MARKETING

Marketing

Marketing

Introduction

Marketing is a set of processes and an organizational function by which companies create value for consumers and develop strong customer interaction in order to capture value from customers in return. Marketing is the practice of planning, executing and delivering the idea, price, promotions, and distribution of products, services, and ideas to build interactions that successfully cater individual and organizational goals and objectives.

Marketing is a predefined and agile set of organizational role and a set of procedures for establishing, communicating and conveying value to customers and for managing customer relations in the manners that benefit the organization and its stakeholders. Marketing includes everything an organization does to make its likely customers and its products or services together.

Discussion

Concept of Marketing

The key word in the marketing is 'concept'. The marketing concept encompasses that the key to accomplishing the organizational objectives comprises in analyzing and highlighting the requirements and needs of the targeted markets. The basic concept of marketing lies in the requirement analysis. Company must clearly define and identify its customer before marketing.

The most essential marketing concept is to cater the market needs and wants. An organization must deliver the required satisfactions more effectively and competently than rivals and competitors. The customer is the fulcrum for any market and all marketing activities revolve around this fulcrum point. It is, therefore, vital that the company identify the customers and stakeholders, create a strong and effective relationship, identify and categorize the requirements of target customers, and to deliver precisely the product and services perfectly satisfying the customers.

Marketing concept spotlights on selling the satisfaction and not merely on selling the goods. A marketing orientated company is one that which has implemented the marketing concept.

Process of Marketing

The marketing process encompasses the analysis and to determine the marketing opportunities; identify the target markets; designing the marketing mix; and control the marketing effort. The company must find and completely analyze the customer requirements, and in result deliver the products that fulfills and satisfy those requirements.

The marketing process may be represented in a sequence of steps, the research; the segmentation; the marketing mix; the implementation; and the control and management of the process.

Steps of Marketing Management Process

The steps marketing management process include defining the market needs; identifying the problem; pointing out the precise research objectives; collecting and retrieving the information sources; analyzing the collected facts and information; and presenting the overall information.

Identification of the Customer Needs

The needs of the customers ...