Elements of marketing
1.1 Elements of the marketing process.
The process of marketing entails the following four elements
i. The parties
The consumer is typically prepared to make certain sacrifices in terms of money and effort in order to obtain an offering that satisfies his needs. The aim or aspiration of the customer is to satisfy his needs within the limits of his means(Booms & Bitner 1981). Therefore the marketing officer analyses the needs and desires of the consumer and determines whether they can be met profitably .Within the marketing process this activity identifies homogeneous groups of whose individual likes are similar .These groups are referred to as market segments, and from them the organization selects one that it can serve profitably . A selected segment referred to as the target market.
Each organization has a specific market offering which the organization hopes to satisfy the consumer with .This offering has one main objective which is the maximization of long term profits. To make sober marketing decisions that will actualize this business aspiration, the organization must be well-informed of what is going on within the marketing environment. ii. The market offering: The Four P’s
There are four ways of defining a total market offering in marketing management: this is done using the marketing mix which entails four P’s.The four P’s are variables in the marketing mix. They are discussed below
i. Promotion involves the act of communicating the benefits as well as the value of a company product to the consumers (Chisnall 1997). ii. Place this refers to the distribution, location as well as the different methods of getting the product to the final customer. For. iii. Price refers to the stipulated amount of money that customers must pay in order to purchase your products (Chisnall 1997). iv. Products are the goods and services that an organization provides for sale to the consumers). iii. The marketing environment
Marketing decisions during the
The process of marketing entails the following four elements
i. The parties
The consumer is typically prepared to make certain sacrifices in terms of money and effort in order to obtain an offering that satisfies his needs. The aim or aspiration of the customer is to satisfy his needs within the limits of his means(Booms & Bitner 1981). Therefore the marketing officer analyses the needs and desires of the consumer and determines whether they can be met profitably .Within the marketing process this activity identifies homogeneous groups of whose individual likes are similar .These groups are referred to as market segments, and from them the organization selects one that it can serve profitably . A selected segment referred to as the target market.
Each organization has a specific market offering which the organization hopes to satisfy the consumer with .This offering has one main objective which is the maximization of long term profits. To make sober marketing decisions that will actualize this business aspiration, the organization must be well-informed of what is going on within the marketing environment. ii. The market offering: The Four P’s
There are four ways of defining a total market offering in marketing management: this is done using the marketing mix which entails four P’s.The four P’s are variables in the marketing mix. They are discussed below
i. Promotion involves the act of communicating the benefits as well as the value of a company product to the consumers (Chisnall 1997). ii. Place this refers to the distribution, location as well as the different methods of getting the product to the final customer. For. iii. Price refers to the stipulated amount of money that customers must pay in order to purchase your products (Chisnall 1997). iv. Products are the goods and services that an organization provides for sale to the consumers). iii. The marketing environment
Marketing decisions during the