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The NEED FOR MARKETING THEORY Marketing Essay

Marketing is the process of communicating the value of something or service to customers. Another classification of marketing is the actions of an company associated with buying and selling something or service. It offers advertising, retailing and delivering products to people. People who work in marketing departments of companies try to get the attention of focus on followers by using slogans, product packaging design, celebrity endorsements and general media subjection. The four 'Ps' of marketing are product, place, price and campaign.

Marketing Mixture is one of the very most fundamental ideas in marketing management. For attracting consumers and then for sales advertising, every manufacturer must concentrate on four basic elements/components. They are: product, prices, distributive channels (place) and sales promotion techniques. A good combination of these marketing elements is named Marketing Blend.

The Marketing concept is the viewpoint that businesses should analyze the needs of these customers and then make decisions to satisfy those needs, much better than the competition. Today most companies have implemented the marketing theory, but this has not always been the situation. In 1776 in the Wealth of Countries, Adam Smith had written that the needs of providers is highly recommended only in regards to to meeting the needs of consumers. To raised understand the marketing theory, it is worthwhile to put it in perspective by critiquing other philosophies that once were predominant. After world war II the variety of products increased and hard providing no more could be relied after to generate sales. With an increase of discretionary income, customer could find the money for to be selective and buy only those products that exactly satisfied their changing needs, and these needs were not immediately noticeable.

Table of content page

1. 0 release 4

2. 1. 1 question 1 4 - 7

2. 1. 2 purpose of marketing mixture 7

2. 1. 3 conclusion of question 1 7

2. 2. 1 marketing theory 8 - 9

2. 2. 2 importance of marketing concept 9 - 11

2. 2. 3 realization of question 2 11

3. 0 final result 12

4. 0 guide 3

1. 0 Intro (Q1)

Marketing Mix is one of the very most fundamental ideas in marketing management. For bringing in consumers as well as for sales advertising, every manufacturer must concentrate on four basic elements/components. These are: product, pricing, distributive programs (place) and sales campaign techniques. A good combination of these marketing elements is called Marketing Mix. It is the blending of four inputs (4 Ps) which form the core of marketing system. This marketing mixture is marketing manager's tool for attaining marketing aims/targets. He has to use the four elements of marketing combine in a logical manner to accomplish his marketing aims in terms of level of sales and consumer support. Marketing combine is the mixture of four basic elements/substances under one brain. Product itself is the most important factor of marketing combine. Price, place and campaign will be the other encouraging elements. Marketing mix indicates a proper blend of four Ps for achieving marketing objectives.

2. 1. 1 Question 1

Definition of marketing mixture for every entrepreneur is putting the right product in the right place, at the right price, at the right time. Marketing is a planned that mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion. These four elements are fine-tuned until the right combination is available that functions the needs of the product's customers, while making optimum income. Every business enterprises have to ascertain its marketing-mix for the satisfaction of needs of the customers. Marketing combination is a very useful tool for each and every firms or companies.

Product

A product is seen as something that satisfies what a consumer needs or wants. It really is a tangible good or an intangible service. Intangible products are service centered like the tourism industry, the hotel industry and the financial industry, quite simply to describe, can feel it but can't touch it. Tangible products are those thing that can touch or physical lifetime.

Product-mix includes planning, expanding and producing the right types of products and services to be marketed by the company. It deals with the merchandise range, sturdiness and other attributes and other features. In a nutshell, product planning and development involves decisions like quality of the merchandise, size of the product, design of the product, volume of the production, product packaging, warranties and after-sales service. And in addition, they have to determine which 'market segment' they may be aiming at get older, income and geographical location.

Price

The price is the amount that the client willing to pay for the product. The price is vital as it establishes the company's income and hence, survival. Adjusting the price has a deep effect on the marketing strategy, and depending on the price elasticity of the product, often it will have an impact on the demand and sales as well. The internet marketer should set a cost that the customer prepared to pay and the best price that can gratify the customer. When setting a cost, the marketer should be aware of the customer perceived value for the product. Director should think about certain question like: what is the value of the merchandise or service to the buyer, are there founded price factors for products or services in this area, how will your price compare with your competitors. And also, the price must be high enough to protect costs and make money but low enough to catch the attention of customers.

Promotion

Promotion is connecting with the general public in an attempt to affect them toward buying your products. Promotion includes elements such as advertising, personal advertising and sales promotion. Advertising is a tool which the marketing manager uses to converse a note to consumers through newspapers, magazines, tv. Personal advertising is another means of conversing to consumers, and includes direct individual to individual connection between salesman and customers. Sales advertising includes all the methods of connecting with the consumers except advertising and personal selling. It offers free samples, premium for sale, contests, shows, shows and exhibitions.

Place

Refer to providing the merchandise at a place which is convenient for consumers to gain access to. Various strategies such as extensive distribution, selective syndication, exclusive circulation and franchising can be used by the marketer to complement the other aspects of the marketing combine. It offers activities that are essential to transfer possession of goods to customers and provide goods at the right time and place at which the merchandise should be displayed and distributed around the customers. It is to make products available in the right place at the right time in the right amounts.

2. 1. 2 Purpose of marketing mix

The basic purpose to deciding the marketing-mix is to meet the needs and desires of the clients in the most effective manner. As the needs of customers and environmentally friendly factors change, the marketing-mix is also improved. Thus, marketing-mix is a energetic strategy. It concentrates how to gratify the needs of the customers. Moreover, the goal of the marketing blend is to increase sales, to raise profit and start, fulfill the needs of the clients, increase the intake demand and even more.

2. 1. 3 Conclusion

In conclusion, I understand that marketing mix is a very useful business tool for firms or companies. This marketing combination is marketing manager's tool for achieving marketing objectives/targets. He has to use the four elements of marketing combination in a logical manner to achieve his marketing goals in conditions of level of sales and consumer support.

2. 2. 1Marketing concept

The Marketing concept is the viewpoint that companies should assess the needs of these customers and then make decisions to satisfy those needs, better than your competition. Today most organizations have adopted the marketing concept, but it has not necessarily been the case. In 1776 in the Prosperity of Countries, Adam Smith published that the needs of providers is highly recommended only with regard to meeting the needs of consumers. To better understand the marketing theory, it is worth it to put it in point of view by looking at other philosophies that were in the past predominant. After world conflict II the variety of products increased and hard retailing no longer could be relied after to create sales. With increased discretionary income, customer could afford to be selective and buy only those products that accurately achieved their changing needs, and these needs were not immediately noticeable.

The key questions became :

What do customers want ?

Can we develop it while they still want it

How can we keep our customers satisfied?

In respond to these discerning customer, firms began to look at the marketing concept, that involves:

Focusing on customer needs before growing the product

Aligning all functions of the company to give attention to those needs

Realizing a profit by successfully gratifying customer needs in the long term

When firms started out to look at the marketing concept, they typically setup separate marketing departments whose target it was so meet customer needs.

2. 2. 2Importance of marketing concept

Business enterprises are executing their marketing activities under the next five marketing ideas.

Product concept

Production concept

Selling concept

Marketing concept

Societal concept

Production concept

Production theory is the oldest principle under which the entrepreneurs produce goods pondering customers want only in inexpensive, extensively and easily available goods. Finishing and the interest of customers aren't important for the manufacturers. They focus only on large size production and make an effort to make it available on large level. They make an effort to achieve high creation efficiency and creating vast distribution coverage. This idea can be implemented under the next situations.

Product concept

Consumers favour those products that offer the most quality, performance and features is the basis of product principle. They think that consumers are inclined to pay more expensive for the goods or services which has extra quality. Companies which focus on product concept is focused on product improvement. They constantly improve the product quality and features to gratify and attract the customers. An excessive amount of concentrate on product may go off the monitor and fail. For instance, a biscuit company produced a new make of biscuits with good coloring, ingredients and packing etc. , without taking much importance in consumer preferences and preferences. This may fail on the market if the biscuit does not flavour good to the best consumer.

Selling concept

In selling principle, producers think that the hostile persuasion and offering is the fact of their business success. They think without such aggressive methods they cannot sell or are present in the market. They are centered on finding ways and means to sell their products. They believe that consumer themselves will not buy enough of the businesses products or service by themselves. Hence they execute a considerable promotional work to market their product through advertisements and other means. Sales agents of electrical instruments, insurance agents, gentle drink/health drink companies and account raisers for cultural or religious triggers comes under this category. That is why we are getting lots of calls from insurance real estate agents, even though insurance is a subject subject of solicitation. In short, selling concepts assumes that consumers on their own will not buy enough of businesses products, unless the enterprise undertakes extreme sales and promotional efforts.

Marketing concept

Under marketing theory the duty of marketing starts with finding what the buyer want and produce a product that will meet the consumer need and maximum satisfaction. "Customer is the Ruler" concept emerged from this point of view. In the process of development many organizations evolved their way of thinking to match the marketing theory. Under this concept manufacturers considers the needs and wants of consumers as the guiding nature and deliver such goods which can satisfy the buyer needs more efficiently and effectively than the competitors. Marketing theory is consumer oriented and look onward to achieve long term profits by causing a network of satisfied consumers. When an organization practice the marketing concept, almost all their activities such as research and development, circulation, quality control, finance, manufacturing, offering etc. , are concentrated to satisfy the buyer needs and would like.

Societal concept

With the growing knowing of the sociable responsibility of the business enterprise, attempts made successfully to turn the business enterprise organizations socially dependable. Environmental deterioration, increased exploitation of resources and growing consumer actions have necessitated the identification and relevance of marketing predicated on socially sensible. Societal strategy is the expansion of marketing concept to protect the society as well as the consumers. Under the societal concept the business organization must take into account the needs and wants of the consumers and deliver the goods and services successfully to be able to balance the consumers satisfaction as well as the society's well being.

2. 2. 3Conclusion

In conclusion, I know that the Marketing theory is the idea that organizations should analyze the needs of their customers and then make decisions to fulfill those needs, much better than the competition. To raised understand the marketing theory, it is worth it to put it in point of view by looking at other philosophies that were in the past predominant.

3. 0 Conclusion

Marketing combination are price, place, campaign and product. When marketing their products firms need to create a successful mixture of the right product, sold at the right price, in the right place, using the best option promotion. To build the right marketing combine, businesses have to meet the following conditions like the product really needs the right features. For example, it must look good and work well. Besides that, the price must be right because consumer will need to buy in large numbers to produce a healthy profit. Finally, the mark group needs to be made alert to the existence and option of the merchandise thought advertising.

Importance of marketing, the beliefs that businesses should analyze the needs of these customers and then make decisions to gratify those needs, better than the competition. With an increase of discretionary income, customer could manage to be selective and buy only those products that specifically found their changing needs, and these needs were not immediately obvious.

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