Marketing and the Marketing Mix
This essay describes and explains the concepts of Marketing and the Marketing Mix.
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that will satisfy individual and organisational objectives.
Marketing is about connecting with customers, serving the needs of society, and accomplishing the goals of the organization. Through customer satisfaction marketing creates the customer loyalty necessary to reach an organization's objectives. Marketing works by creating valuable exchanges that provide utility (consumer satisfaction). The marketing strategy process has four steps - situation analysis, targeting, positioning, and marketing mix decisions. By blending the marketing mix (product, price, promotion, and place) marketing decisions are made to support the positioning strategy.
A marketing strategy is a plan identifying what marketing Goals and Objectives will be pursued, and how they be achieved within the time available.
Marketing strategies identify and specify target market and generate a practical marketing mix based on this data. Basically, a marketing strategy provides a 'big picture' of what a business's intentions are with regard to marketing.
THE MARKETING MIX
The marketing mix is the organisation's overall offer, or value, to the customer. Traditionally, the marketing mix represents in strategic terms, the total concept and application of the goods or services to be marketed. The basic marketing mix is often nicknamed "the 4Ps" (product, place/distribution, pricing, promotion); "these are elements in the marketers armoury - aspects that can be manipulated to keep ahead of the competition."
A product refers to the 'total concept' that is sold. The total product consists of both tangible (e.g. raw materials, features, accessories) and intangible (e.g. brand name, product line, customer service) parts. In general terms, product also refers to the needs-satisfying offering by a business...