MARKETING FUNDAMENTALS

Marketing Fundamentals

Marketing Fundamentals

Introduction

The purpose of writing following paper is to cover different aspects of marketing. Therefore, in studying and reviewing, the author covered marketing concepts and process of marketing in great depth. However, the structure of the paper is formulated in such a way that it will provide readers proper understanding of the concepts. For instance, in the first task, marketing knowledge has been highlighted and in doing this, the focus is on explaining the marketing process, with marketing orientation, societal issues involved and customer and competitor satisfaction. Secondly, evaluating benefit and cost of marketing in satisfying customer needs and wants are also important. Whereas, further moving on, segmentation, targeting and positioning from the marketing perspective is presented in the paper. In relation with marketing, Macro environment is very much critical, thus the impact of macro environment on the marketing is also studied.

Task 1

Marketing Process

Today almost everyone assumed that the activities of any company should be customer-oriented, which is the essence of marketing process. In order to meet these needs, it is necessary to know and understand very well. However, this guidance is not enough. The current context in which we live and work compels us, because of its complexity, to go beyond this approach and, to remain competitive, to orient to the wider market and also consider other actors along with consumers, play a role in it: distributors, competitors and prescribers. This approach implies that the whole organization is flowing towards the market and it is the responsibility of all, and not only in a particular functional area, creating greater value for customers (Asare, et. al., 2013). A good marketing department is not enough for the company to be market oriented. It takes commitment from the other departments, regardless of their roles in the company.

Strategic Marketing

It is an ongoing systematic analysis of the needs of market and development of concepts of products profitable for some groups of buyers who have specific and distinctive qualities that differentiate them from nearby competitors, thus ensuring a lead producer durable and defensible competitive. Its function is to follow the evolution of the relevant market and identify the different product-markets and segments or potential, on the basis of an analysis of the diversity of needs to find is in the medium to long term. Based on an analysis of the needs of individuals and organizations, what the buyer is looking for the product as such but the service or solution to a problem that the product is capable of offering.

Marketing Operations

The organization of strategies of sales and communication that raise awareness and value to potential buyers the distinctive qualities claimed by the products offered, reduce costs of prospecting buyers, this is your role.

Operational Marketing

It is a proactive management conquest of markets exist, whose horizon of action is in the short and medium term, supported by the media tactical policy based on product, distribution, price and communication action marketing is concrete operational objectives of market reach and budgets authorized marketing to achieve them (Shih, et. al., 2010, pp. 423-28). Operational marketing is a decisive factor that directly affects the profitability in the short term the company. It is therefore the commercial arm of the ...