Maketing Process

Marketing is key to understanding consumers and making your product/service attractive. The marketing concept, as described in the textbook is “is a consumer-oriented philosophy that focuses all available resources on satisfying the needs and wants of the consumer, thereby resulting in profits” (Bojanic & Reid, 2009). What this quote is saying is that the marketing concept tries to identify what consumers want, what they need, and what the best way to communicate your product to the consumer is. Instead of just throwing your product on the market at a random price and hoping it will do well, the marketing concept try’s to identify the best possible way to advertise your product.
In order to use the marketing concept properly, managers must effectively use the 4 p’s aka the marketing mix in order to learn what their customer’s truly want. The 4 p’s stand for price, product, place, and promotion. These four p’s make up the first layer of the marketing mix surrounding the target market. Surrounding the 4 p’s are the 5 environment: economic, competitive, political and legal, social, and technological.
The 4 p’s are the first layer around your target market within the marketing process and are essential for marketing success. The first p is price. Price stands for the value a firm puts on their good or service. A few variables which affect the price of a product is perceived value. If consumers believe a product is of better quality than similar products on the market, the firm is able to charge more for their product. As well, firms may choose to use discounting strategies or base their price against the competition. The second p refers to the product/service itself. The product refers to a firms unique product/service mix. It is all of the products and services in which the firm offers including both tangible and intangible products. Product also refers to the unique qualities of a firms products such as particular attributes, quality, the variety of products