Definition of Marketing

Heidi Cohen the President of Riverside Marketing Strategies explained marketing as the following: “In line with the firm’s business goals, marketing attracts consumers’ scarce resources, attention and disposable income, to drive profitable revenues. Marketing is the process of getting a product or service from a company to its end customers from product development through to the final sale and post purchase support. To this end, marketing strategy consists of business goals, target customers, marketing strategies, marketing tactics and related metrics. As a function, marketing extends across the customer’s entire purchase process including research, engagement, purchase, post-purchase (including supplemental support and returns) and advocacy. “ In other words marketing is a tool what companies use in order to convince customers according to their wants and needs in order to receive profit for the company. There are different tools and strategies for that it is changing according to the product or service what is trying to be sold. But also highly depends on the demander just as age, gender, social background, interest geographic location etc.

elements of the marketing process

In the following lines the four elements of marketing process will be introduced. The four stages are Situation Analysis, Marketing Strategy, Marketing Mix Decisions, finally Implementation and Control.
Let’s begin with Situation Analysis. This step is often considered as the most essential part of a Marketing Plan. “It creates an overview of the organization that will lead to a better understanding of the factors that will influence its future.” (Lorette, 2013) When a company is making a ‘situation analysis’ they usually observe internal and external factors. Internal factors are the strengths and weaknesses within the organization like company culture and