Essay Example on Explaining the elements of the marketing Process

Explaining the elements of the marketing process Marketing is often seen as a process that creates delivers and communicates not just the product on offer but also the brands value to the consumers The use of advertising branding and pricing should be part of the marketing process Other important elements play a dynamic role in the overall success of the marketing process In order to launch a product onto a new market an organisation should carry out a SWOT analysis Through this they can evaluate the needs of prospective customers along with their preferences and the opportunities available to them in the region They can also see what threats they have in the area regarding competitors government obstacles such as local laws and also any negative impacts on the environment they may cause with their product Once an organisation has obtained all the data relevant to their market position and their strengths and weaknesses the next step in the marketing process is to plan an effective strategy This plan will illustrate the vision mission and objectives of the business and describe how it wants to operate in the market This should include financial sales and production objectives After completing this phase the organisation needs to plan its long term goals for the company Explaining the different elements of the marketing mix An effective marketing mix should at least contain 4 basic elements that are often referred to as the 4p s Lamb et al 2011 defines this as a unique blend of product place distribution promotion and pricing strategies These marketing elements each have a significant role to play in order to promote the product or the service from its conception until its distribution to existing or potential customers 

There is also a opinion that same income group people have similar spending habits and people that are educated to similar standards will also have the same buying preferences and so on Market segmentation is occasionally reviewed by the organisation in order to determine new segment groups and target them according to their needs and preferences Evaluating the benefits of segmenting markets Market segmentation brings numerous benefits for any organisation Perhaps the most important benefit it brings is stronger positioning on the market An organisation can create positive brand awareness through segmentation This helps to show the company in a positive light in the minds of its customers An improvement in efficiency is another benefit of segmentation Efficiency in marketing is accomplished by only focusing a certain marketing strategy on a certain segment This also helps with budgeting A company can budget for different marketing strategies depending on the buying patterns of the different segments Gaining competitive advantage over other companies is another benefit of market segmentation An organisation can offer customized products and services to customers that move from one segment to another for various reasons such as age status etc They can create a marketing strategy that keeps these changes in mind Analyzing different methods of researching a market Market research is a fundamental aspect of marketing that enables an organisation to link with the public and potential customers through the gathering of information 4 common methods of market research are qualitative quantitative ethnographic and experimental research Qualitative and quantitative methods are to simply put based on the process of asking questions whereas the latter two methods are based on observation

The qualitative method of research is basically used to explore a small group e g focus groups group discussions or through interviews and questionnaires Quantitative methods of research are mostly used to describe results of surveys or interviews Ethnographic studies see researchers observing a group for a single time or for extended periods of time to try and discover certain social behavioural traits in the group Experimental techniques are mostly used by researchers who create an artificial environment for a group and at times altering one or more factors to get their desired results Technology is anindispensable part of day to day business operations Over the past 10 years we have seen technology advance at a great speed Marketing techniques have also needed to change to keep up with these advances One of the main changes we have seen is the changes in internet habits