out unfulfilled customer needs and convey to market products that persuade those needs. The process of managing so can be modeled in a sequence of steps: the situation is investigated to identify opportunities, the strategy is formulated for a worth proposition, tactical decisions are made, the design is applied and the outcomes are monitored. (Murphy 1991 185)

The Marketing Process

Situation Analysis

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Marketing Strategy

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Marketing Mix Decisions

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Implementation & Control

 

Situation Analysis

A methodical investigation of the situation in which the firm finds it assists as the cornerstone for identifying opportunities to persuade unfulfilled customer needs. In supplement to identifying the customer needs, the firm should realise its own capabilities and the environment in which it is operating. (Laczniak 1983 7)

Marketing Strategy

Once the best opportunity to persuade unfulfilled customer needs is identified, a strategic design for chasing the opportunity can be developed. Market study will supply exact market data that will allow the firm to select the target market segment and optimally position the proposing inside that segment.

Marketing Mix Decisions

Detailed tactical decisions then are made for the controllable parameters of the marketing mix. The activity pieces include:

Product development - identifying, conceiving, and producing the first flats of the product.

Pricing decisions

Distribution contracts

Promotional crusade development

 

Implementation and Control

At this issue in the process, the marketing design has been evolved and the product has been launched. Given that couple of environments is static, the outcomes of the marketing effort should be supervised closely. As the market alterations, the marketing mix can be modified to accommodate the changes. Often, little alterations in buyer likes can address by altering the advocating message. As the alterations become more important, a product redesign or a solely new product may be needed. The marketing process does not end with implementation - continual supervising and adaptation is needed to fulfill customer needs consistently over the long-term. (Cravens 2001 1)

Comparison Of Marketing Definitions

Marketing is defined as management process through which items and services proceed from producer to the customer. As beliefs, it is founded on considering about the enterprise in periods of customer needs and their satisfaction. As a result, it comprises in coordination of four components called 4P's: (Perrault 2002 1)

Identification, selection, and development of a product,

Determination of its price,

Selection of a distribution conduit to come to the customer's location, and

Development and implementation of a promotional strategy.

Marketing disagrees from selling because (in the phrases of Harvard Business School's emeritus lecturer of marketing Theodore C. Levitt) "Selling anxieties itself with the tricks and methods of getting persons to exchange their money for your product. It is not worried with the standards that the exchange is all about. And it does not, as marketing always does, outlook the whole enterprise process as comprising of a firmly incorporated effort to find out, conceive, arouse, and persuade customer needs."

There are numerous definitions of ...