Dsfdsfsd
UNIT 3
Introduction to marketing
Role of Marketing
Definition of marketing
Marketing is the process of understanding the market within which a business operates and satisfying customers’ needs in order to meet the business’s objectives.
Concept of marketing
Marketing concepts aims at identifying, anticipating and satisfying customer need with motive of achieving profit in a socially acceptable manner. The role of marketing within a particular organisation will depend on the organisation’s overall objective.
When the marketing department has a SMART objective it can then implement its marketing strategy – commonly referred to as the marketing objectives. The marketing mix or the 4Ps. The marketing mix consists of the following:
Price – Businesses must set a price for their products (goods or services) that meets both the customers’ and organisation’s expectations. Setting a price too low may attract a lot of customers but might not be profitable for the business. Its objective would be therefore not be met.
Product – A marketing department also needs to consider a successful mix of suitable products or services. Researching to competitors and customers will help a business to develop a successful mix of products – a product portfolio.
Promotion – This is the process of informing customers about products and persuading them to buy them. There is little point having a successful product that is priced to meet customers’ expectations and provide the business with the required level of income to meet its objectives if the customer doesn’t know about it.
Place – The final part of a traditional marketing mix is to consider how customers can buy the products. There is a wide range of ways to reach customers. Some businesses sell direct to the customer; some sell to someone else who then sell on to the end consumer.
Marketing mix: An integrated strategy for marketing a product, which normally includes price, product, promotion and place.
The production
Introduction to marketing
Role of Marketing
Definition of marketing
Marketing is the process of understanding the market within which a business operates and satisfying customers’ needs in order to meet the business’s objectives.
Concept of marketing
Marketing concepts aims at identifying, anticipating and satisfying customer need with motive of achieving profit in a socially acceptable manner. The role of marketing within a particular organisation will depend on the organisation’s overall objective.
When the marketing department has a SMART objective it can then implement its marketing strategy – commonly referred to as the marketing objectives. The marketing mix or the 4Ps. The marketing mix consists of the following:
Price – Businesses must set a price for their products (goods or services) that meets both the customers’ and organisation’s expectations. Setting a price too low may attract a lot of customers but might not be profitable for the business. Its objective would be therefore not be met.
Product – A marketing department also needs to consider a successful mix of suitable products or services. Researching to competitors and customers will help a business to develop a successful mix of products – a product portfolio.
Promotion – This is the process of informing customers about products and persuading them to buy them. There is little point having a successful product that is priced to meet customers’ expectations and provide the business with the required level of income to meet its objectives if the customer doesn’t know about it.
Place – The final part of a traditional marketing mix is to consider how customers can buy the products. There is a wide range of ways to reach customers. Some businesses sell direct to the customer; some sell to someone else who then sell on to the end consumer.
Marketing mix: An integrated strategy for marketing a product, which normally includes price, product, promotion and place.
The production