Marketing

Marketing

Introduction3

Discussion4

Elements of the Marketing Process4

Benefits & Costs of Marketing Orientation5

Financial Advantages6

Macro & Micro Environmental Factors Affecting the Marketing Decisions7

Technological factors8

Economic factors8

Political factors8

Socio-cultural factors8

Environmental factors9

Segmentation Criteria in Different Markets9

Measurability10

Profitability10

Accessibility10

Substantiality10

Targeting Strategy11

Undifferentiated Marketing11

Differentiated Marketing11

Niche Marketing12

Buyer Behaviour in Different Situations12

New Positioning for a Product/Service12

Product Development to Sustain Competitive Advantage13

Distribution to provide Customer Convenience13

Pricing Strategies Affecting Market Conditions13

Promotional Activities14

Extended Marketing Mix14

Product15

Pricing15

Promotion15

Placement15

People16

Process16

Physical Evidence16

Marketing Mix for Demographic-based and Behavioural-Based Segments16

Demographic Segmentation16

Behavioural Segmentation17

Differences in Marketing Products and Services to Businesses Rather Than Consumers18

Differences in International Marketing and Domestic Marketing19

Conclusion19

References21

Marketing Assignment

Introduction

Every organization wants to increase their sales and profit ratio but to increase them certain marketing strategies are needed to be followed. These two characteristics are the determinant of a path of any organization and are related directly to the level of innovation in its operations and the role of effective marketing. Every organization must maintain a motto to focus on the marketing methods and penetration techniques so that the products and services can be accepted and adopted by all the market segments. Different organizations tackle with different strategies and techniques for achieving growth and gaining success. These strategies include different marketing approaches, learning strategies, expansion of tasks and procedures, investments in different domains etc.

Product awareness is the most important thing for any organizations which helps the segmented market to understand about the necessity of product and this can be only possible after having effective and competitive marketing strategies. This all sums to one fact i.e. the role of marketing have become very crucial for every organization in order to gain success, since it allows the customers and organizations to have a sound knowledge about each other. The main aim of this paper is to focus on the different vital marketing concepts and their applications on the chosen company.

Discussion

Elements of the Marketing Process

The marketing process is defined as a gradual and incremental activity that allows organizations to understand their targeted customer segments and to formulate product/service offering and strategies that are able to create value for the customers. The marketing process is conducted efficiently results in higher profit, high customer loyalty and high brand equity. Kotler (2008, Pp.29) has defined the marketing process as five-step model, which consists of the following elements:

Understand the customer needs and wants and the prevalent marketing practicesThe aim of marketers is to design a market offering based on products, services, experiences in order to satisfy the needs or wants of the market.

To design a marketing strategy focused on creating value for the customers

This element focuses on choosing the most profitable market segments and designing strategies through selection of a value proposition that shall enable relationship building with the same. Designing of various marketing strategies sis conducted by selected the most suitable marketing management orientation.

To develop an integrated marketing program which is able to deliver the designed strategy in order to create value

Development of integrated marketing program helps in delivering the projected value to the targeted customers. The marketing mix tools that find humongous application in this step include Product, Price, Place and Promotion; the ...