Marketing organisations that have embraced the societal marketing concept typically identify key stakeholder groups such as employees, customers, and local communities. Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes Market research on india today creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
A firm in the market economy can survive by producing goods that persons are willing and able to buy. Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product.
Brandinga key aspect of the product management, refers to the various methods of communicating a brand identity for the product, brandor company. This third P has also sometimes been called Place, referring to the channel by which a product or service is sold e.
Societal marketing A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value.
Something necessary for people to live a healthy, stable and safe life.
As an example, a marketing department could ascertain via marketing research that consumers desired a new type of product, or a new usage for an existing product. Place or distribution This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner.
Needs can be objective and physical, such as the need for food, water and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem. The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Pricing This refers to the process of setting a price for a product, including discounts. Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization. Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Wants are not essential for basic survival and are often shaped by culture or peer-groups.
From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction. They are the foundation of managerial marketing and the marketing plan typically devotes a section to each of these Ps.
Something that is desired, wished for or aspired to. The "marketing mix" gained widespread acceptance with the publication, inof E.
Methods of setting prices are in the domain of pricing science. Origins[ edit ] During the s, the discipline of marketing was in transition. Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible.
Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing. Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing.
Marketing mix The four Ps, often referred to as the marketing mix or the marketing program,  represent the basic tools which marketers can use to bring their products or services to market.
Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Today, the marketing mix or marketing program is understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".
The product element consists of product design, new product innovation, branding, packaging, labelling. The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc.
The price need not be monetary; it can simply be what is exchanged for the product or services, e.Dear Twitpic Community - thank you for all the wonderful photos you have taken over the years. We have now placed Twitpic in an archived state.
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