What Is Marketing? Assignment

What Is Marketing? Assignment Words: 625

Effective marketing is a result of examining every aspect of your business and how it affects your consumers’ end experience. Ultimately, it covers everything you will need to do In order to deliver your products or services to the consumer Including research, planning, pricing, packaging, promotion, selling and lastly distribution. (2)Describe the four As. Marketing Is a business function that Identifies customers’ needs, determines target markets and how to apply these products or services to the markets. A strategy commonly used is known as the “Marketing Mix”.

According to Philip Kettle, “A marketing mix is the mixture of controllable marketing variables where firm uses to pursue the sought level of sales In the target market”. In other words, It Is the set of controllable tactical marketing tools which concentrates on combination of four basic elements; product, price, place, and promotion (4 AS) that the firm blends to produce the response it wants in the target market. The following describes the four Fays of marketing; Product – are the goods and services combination that the company offers to the argue market.

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The business has to produce a product that people will want to buy. This Is the first element In the marketing mix. The product mix includes variables ranging from quality, product line, physical features of a product, packaging & labeling of product, branding & trade mark, product innovation, services and etc. Product is the heart of the marketing mix because if the product is not attractive to the customers, no amount of sales promotion, channel selection or price reduction will help to achieve the marketing target.

Hence. Arability uses, qualities etc of the product are important from marketing point of view. Marketing team of a firm will decide which ‘market segment’ they are aiming at based on its demographic and psycho-graphic. They have to differentiate their product so that it is slightly different from what the present market has to offer so that people can be persuaded to “give It a try”. Price -refers to the amount of money that customers must pay in order to obtain the product.

The price must high enough to cover costs and make adequate profits but low enough to attract customers. Therefore, It Is one more critical element of marketing mix. The price mix includes pricing setting, discounting, payment periods, 1 OFF an important bearing on the competitive position of a product in the market. For example, a marketing manager may use pricing as a tool to hit sales target, used for capturing market, and to achieve good standing in a market competition effectively.

Place – also known as the distribution channels such as location and methods of getting the product to the customers being at the right time and the right place. Physical distribution of product is possible through appropriate distribution channels that include the location of the business, shop front, distributors, inventory, logistics, transportation and the potential use of the internet to sell the products directly to the customers globally and locally. For instance, a marketing manager has to select a channel which is convenient, economical, and suitable for customers and any supplier.

Promotion – refers to the activities that communicate the benefits and value of the reduces to consumers and persuade target customers to buy for it using methods such as advertising & publicity of product, personal selling, direct marketing, sales promotion, display of promotion goods, and public relations technique used for maintaining cordial relationships with distributors and consumers. Promotional activities are useful for establishing good rapport with the consumers. The use of advertising gives information, guidance to consumers and also act as a product/ brand reminder.

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What Is Marketing? Assignment. (2021, Nov 13). Retrieved September 27, 2023, from https://anyassignment.com/art/what-is-marketing-assignment-31050/