MARKETING

MARKETING

Marketing is one of the most important components of a free economy. It is manifacture, distribution and sales of good and services to final consumers. It may or may not include the use of intermediary like whole sailers or retailers. The most important element of marketing is the TARGET.

Other problems are:

The MARKET RESEARCH which is the gathering of data like customer preferences and characteristics;

CONSUMER BEHAVIOUR which is applied psycolgy and sociology;

INTERNATIONAL MARKETING which is sale and distribution of products in different nations;

STRATEGY which involves in what way setting the product on the market to achieve the target.

THE MARKETING CONCEPT

It essentially includes:

Satisfaction of customers earning anyway a profit,

Short-sighted, marketers seek a profit ignoring what the consumers need.

Far-sighted, marketers that consider needs of consumers and seek a profit too.

The bottom line: it is the most important thing, it balance 2 interests that are in opposition.

STEPS IN THE MARKETING MANAGEMENT PROCESS

PLANNING: assembling s and meet stated target of the firm.

IMPLEMENTING: putting ning s on the action

CONTROLLING: control to make sure that s are working.

ELEMENTS OF A MARKETING STRATEGY

A target market: is a group of customers that are sought by the marketer. The target is the "bullseye" and the archer is the marketer. The arrows are the strategies used to hit the target.

The 4 ps these are four variables interdipendent and they are under the control of the marketer.

THE MARKETING MIX

Is the balance of marketing techniques. These are the 4 ps:

PRICE: is a vital part of marketing. There are 2 different pricing techniques:

a.   Marketing skimming: pricing high but selling fewer

b.  Marketing penetration: pricing fewer to selling higher

PRODUCT: find the appropriate market to try to place the product into this.

PROMOTION: like advertising, sponsorship, sales promotion and so on.

PLACE: is all about how the product is distributed.

Firms now tend to be market-oriented, they are flexible and adaptable to the demands of market.

MARKETING SEGMENTATION INCLUDE:

Demographically: according the age structure of population,

Geographically: by region or area,

Behaviouristically: according to the nature of the purchase,

Benefit: use and satisfaction of consumers,

Socio-economically: according different social class.

PRODUCT LIFE CYCLE

To extend the life cycle of a product, marketers use different tipes of strategy. A life cycle of a product have 5 or 6 steps:

Development

Introduction

Growth

Maturity (important to the firm)

Decline

Extension strategies are techniques to try to delay the decline stage of the product life cycle.