...Marketing and the Marketing Process Marketing deals with customers more than any other business functions. Marketing is managing profitable customer relationships. Marketing has a twofold goal. They are to attract new customers by promising superior value, and keep and grow current customers by delivering satisfaction. The American Marketing Association defines marketing as “The Process of planning and executing the conception, pricing, promotion, and distribution of ideas, good, and services to create exchanges that satisfy individual and organizational objective”. The Marketing process is the method of evaluating openings, choosing the proposed customer, addressing the consumer needs and wants, describing the price, product, place and promotion and addressing the marketing campaign. The marketing process takes major responsibility to control overall marketing strategy. The marketing process has 5 steps that lead to a successful advertising campaign. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the reward of having superior customer value. Now, we will explore the steps of the marketing process. Step 1 is marketers need to understand the market place and the needs and wants of customers. There are five core customer and market place concepts. Needs, wants, and demands is one. Human needs are states of felt deprivation. Human wants are the form human needs...
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...CHAPTER 1: INTRODUCTION A. Introduction: In the era of globalization, a major global change has occurred and the world has become so competitive that companies of all over the world are trying to get over one another by being distinctive in their field. New product development process is the leverage which eases a company to do so. Consumers are now looking for new innovative products and so they demand to find a way to develop this product more quickly and effectively. Here we are discussing this new product development process according to our company’s view in launching our new product which is ‘Solar Backpack.’ About our company: Our company is renowned for supplying green products with higher quality, style and reliability. The company established in 1998 in London and since we have been continuing our service with and great reputation. In several years we achieved the market leadership in supplying green product to the major UK retailer. Now we have our own outlet established in 2006 in London. Soon, we are going to open more outlets all over UK and our aim is to provide our service in international basis. About our product: The Solar backpack is the first product in backpack line which has an integrated solar charging system retaining all the qualities of a usual backpack. It has more features comparing with a usual backpack as it a smart, effective solar charging module, multiple pockets for electronic devices, adapters and sometimes with removable...
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...YOU WILL HAVE SOME sort of idea of what marketing is, since, after all, you are exposed to marketing in some form every day. Every time you buy or use a product, go window shopping, see an advertising hoarding, watch an advertisement, listen to friends telling you about a wonderful new product they’ve tried, or even when you surf the internet to research a market, company or product for an assignment, you are reaping the benefits (or being a victim) of marketing activities. When marketing’s outputs are so familiar, it is easy to take it for granted and to judge and define it too narrowly by what you see of it close to home. It is a mistake, however, to dismiss marketing as ‘just advertising’ or ‘just selling’ or ‘making people buy things they don’t really want’. What this book wants to show you is that marketing does, in fact, cover a very wide range of abso- lutely essential business activities that bring you the products you do want, when you want them, where you want them, but at prices you can afford, and with all the information you need to make informed and satisfying consumer choices. And that’s only what marketing does for you! Widen your thinking to include what marketing can similarly do for organisations purchasing goods and serv- ices from other organisations, and you can begin to see why it is a mistake to be too cynical about professionally practised marketing. None of this is...
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...Running Head: MARKETING 1 Marketing Student Name: Date Professor Name of Professor Developing Marketing Plan: A management plan for the marketing activities, with clear strategies and actions for the achievement of marketing objectives: The following are the steps described the management plan for the Houzit stores marketing activities: Marketing Activities: The three marketing activities those indicated the potential for the Houzit stores are: • Leading home-ware magazines • In-store advertising displays that will display featured products with other areas in Houzit’s assortment and with displays the web address line of ‘Find us at www.houzit.com’ • The company’s web page will display visual advertise on the home page and will use the PR copy in article marketing on popular article content sites Integration of organizational activities: The PR article and featured in the advertising of ‘stylish bathroom’ and ‘exotic mirrors ‘are integrated with the range of marketing, promotional and sales activities to ensure the achievement of the established marketing activities. The tagline of the products featured and advertising campaign can be helped the company’s to create image in the customers mind and attracts them that ensure it achieve the goals of the established marketing activities (Florès, 2014). Monitor progress: Houzit’s marketing team monitor process through the collects statistical, information, feedback and data from the...
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...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...
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...Marketing Equilibrating Process ECO/561 Laurie Gazzale February 22, 2010 Marketing Equilibrating Process The marketing equilibrium process in Direct Selling Association businesses is analyzed from two perspectives. This paper will review the perspective of the manufacturing company and the individual selling the product. Changes in supply, demand, and equilibrium are addressed. Direct selling home businesses have become more popular as the job market becomes less dependable. With the rise of unemployment and “stay-at-home moms” wanting to contribute to the household income, more families are choosing established at home businesses. One business in particular that has seen record increases is Tastefully Simple. Tastefully Simple is a member of the Direct Selling Association of which policies and procedures are put in place to protect the end user, the consumer. Since the incorporation in 1995, the company has increased from a small, two person operation in Minnesota to a nationwide at-home business consisting of more than 28,000 active consultants in the United States and Puerto Rico (2010, February). Since 1995 the price of the product has increased slightly because of the price in manufacturing costs. For instance, in 1995 the Bountiful Beer Bread had a retail price of $4.99 and just last year increased to $5.49. The increased retail price has not slowed down sales for a large part of the selling audience; however...
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...MARKETING EQUALIBRATING PROCESS Charles E. Caldwell ECO/561 Week One 20 July 2010 Lisa R. Browning University of Phoenix When one enjoys gambling, many benefits come to a casino owner. Casino owners become very innovative in their ideas to transition customers into clients. When I travel to gamble it normally takes 3 hours to get to the nearest casino arena. Because of the distance my plans are always to stay over and enjoy the gambling scenario. Because there are many like me who care to stay and enjoy their stay and hopefully win while there, casino owners have enhanced their casinos to ensure that business is consistently received. For example, Casinos have created gambling plans for their customers. One example would be if you play certain games you have the opportunity to get receive a free room or buffet dinners, this allows the customers to feel free to continue and enjoy their time. The downside to this incentive is when gamblers do not come, in this case rooms are not being occupied, food is not being eaten and money is not being made. To eliminate this casino owners have implemented timeframes as to when these rewards can be redeemed. This creates a market for equilibrium, supply and demand for the owner and their business. This benefits consumer such as myself, it allows me to spend more money while knowing that my meals and stay will be compensated based on how much or often I play at the casinos. I have begun to schedule my trips based on...
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...Chapter 02 The Role of IMC in the Marketing Process Multiple Choice Questions 1. (p. 39-40) Under Armour developed dynamic advertising, sponsorships of sports leagues, a creative Web site and celebrity spokespeople to promote their sports and clothing products. Under Armour is engaged in: A. integrated marketing communications B. a centralized market strategy C. a concentrated market strategy D. an undifferentiated market strategy E. lifestyle segmentation based on sports See opening vignette. 2. (p. 41) According to the marketing and promotions process model, which of the following is NOT a stage in the target marketing process? A. market identification B. promotional decisions C. market segmentation D. positioning through marketing strategies E. target market selection 3. (p. 41) The marketing promotion model includes all of the following major components EXCEPT: A. the organization's marketing strategy and analysis B. the marketing planning program development C. the target marketing process D. the marketing management hierarchy plan E. the target market 4. (p. 41) According to the marketing and promotions process model, the marketing process begins with the: A. development of the marketing mix B. development of a marketing strategy and analysis C. development of the promotional mix D. determination of the target market E. establishment of marketing objectives 5. (p. 42) A(n) _____ is a document that evolves from an...
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...Stages of consumer buying decision process Posted on September 12, 2012 by shma The marketer is responsible for selling the goods in the market so he must have the knowledge how the consumers actually make their buying decisions. For this he must study the consumer buying decision process or model. It involves five stages. 1.) Need recognition:- consumer buying decision process starts with need recognition. The marketer must recognize the needs of the consumer as well as how these needs can be satisfied. For example if a person is hungry then food is desired or if it is a matter of thirst than water is desirable. 2.) Information search:- in consumer buying decision process information search comes at second number. In this stage consumer searches the information about the product either from family, friends, neighborhood, advertisements, whole seller, retailers, dealers, or by examining or using the product. 3.) Evaluation of alternatives:- after getting the required knowledge about the product the consumer evaluate the various alternatives on the basis of it’s want satisfying power, quality and it’s features. 4.) Purchase decision:- after evaluating the alternatives the buyer buys the suitable product. But there are also the chances to postpone the purchase decision due to some reasons. In that case the marketer must try to find out the reasons and try to remove them either by providing sufficient information to the consumers or by giving them guarantee regarding...
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...Concepts and Process of marketing applied in Cadbury Annelize Vermeulen 8/3/2012 Task 1 | Table of Contents Step 1: Understand the marketing place and customer needs 2 Step 2: Designing a customer driven marketing strategy 3 Essential customer value 3 Market Segmentation 3 Demographic Segmentation 4 Segmentation according to age and life cycle of the target market: 4 Gender 4 Income 4 Generation 4 Psychographic Segmentation 5 Behavioural Segmentation of Cadbury dairy Milk 5 Readiness to buy the product 5 Benefits 6 Attitude 6 Step 3: Preparing an integrated marketing plan and program 7 Product: 7 Product and Service Attributes 8 Price: 9 Promotion: 10 Place: 11 Step 4: Building customer relations 12 Step 5: Capturing value from customers 12 Benefits and disadvantages of marketing for Cadburys 13 References 14 Cadbury and its marketing process Marketing is an important process in which customers’ needs and want are identified, fulfilled and estimated in a way that is also economic and beneficial to the company. (CIM, 2001) It is essential for every company to make use of these tools in order to make there company the best it can be. It is important to give customers what they want, when they want it and at a competitive market price. Step 1: Understand the marketing place and customer needs It is of crucial nature that the market place and wants and needs of clients and prospected clients are clearly understood. ...
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...Explain the various elements of the marketing process: Marketing is defined as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Understand Markets and Customers’ Needs The company first gains full understanding of markets by researching consumer needs wants and demand: Needs: are basic human requirement such as food, air, clothing, shelter & education, etc.… There are different types of needs: (stated needs-real needs-unstated needs-delight needs-secret needs). Wants: Needs become wants when they are directed to specific objects that might satisfy the need but shaped by society culture. Demands: are wants for specific product backed by ability to pay. Target Markets, Segmentation & Positioning Differences in needs, behavior, demographics or psychographics are used to identify segments. After identifying market segments the marketer decide which present the greatest opportunities to target, which called the target market. Companies develop a marketing offering for each target market by position its product/service in the minds of target buyers as delivering some central benefits. Offering and Branding The market offering is customized to the needs of the target markets by putting forth a value proposition (a set of benefits that’s satisfying customer needs). The intangible value proposition is made by physical offering...
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...Abstract This paper aims to evaluate the marketing planning process for the case of Smirnoff Ice as a top selling Diageo’s brand at the Serbian marketplace. After a brief Company profile description and its business environment, the article proceeds to discuss and evaluate steps for a full analysis of the strategic marketing planning process assessing its importance with all related assumptions. Using the material collected after comprehensive research of the Smirnoff Ice market place and assessing the Smirnoff Ice Marketing Plan, the writer of this article tried to provide answers to the questions like: why is the marketing planning process an important tissue, who makes the strategic marketing decisions, what information are used in the strategic planning process, who sets objectives and marketing mix strategies etc. Finally, the paper offers the conclusions and recommendations by summarizing the article findings, highlighting most important topics discussed. Key words: marketing plan, marketing planning process, Smirnoff Ice, marketing mix : 1. Introduction Planning is an important process which exceeds its basic role as the tool for the business decision making. According to Drucker (1955), planning is concerned with development of strategies based on an organization’s assessment of the marketplace and perceptions of managerial expectations and organizational capability. Marketing planning is an essential management process as it affects every aspect of organizational...
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...1. Yes, cause Amazon.com currently is one of the top companies when it is comparing with the world market. It’s an acceptable fact when considering about the way of doing their business and specially it is be able to maintain their business and remain still successfully in the industry for more than 10 years time. The key factor of Amazon.com to conduct a business for a long period in a successful way is, that it has established a competitive advantage throughout the business. It is important to have competitive advantage which can be simply describe as winning over the competitors by doing a unique service or a product. So Jeff Bezos able to figure out this will be a new and suits to the future trend as well as market environment which is yet to come with a rapid growth of the internet and he started to sell books which was the top selling product at that time. So he was able to start and introduce a new way of selling books with the use of new updating technology. It was a new method, profitable path for the world market which was mainly used to do business with traditional market at that time. That was a good opportunity to Amazon.com to spread their online book shop all over the world with a low transaction cost and without store cost that cannot be seen in a physical book shop that are not able to maintain more than 200,000 books physically. These facts can be highlighted which was able to push Amazon.com to peak of success. But with the time changing Bezos realized...
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...Running head: THE MARKETING PROCESS The Marketing Process Professor Whiter Health Services Administration-505 April 23, 2009 The Marketing Process An orthopedic group practice has decided to develop a pediatric sports medicine program. Describe at least three potential markets for this new service. The potential markets that a pediatric sports program could provide services for would ultimately determine how fast and how well they will reach their maximum potential. The first target market a pediatric sports program would be children between the ages 06-17 years old. Having this target market would consist of all school-age children, which are kids who normally seek out pediatricians for regular treatment. Another target market that would appeal to consumers of this service would be children who participate in any level or type of sports within a 90 mile radius. This market would ensure that patients who live in close proximity to the immediate error are serviced and have the pediatric medicine services available to them. Children that have been injured while playing recreational or school sports, is a target market that is easily accessible by pediatric sports medicine providers. Having a school or recreational department provide a list and referral of students who have been injured within the last 90 days and need appropriate treatment for an injury. Lastly, parents of children who make les than $60,000 per year or with adequate insurance...
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...Health Services Strategic Marketing HSA 505 2016 An orthopedic group practice has decided to develop a pediatric sports medicine program. Describe at least three potential markets for this new service. There are many marketing decisions one make in their effort to build an effective program, but should always include Ability, Availability, and Price. Ability refers to skill, but also a special focus in the practice. Availability is the amount of time one has to invest in the practice and of course cost, this is contingent on the cost of service and supplies and salary one wants to receive, all three are critical to making marketing decisions. One segment of marketing is through private practice, the goal is develop enough patient-to-patient clients to ensure a profitable practice. Another marketing approach is small group practice marketing, this segment has partnerships that develop with physicians, using referral counter parts, contracts, and staff privileges at multiple hospitals and these develop into specialty orthopedic group practices. Academic practices is the focus of reaching a broad spectrum of patients through the use of radio, television, government contract, and managed care organizations, revenue may come from teaching in academic settings and consulting. The challenges to a successful practice can be escalated by overhead cost and of course liability concerns, but the over-all goal is to improve a successful practice over time by defining specific practice...
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