An explanation of marketing and what it means

Essay by ridhaUniversity, Bachelor's March 2005

download word file, 4 pages 5.0

Downloaded 61 times

Within this essay it is going to contain an explanation of marketing and what it means.

I will cover factors, which will explain marketing and also how businesses use marketing to aid their product development.

Also in this essay I am going to be writing about the marketing concept, I will have a definition of the marketing concept and then how accepting the marketing concept can aid a small, medium enterprises.

The American Marketing Association defines marketing as "the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods or services to create exchanges that will satisfy individual and organisational objectives".

This can be simplified as the 4p's, which are: product, price, place, and promotion

A business needs to identify a product or service.

From extensive market research a company should be able to identify a gap in the market, or even to find out if their product/service would satisfy consumer wants or needs, from this they will be able to create a product or service.

After creating a product they need to develop it to, satisfy present and future customer needs. If the company has competitors they need to develop their product/service to be that one step better and more developed, they need to do this by constantly conducting their market research.

The company needs to manage their products effectively so that they can satisfy a bigger consumer range.

The pricing strategy is one of the difficult areas of marketing decision making.

The effect of the price of the product can effect the success of the product, if the product is to low then consumers will obtain the impression that the product is of low quality, if the product is priced to high then it will be to expensive and it will be seen to...