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Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating,delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Sales process engineering views marketing as "a set of processes that are interconnected and interdependent with other functions, [6] whose methods can be improved using a variety of relatively new approaches.

The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably. Marketing practice tended to be seen as a creative industry in the past, which included advertisingdistribution and selling. However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science, [9] allowing numerous universities to offer Master-of-Science MSc programmes.

It is also related to many of the creative arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times and the culture. The term 'marketing concept' pertains to the fundamental premise of modern marketing. This concept proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.

Marketing and marketing concepts are directly related. An orientation, in the marketing context, relates to a perception or attitude a firm holds towards its product or service, essentially concerning consumers and end-users.

There exist several common orientations:. A firm employing a product orientation is mainly concerned with the quality of its own product. A firm would also assume that as long as its product was of a high standard, people would buy and consume the product. This works most effectively when the firm has good insights about customers and their needs and desires, as for example in the case of Sony Walkman or Apple iPod, whether these derive from intuitions or research.

Consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible.

Such an orientation may suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, with little likelihood of changes in consumer tastes diminishing demand. A firm focusing on a production orientation specializes in producing as much as possible of a given product or service. Thus, this signifies a firm exploiting economies of scaleuntil the minimum efficient scale is reached.

A production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes do not rapidly alter similar to the sales orientation.

The marketing orientation is perhaps the most common orientation used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes. The marketing orientation often has three prime facets, which are:.

A firm in the market economy can survive by producing goods that persons are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firm 's future viability and even existence as a going concern.

In this sense, a firm's marketing department is often seen as of prime importance within the functional level of an organization. Information from an organization's marketing department would be used to guide the actions of other department's within the firm. As an example, a marketing department could ascertain via marketing research that consumers desired a new type of product, or a new usage for an existing product.

The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc.

Additionally, a firm's finance department would be consulted, with respect to securing appropriate funding for the development, production and promotion of the product. Inter-departmental conflicts may occur, should a firm adhere to the marketing orientation. Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product. Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization.

As no one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals. In the early s, Professor Neil Borden at Harvard Business School identified a number of company performance actions that can influence the consumer decision to purchase goods or services. Jerome McCarthyat the Michigan State University in the early s, suggested that the Marketing Mix contained 4 elements: These four elements are often referred to as the marketing mix[10] which a marketer can use to craft a marketing plan.

The four Ps model is most useful when marketing low value consumer products. Industrial products, services, high value consumer products require adjustments to this model. Services marketing must account for the unique nature of services. Industrial or B2B marketing must account for the long term contractual agreements that are typical in supply chain transactions. Relationship marketing attempts to do this by looking at marketing from a long term relationship perspective rather than individual transactions.

As a counter to this, Morgan, in Riding the Waves of Change Jossey-Bass,suggests that one of the greatest limitations of the 4 Ps approach "is that it unconsciously emphasizes the inside—out view looking from the company outwardswhereas the essence of marketing should be the outside—in approach". In order to recognize the different aspects of selling servicesas opposed to Productsa further three Ps were added to make a range of Seven Ps [11] for service industries: Process - the way in which orders are handled, customers are satisfied and the service is delivered.

Physical Evidence - is tangible evidence of the service customers will receive for example a holiday brochure.

People - the people meeting and dealing with the customers. As markets have become more satisfied, the 7 Ps have become relevant to those companies selling products, as well as those solely involved with services: Some authors cite a further P - Packaging - this is thought by many to be part of Productbut in certain markets Japan, China for example and with certain products perfume, cosmetics the packaging of a product has a greater importance - maybe even than the product itself.

A firm's marketing environment consists of three main areas, which are:. A firm's marketing macro-environment consists of a sniper forex trader v2.rar of external factors that manifest on a large or macro scale.

These are typically economic, social, political or technological phenomena. A common method of assessing a firm's macro-environment is via a PESTLE Political, Economic, Social, Technological, Legal, Ecological analysis.

Within a PESTLE analysisa firm would analyze national political issues, culture and climate, key macroeconomic conditions, health and indicators such as economic growth, inflation, unemployment, etc. A firm's micro-environment comprises factors pertinent to the firm itself, or stakeholders can foreigners buy shares in uk connected with the firm or company.

By contrast cape town fish market suncoast contact the macro-environment, an organization holds a greater degree of control over these factors.

Marketing research is a systematic process of analyzing data which involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used lookback option binomial tree example managers to plan marketing activities, gauge the nature of a firm's marketing environment and to attain information from suppliers.

A distinction should be made between marketing research and market research. Market research pertains to research in a given market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research is a subset of marketing research.

Marketing researchers use statistical methods such as quantitative researchqualitative researchhypothesis testsChi-square testslinear regressioncorrelation coefficientsfrequency distributionsPoisson and binomial distributionsetc.

Marketing research spans a number of stages, [13] including:. Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects.

A firm only possesses a certain amount of resources. Accordingly, it must make choices and appreciate the related costs in servicing specific groups of consumers. Moreover, with more diversity in the tastes of modern consumers, firms are taking noting the benefit of servicing a multiplicity of new markets. Once a segment has been identified, a firm must ascertain whether the segment is beneficial for them to service.

The DAMP acronym meaning Discernable, Accessible, Measurable and Profitable are used as criteria to gauge the viability of a target market. DAMP is explained in further detail below:. The next step in the targeting process is the level of differentiation involved in a segment serving.

Three modes of differentiation exist, which are commonly applied by firms. A firm often performs this by producing a perceptual map, which denotes products produced in its industry according to how consumers perceive their price and quality. From a product's placing on the map, a firm would tailor its marketing pop stars earn their money essay to suit meld with the product's perception among consumers.

Marketing communications is defined by actions a firm takes to communicate with end-users, consumers and external parties.

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Marketing communications encompasses four distinct subsets, which are:. Oral presentation given by a salesperson who approaches individuals or a group of potential customers:. An example is coupons or a sale.

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People are given an incentive to buy, but this does not build customer loyalty or encourage future repeat buys. A major drawback of sales promotion is that it is easily copied by competition. It stock market game communicating quantitative information be used as a sustainable source of differentiation. Organizations indicator earnings on binary options PR in order to assure consumers, and to forestall negative perceptions towards it.

Publicity tips analysts binary options attaining space in media, without having to pay directly for such coverage. As an example, an organization may have the launch of a new product covered by a newspaper or TV news segment.

This benefits the firm in question since it is making consumers aware of its product, without necessarily paying a newspaper or television station to cover the event. Advertising occurs when a firm directly pays a media channel to publicize its product. Common examples of this include TV and radio adverts, billboards, branding, sponsorship, etc.

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Marketing communications is a "sub-mix" within the Promotion aspect of the marketing mix, as forex exchange bbl exact nature of how to apply marketing communications depends on the nature of the product in stock market game communicating quantitative information. Accordingly, a given product would require a unique communications mix, in order to convey successfully information to consumers.

Some products may require a stronger emphasis on personal sales, while others may need more focus on advertising. The area of marketing planning involves forging a plan for a firm's marketing activities.

A marketing plan can also pertain to a specific product, as well as to an organisation's overall marketing strategy. Generally speaking, an organisation's marketing planning process is derived from its overall business strategy. As stated previously, trader joes irvine campus hours senior management of a firm would formulate a general business strategy for a firm.

However, this general business strategy would be interpreted and implemented in different contexts throughout the firm. Corporate marketing objectives are typically broad-based in nature, and pertain to the general vision of the firm in the short, medium or long-term. Strategic business unit SBUin this case, means strategic business unit. The SBU would embrace the corporate strategy, and attune it to its own particular industry.

For instance, an SBU may partake in the sports goods industry. It thus would ascertain how it would attain additional sales of sports goods, vanguard international stock market etf order to satisfy the overall business strategy. The functional level relates to departments within the SBUs, such as marketing, finance, HR, production, etc.

The functional level would adopt the SBU's strategy and determine how to accomplish the SBU's own objectives in its market. To make money stuff envelope the example of the sports goods industry again, the marketing department would draw up marketing plans, strategies and communications to help the SBU achieve its marketing aims.

The PLC is based on a few key assumptions, including:. In this stage, a product is launched onto the market. More entrants enter into the market, to reap the apparent high profits that the industry is producing. A product's sales start to level off, and an increasing number of entrants to a market produce price falls for the product. Firms may utilise sales promotions to raise sales.

Demand for a good begins to taper off, and the firm may opt to discontinue manufacture of the product. Many companies today have a customer focus or market orientation. This implies that the company focuses its activities and products on consumer demands. Generally there are three ways of doing this: In the consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions.

No strategy is pursued until it passes the test of consumer research. Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers.

The starting point is always the consumer. History attests to many products that were commercial failures in spite of being technological breakthroughs. A formal approach to this customer-focused marketing is known as SIVA [17] Solution, Information, Value, Access.

This system is basically the four Ps renamed and reworded to provide a customer focus. In a product innovation approach, the company pursues product innovationthen tries to develop a market for the product.

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Product innovation drives the process and marketing research is conducted primarily to ensure that profitable market segment s exist for the innovation. The rationale is that customers may not know what options will be available to them in the future so we should not expect them to tell us what they will buy in the future.

However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure that they have a varied and multi-tiered approach to product innovation.

It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles rather than inventing light bulbs.

Many firms, such as research and development focused companies, successfully focus on product innovation. Many purists doubt whether this is really a form of marketing orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing. From Wikipedia, the free encyclopedia.

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