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Marketing Strategy

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1. The Concept and Process of Marketing
A combination of behavioral and management sciences with intuition, creativity, inspiration and innovation as its key components is called marketing. It involves methodical and logical methods for creating innovative products. Marketing is a science which calls for ability to recognize unexplored segments. It involves great amount of precision and transparency for implementation of ideas.
Elements of the Marketing Process
The main aim of any marketing strategy is to achieve maximum profits. The sellers plan marketing techniques based on a thorough investigation of the current market conditions. This investigation also provides a clarity on the type of buyers, type of the product that seller wishes to sell and the connection between the buyers and sellers. Marketing specialists carry varied ideas about elements of marketing process. Some of them are given below :
Elements of the Marketing Process

* Needs and Wants : A human need is a compelling force which calls for its satisfaction. Food, clothing and shelter are a man’s basic necessities of life. They are essential for a human being to survive. However, wants are more of wishes that a human longs for. Eg: Food is a need whereas burger is a want. The wants of a human being are largely based on the kind of life he leads.

* Products: A product is a lifeline of any marketing process. Complete knowledge of the product is essential for deciding on factors like pricing, promotion techniques. In addition to these, packaging, warranty and after sales service also are important elements. A product always carries some kind of value and satisfaction based on its use and looks. Here, packaging plays a pivotal part.

* Value and Satisfaction: Today’s market is filled with cut throat competition and hence living up to the expectations of the consumers has become a

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