...1. The Concept and Process of Marketing Marketing is the science and art of incorporating intuition, creativity and innovation in designing new products and identifying channels for their distribution. It encompasses a fair mix of both behavioural and management science. Having a strong foundation in the field of marketing helps an individual translate his thoughts and ideas into appropriate actions, effortlessly. Elements of the Marketing Process The primary aim of every marketing process is to earn profits for the organization. Market research is the primary source of information used by marketers to design a marketing strategy. The results of market research help the marketers make choices about their target market segments, the products they wish to sell and the relationship they would like to build with their consumer. Although different experts have varied opinions about the elements of the marketing process, we will use the illustration below for our reference and understanding. Elements of the Marketing Process Figure 1 Source: Made by Student (2012) 1) Needs vs Wants: Food, water, shelter and clothing are basic needs of any human being, necessary for survival. On the other hand, wants are created to fulfil needs. For instance, ‘I need food but I want a burger’. In this example, ‘food’ is a basic need, whereas ‘burger’ is a means to satisfy the need. The want for a burger is dependent on several factors. The socio-cultural environment around an individual...
Words: 1057 - Pages: 5
...| Elements of marketing Plan | | | | | Done By: Abdulla Ali Abdulla Al Sayari ID: 20131A64 Done By: Abdulla Ali Abdulla Al Sayari ID: 20131A64 Contents Introduction 2 Marketing Plan 3 The use of Marketing Plan 4 Marketing Plan Structure 5 Elements of Marketing Plan 6 Links exist between elements of a marketing plan 7 CONCLUSION 9 Introduction Marketing Plan is a document that is written about the marketing strategies and the position of the current market of business ahead with effort of marketing and the need of advertise for the next year. In this paper discussing about the Marketing plan and its elements with detail. And the use of marketing plans has been showed diplomatically. In this paper explained the common form of marketing plan The paper contains different elements of marketing plan while showing the function of each parts take place by common sources of getting the information and techniques for preparing the section. After this come assumptions of marketing plan. There are lot of misconceptions in the process of marketing plan. At last is the discussion on common misconceptions which are generally made in the process of making a marketing plan and conclusion of all these study. Marketing Plan Marketing Plan is a document that is written about the marketing strategies and the position of the current market of business ahead with effort of marketing and the need of advertise for the next year. It contains details...
Words: 1848 - Pages: 8
...Elements of Marketing Mix MKT/421 Elements of the Marketing Mix Today’s high performance organizations are placing a high emphasis on marketing as a key to organizational success. The planning phase of the marketing management process is extremely important to effective marketing operations. Marketing planning involves setting objectives, evaluating opportunities, creating marketing strategies, preparing marketing plans, and developing marketing programs. Developing a market strategy consists of identifying a target market for a product or service, followed by building a marketing mix to reach the target group as creating marketing strategy is a key element in the process of market planning. The marketing mix and its elements make up the basic tactical components of a marketing plan. The elements of the marketing mix are known as the Four P’s including some products marketed at a price with some promotion to tell customers about the product and a way to reach the potential customers (Perreault, 2011). The idea that the customer is also an element of the marketing mix is a common misconception. The customer is in fact the target of the marketing mix. “The basic reason to focus on some specific target customers is so that you can develop a marketing mix that satisfies those customers’ specific needs better than they are satisfied by the competitors in the industry” (Perreault, 2011). Elements of Product The product element of the marketing mix refers to...
Words: 1447 - Pages: 6
...Marketing strategies generally rely on four important elements; product, price, place, and promotion. Together, these four elements make up the marketing mix. The purpose of marketing mix is to satisfy the needs of consumers, achieve marketing goals, and create competitive advantages for companies in the marketplace. For this essay, a study was performed to gain understanding of how the marketing mix is utilized for Activia Probiotic Yogurt. Activia is a brand of yogurt, owned by a company named Groupe Danone. Here in the United States, the company is known as the Dannon Company. The yogurts come in a variety are creamy and delicious, come in a variety of flavors, and contain probiotics, which aids in regulating the digestive system. Throughout the years, the health and wellness industry has grown in popularity, as consumers pay greater attention to living healthier lifestyles. This is a strong advantage Activia has in the marketplace, since it taps into the probiotic and healthy living crazes. An item that is produced and marketed by a company and placed on the market for purchase is called a product. When developing a product, design, quality, and packaging are to be considered. It should be well packaged and visually appealing to consumers. Presentation is everything and product packaging plays an important role as a medium of marketing. It is instrumental in creating a brand’s identity, and aids in standing out from comparable items in the market. For instance, Activia...
Words: 821 - Pages: 4
...Explanation of the various elements of the marketing process Need help? ☎ 0115 966 7955 T he elements of the marketing process are ref erred to as "a set of controllable tools that the f irm blends to produce the response it wants in the target market, so it consists of everything the f irm can do to inf luence the demand f or its product”( Kotler and Armstrong, Principles of Marketing 2004, Tenth Edition, New Jersey Pearson Education Inc.). T he Elements of Marketing or Marketing mix which is f amously known as the “4P’s of Marketing”( stated by McCarthy in 1960) which include Product, Price, Placement or Place and Promotion. When these elements of marketing are analysed with the Easyjet case study, it gives a good example as how the 4P’s help an organization scale to new heights with increased sales and customer base. T hey are; Product:- In the respective case study as Easyjet is a airline industry, its main f leet consists of Airbus A320200, Airbus A319 and Boeing 737-700. Easyjet is a budget airliner and intended to attract business customers and leisure travelers spending lesser time travelling between destinations. T he company does not provide complimentary meals or ref reshments on board to reduce costs and increase space to accommodate more customers, whereas customers can buy items on board by using Easyjet Bistro (buy on board programme). T he onboard programme also helped the airliner to increase its revenue. Easyjet has also got other value added services like Eastcars...
Words: 3017 - Pages: 13
...Starbucks Marketing Mix Paper Aiza Ashley Starbucks Marketing Mix Paper A good marketing plan must possess a strong marketing mix strategy. Organization uses marketing mix strategy modeling to estimate causal relationships and measure how marketing activity affects outcomes. The Marketing-mix models analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities. In this paper there will be a description of the four elements of marketing mix: product, price, place, and production. It will describe how the four elements of marketing mix affect the development of the marketing strategy for Starbucks. The Four Elements of the Marketing Mix Modeling The four elements of the marketing mix modeling products, price, place, and promotions also known as the four Ps of marketing were known as the controllable parameters likely to influence the consumer buying process and decisions (Constantinides, 2006). The strength of the four Ps approach is that it represents a memorable and practical framework for marketing decision-making and has proved useful for case study analysis in business schools for many years (Constantinides, 2006). Product Product refers to aspects such as the firm’s portfolio of products, the newness of those products, their differentiation from competitors, or their superiority to rivals’ products...
Words: 1733 - Pages: 7
...Elements of a Marketing Plan, Clarity Will Terrill MKT/421 February 22, 2016 Michael Ricco Elements of a Marketing Plan, Clarity Whether a company is just starting out or is trying to generate better results from current marketing techniques and strategies, it all begins with a marketing plan. A marketing plan is a guide for the marketing department of a company for a set time in the future, this could be 2 year or 7 years (Kerin, Hartley, & Rudelius, 2015). While each plan differs from one company to the next, there are some key features that need to be included. A marketing plan should include an analysis of where the business is, who the target market is, what the goals are for the selected time frame, what tactics are going to be used, and how much will it cost. It is important to keep the marketing plan up to date. This paper will be looking at and breaking down the marketing plan of Clarity, a division of Plantronics. Environmental Forces That Create Opportunity In the business world, the environment is always changing. Clarity has seen many changes through the years. All of which has forced Clarity to change how and who they market to. Clarity began 47 years ago as a handset developer and has since transformed into a multifaceted company that develops handsets, telephones, notification systems, and personal TV listeners. Why does this matter? It shows how much Clarity has changed due to the changing technological environment in which this company resides...
Words: 1056 - Pages: 5
...Elements of a Marketing Plan Penny Martin MKT/421 April 11, 2016 Michael Gaither Elements of a Marketing Plan Pacific Steel & Recycling, Inc. formerly known as Pacific Hide & Fur Depot, has grown from it humble beginnings in 1885 as a buyer of animal pelts, to a company that recycles ferrous scrap metal, paper, cars, aluminum, copper and also sells new steel to the public. The company is has branches in 9 western states, with headquarters in Great Falls, MT, and 1 branch in Alberta, Canada. (Pacific Steel & Recycling, 2015) Key environmental forces: Pacific Steel & Recycling strives to pursue practices that will lead to environmentally friendly decisions and ecological responsibility. Making decisions and creating lifestyles that will help protect the environment while also protecting natural resources is one of the key elements driving the company. One practice supporting this vision is to keep material that is recyclable out of the solid waste streams, making a more responsible use of landfills and turning valuable scrap materials into new products. The company has developed a partnership with the community through trade relationships and the people the company serves. (Pacific Steel & Recycling, 2015) Changes in purchasing patterns: As with oil, steel and scrap prices fluctuate on a regular basis, with the last two years dealing with very low prices scrap markets. As a result the company kept a keen eye on the market and was very careful...
Words: 1139 - Pages: 5
...Elements of a Marketing Plan Diandra Wood MKT/421 April 11, 2016 Elizabeth Hartsig Panera Bread Company The success or failure of a company depends on how well the company can manage key environmental factors. Each and every company out there has a specific environment that will move it. Some of the factors can be prevented while others are completely out of control of the company. Panera Bread is one of the fastest growing chains in America today, there is only 5 states that do not have a Panera. A big key environmental force that created a great opportunity for Panera Bread was Technological and Competitive. Panera Bread offers an app in the Play store for Android and on ITunes for Apple, this app makes it super easy to order your food to go and pickup as soon as you get there with no line no waiting. A few more key factors that led to the growth of Panera Bread is the way they treat their customers. Customer service is a key factor that influences the consumers to keep coming back. Customers do not just pay for a meal but they pay for the entire experience. Excellent customer service skills and waitresses going above and beyond kept customers coming back. Another remarkable key factor was Panera Bread had the ability to respond quickly to shifting market conditions. Customers were constantly changing what they wanted, and restaurants needed to keep up with those changes (Dr. Desmarais, 2011). In order for a restaurant to be able to compete with rival companies it...
Words: 1000 - Pages: 4
...7 ELEMENTS OF A MARKETING PLAN 1. EXECUTIVE SUMMARY This is a brief, less than one-page overview of the entire marketing plan. It highlights key recommendations, as well as their required costs and benefits from implementation. It is the first thing read by the client’s manager and should be the last part of the marketing plan composed. It is a roadmap previewing what needs to be done. 2. INTRODUCTION The introduction provides a description of the organization, its product/service offerings, and the problems it faces, as well as a background of the marketing plan. 3. CURRENT SITUATIONAL ANALYSIS This section should contain an analysis of the organization’s strengths, weaknesses, opportunities, and threats (SWOT). It should also contain the organization’s current strategy, current tactics (marketing mix), current target marketing, current customer needs, and competitive advantage. 4. PROBLEM/OBJECTIVE/GOAL This section will contain: (1) a problem statement identifying the underlying difficulty faced by the firm, (2) an objective statement reflecting the problem that needs to be solved, and (3) a goal statement which explains how that problem will be solved. This/these goal(s) should be SMART: specific, measurable, achievable, relevant, and time-bound 5. RECOMMENDATIONS This section should contain the actions you recommend the firm to take, what its competitive advantage SHOULD be, what its target market SHOULD be, as well as your proposed strategy, proposed...
Words: 299 - Pages: 2
...some are agents operating the service stations under an agreement with the oil companies; many are owned by those companies. They all provide essentially the same products to customers; the difference lies in their locations, value added service and their marketing programmes. The fuel price levels vary between service station operators due to “the location, quality or the price policies of the operators. Australian’s oil industry has some unique characteristics and very competitive local environment. Therefore, in many cases petrol suppliers use the lens to focus the elements of marketing mix so that the consumers receives an overall message about quality, cost, performance and the product’s position compared with competing brand. 2. Elements of Marketing Mix Marketing mix is the term used to describe the combination of the four inputs: the product, the price structure, the promotional activities, and the distribution system that the firm uses to pursue the sought level of sales in the target market. 2.1 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. The product mix includes the followings variables: ➢ Product line and range, ➢ Style, shape, design, color, quality and other physical features of a product, ➢ Packaging and labelling of a product...
Words: 1490 - Pages: 6
...Marketing Elements and Customer Analysis MBA 6110 Dr. Ted Framan February 27, 2011 [pic] The Motorola Xoom is very new to the market. It was introduced to the consumer market on February 22, 2011. For working on the go, the Motorola XOOM provides constant connectivity - including connecting to Gmail or Exchange e-mail; opening and editing documents, spreadsheets and presentations; and viewing calendars and sending out appointments or meeting notices - with mobile broadband speeds. The Motorola Mobility’s Xoom tablet is named the best new gadget at the 2011 Consumer Electronics Show (CES). One of the biggest factors in determining the success of a tablet computer is the size of its screen display. The sleek Motorola Xoom features an appealing 10.1 inch display area and weighs only 1.5 pounds. The XOOM comes with 32GB of NAND storage and has a powerful dual-core Nvidia Corp. Tegra 2 apps processor, ample 1GB synchronous dynamic random access memory (SDRAM) and extra sensors. This tablet is powered by “Honeycomb” software from Google. The operating system was designed specifically for tablets and delivers an amazing user friendly experience such as holographic features and is 3D capable. By using a dual-core design, the XOOM and can run processes and software much faster than it major competitor. The Xoom is official offered at Verizon and Best Buy retail stores as well as online with Motorola, Best Buy, and Verizon...
Words: 831 - Pages: 4
...Pricing as an Element of the Marketing Mix THE COMMERCIAL EXCHANGE Although people often think of marketing as synonymous with advertising or salesmanship, it is actually much broader. Marketing consists of the full range of activities involved in facilitating commercial exchanges and having all of these activities be guided by a concern for customer needs. The central idea here is that of the commercial exchange (see Figure 1.1). This is where a seller provides a product to a buyer in return for something in exchange (usually an amount of money). The product could be something tangible, which is referred to as a good, or the product could be the result of human or mechanical effort, which is referred to as a service. The buyer could be a consumer - an individual who purchases a product for his or her own use - or the buyer could be a business customer - an individual or group who purchases the product in order to resell it or for other business purposes. One aspect that makes the commercial exchange a very important idea is that it describes an interaction that is voluntary. Both the buyer and seller participate in the exchange voluntarily because the exchange will lead them both to be better off. For example, consider the vendor in the street selling Chocolates. You pay in your money and get a large package of M&M’s. You do that voluntarily because you would rather have the bag of candy than the money. On the other hand, the Mars company, which produces M&M’s...
Words: 5931 - Pages: 24
...The Nine Elements of Effective Web Marketing Introduction When it comes to web marketing, it’s all about ‘conversion’ - how many of your site visitors you can convert into a lead or a sale. We suggest that companies lacking a well conceived and well implemented website conversion strategy, are failing to leverage the most important marketing medium of the twenty-first century. The Nine Elements: 1. Identification of site goals 2. Clearly defined target audience 3. Compelling message 4. Site structure and information flow 5. Calls to action 6. Lead capture mechanism 7. Supporting graphic design 8. Site promotion 9. Testing, measurement, and refinement 1. Site Goals Identifying goals is critical for two reasons. First, goals help you to determine what should or shouldn’t be included on your site. You use your goals document as a set of criteria for determining site content, simplifying the design process, and removing the ‘political element’ that plagues some companies. Secondly, having specific goals allows you to measure the effectiveness of your site after it’s completed and live. That’s key because if you can’t measure site performance, then improving it becomes much more problematic. So you’ll find that measurement and improvement are the keys to that ROI you’re looking for. The bottom line on goal setting is that if you never identify the target, then you can’t expect to hit it. 2. Target Audience A foundation of effective web marketing is the ‘who’...
Words: 1266 - Pages: 6
...Identifying quantifiable elements to evaluate, monitor and control your marketing plan begins with establishing goals. Establishing quantifiable goals that must be met within a certain time frame gives you context within which to evaluate whether your marketing campaigns are bringing in enough leads or sales. Based on whether you are on track to meet your goals or not, you can adjust your plan accordingly. In most marketing plans, the quantifiable elements are the number of new leads or sales brought in. Step 1 Set quantifiable goals for your marketing plan. Common goals include increasing brand awareness, store or website traffic and the number of leads or sales. Step 2 Create new marketing campaigns or tweak existing ones to help you reach the goals you set in the marketing plan. Step 3 Review last year's sales records so you have something to which to compare this year's sales. An increase in leads or sales over last year's numbers will indicate that your current marketing campaigns are working. Step 4 Set metrics for tracking the direct impact of each campaign on its ability to help you reach your marketing goals. Common metrics include number of click-throughs on an online ad, number of new sales, number of new leads or percent increase in traffic to the store. It's okay if the metrics directly mirror your goals because campaigns are only run to help you reach your overall goals. Step 5 Analyze the results of each campaign based on your metrics. Determine whether...
Words: 403 - Pages: 2
