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 

When explaining the 4p s product refers to the item or service its features and how it differs from the ones sold by an organisation s competitors The price refers to the cost of the item or service and how competitive the price is in comparison to what the competitors offer The place is the area where the product is put on the market Finally promotion refers to the methods used by a company to promote the product or service it has produced to place it in the minds of potential customers For many years organisation s used the 4p s when planning a marketing mix This has been updated to the 7p s The further 3 additions refer to include people processes and physical evidence to the mix People refers to the workforce The people responsible for running the organization A business should have successful systems and processes when delivering the product to the customer This could be your point of sales system product distribution system and other processes that ensure the organisation is ran effectively The final element physical evidence refers to how the product is perceived by the public and the physical evidence that the product on offer is being delivered to the public in the manner it is marketed to be Explaining methods of segmenting markets There are many forms of market segmentation Geographical segmentation where a company will divide their business into subunits that operate in different areas and offer services according to the needs of the local community Demographic segmentation consists of segmentation on the basis of age income gender occupation education religion race and nationality People are divided into age groups with a belief that same aged people have similar behavioural traits

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

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