MARKETING MANAGEMENT

Marketing Management

Marketing Management

Introduction

Marketing Mix is a part of tactical level of marketing, where the strategies are being transformed in various concrete programs. For the company in order to come to the market with a product satisfier of all the needs and desires, at affordable prices along with the appropriate message and distribution channel system which place product in right place at the most opportune moment . Kotler and Armstrong define marketing mix as "the set of controllable tactical marketing tools that the company combines to produce a desired response in the target market. The marketing mix includes everything that the company can do to influence demand of its product". In summary, the marketing mix is a set of controllable variables or tools that combine to achieve a result in the target market, and positively influence demand, generating sales, among others (Zeitham, et al., 2008, pp. 43-45).

On the other hand Market Segmentation is for differentiating the total market for the product or services in various homogeneous subsets concerning habits, needs and tastes of its components, which are called segments. The purpose of identifying these segments is to enable companies to better tailor their marketing policies to all or some of these subsets. Today, with the increasing market orientation not only, it starts talking about micro segmentation but to the client, and even personalization, i.e. direct marketing, relationship marketing and on-line. The total market for most products is not very varied, very heterogeneous. This lack of uniformity may be indicative of differences in buying habits, in the way a product is in the grounds of purchase or other factors. Market segmentation takes into account these differences. This study will elaborate the theory of marketing mix use in two of the market segments of the consumer market. It defines all of the marketing mix strategies including the elements of 7P's in two of the market segments (Rafiq & Ahmed, n.d, pp.1). The study also defines market difference in product and services and what are those factors that result in differentiating international and domestic markets?

Discussion

Market segmentation is a process to identify those consumers with similar needs or homogeneous needs to make it possible for each group to establish a commercial offer differentiated, oriented in a specific way to the needs, interests and preferences of consumers in that group or segment. There are various market segments that should be focused while designing the marketing mix for any product or service. The division of markets is done on the basis of this broad categorization of one holistic market. The market is categorized in; consumer market, organizational market, service marketing, international market. All of these markets are categorized on market segmentation of type of products and services offered. However, these market segmentations provide a support in developing the marketing mix strategy for the kind of offering the company deals with (Sandhusan, 2000, pp.115-125).

In this study the marketing mix will be discussed keeping in view the geographic and demographic segmentation of the consumer ...