Sunday 10 August 2008

What is Marketing?

Marketing is a process of planning and executing the marketing mix for products, services or ideas to create exchange between individuals and organizations.
Marketing includes advertising, distribution and selling.
Essentially, marketing is the process of creating or directing an organization to be successful in selling a product or service that people not only desire, but are willing to buy.
Strategic marketing: attempts to determine how an organization competes against its competitors in a market place. In particular, it aims at generating a competitive advantage relative to its competitors.
Operational marketing: executes marketing functions to attract and keep customers and to maximize the value derived for them, as well as to satisfy the customer with prompt services and meeting the customer expectations. Operational Marketing includes the determination of the porter's five forces
The four Ps are reffered to a marketing mix:
Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support.
Pricing: This refers to the process of setting a price for a product, including discounts. The price need not be monetary - it can simply be what is exchanged for the product or services, e.g. time, energy, psychology or attention.
Promotion: This includes advertising, sales promotion, publicity, and personal selling, branding and refers to the various methods of promoting the product, brand, or company.
Placement (or distribution): refers to how the product gets to the customer; for example, point of sale placement or retailing. This fourth P has also sometimes been called Place, referring to the channel by which a product or services is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales.


Reflection:
Marketing is the next which I will be studying. It is connected to my work. Marketing is the process which includes the production, promotion of the product and its realization, distribution.
All these parts of marketing have its stages from production to realization with the methods of advertisement , promotion of the product, selling , distribution, consumers.

1 comment:

Steve said...

Did you write this? It seems to be from Wikipedia?