Define Marketing Tahitia G. Brown MKT/421 March 1, 2012 Audrey Ellison Define Marketing According to Merriam - Webster (2012), marketing is “the act or process of selling a product in a market.” Based on Merriam – Webster’s definition one can infer that marketing deals with persuading the masses to purchase a specific brand of an item. Another view of marketing is making the public aware of an organization to boost sales and profits. Another definition of “marketing,” according to Perrault, Cannon, and McCarthy (2011), is the execution of activities that strive to realize a company’s goals by foreseeing patron or consumer desires and leading a course of essential fulfilling goods and services from producer to customer or client. Importance of Marketing in Organizational Success Marketing is vital to the success of any organization. A company of any size must invest in marketing of some sort.
What is marketing? Marketing is; the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products their customers. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design and general media exposure. The 4 'Ps' of marketing are Product, Place, Price and Promotion.
Marketing is an important process for all companies who want to reach their target market while meeting the needs of the customers. There are multiple aspects of the marketing process including understanding and implementation of the four P’s- product, price, place, and promotion. Implementing the four P’s in the right marketing mix allows a company to develop products that are different from the competition, which is important if a company wants to have the competitive advantage. This also allows a company to effectively position its brand and product in the market. To help with the positioning of a brand or product a company can use perceptual mapping.
There are some key factors involved in the market research:- Location Competitors Target market Cost of products Services to the customers Time frames to complete the task Servey with the customers Collect the feedback. After considering the role and market research of business it is necessary to decide how the needs will be fulfilled. It helps us as follows:- The work is actually based on the collection of some information from the business nearby:- 1. There should be a team assigned to complete the research work. 2.
Marketing Mix / Extended Marketing Mix The marketing mix is a business tool used in marketing. The marketing mix is often crucial when determining a product or brand's offering, and is often synonymous with the four Ps: price, product, promotion, and place; in service marketing, however, the four Ps have been expanded to the seven Ps or eight Ps to address the different nature of services. Promotion Promotion is an important marketing activity; it’s a component of the marketing mix. The marketing mix consists of the Product, Price, Place, Promotion, People, Packaging, Physical Evidence and Processes. When doing promotion, the features and benefits of the product must be included in ever promotion activity.
Evaluate the influence different stakeholders exert in Sainsbury’s D1 I am going to evaluate the influence that stakeholders exert on Sainsbury’s. I will be evaluating the following stakeholders: customers, suppliers, owners, trade unions, employer associations, local community, national communities and the government. Customers The first stakeholder I am going to evaluate is customers who are also known as external stakeholders, customers influence Sainsbury’s as their main base of the business, they contribute to profit levels through buying products. Customers are influential to Sainsbury’s as they are able to influence the business in many ways such as their aims and objectives and how they run the business, customers are the base of any business therefore they are one of the most important stakeholders that a business can have. One action that the customers can take to influence Sainsbury’s is their customer service as it has a big impact as if the staff of Sainsbury’s were to be rude and obnoxious to the customer then this will result in a bad feedback with leads to a bad reputation for Sainsbury’s as one of Sainsbury’s aims is to be there for the customer and have their colleagues making the difference which is to give a good customer service.
It’ll allow the company to understanding existing customers. Market research determines the essential tools which adapts a business strategy for the best results. When a business like M&S conducts primary market research, they gather one of either two types of information; exploratory or specific. Exploratory research is an
Explain why teamwork is central to good customer service. Identify the service offer of your organisation. Identify the part you play in delivering customer service. Identify who are your customers. Describe the main characteristics of typical customers that you deal with.
Marketing in my view would be defined as the functions or processes put in place by businesses to improve the public view of specific products or trademarks in order to entice consumers to utilize these products or brands as part of their regular consumer purchases. These processes would include differing forms of advertising and product placement into areas common to the daily activities of
Marketing Mix BUS 235 Instructor: Tricia Norris December 9, 2012 Marketing is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large. (Hartely, 2011, p. 6). When we think of marketing many think of purchasing a product that we feel will benefit us in some way shape or form. It is whether a product or service or idea consisting of a bundle of tangible or intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value. (Hartely, 2011, p. 246).