Posted at 10.17.2018
Marketing has often been identified in conditions of fulfilling customers' needs and desires. Critics however maintain that marketing moves beyond that and creates needs and desires that did not exist before, Corresponding to these critics, marketers encourage consumers to spend more income than they have to on goods and services they actually don't need.
Marketing process can be discussed as creating value for customers and building customer relationship using this method the company makes profit
The various elements of marketing process can be grouped as follow
Understanding the market place and customers' needs and desires.
Design a person powered marketing strategy
Construct marketing program that provides superior value
Build profitable interactions and create customer delight
Capture value to build earnings and customer equity
Understanding the market place and customers needs and needs is achieved through in-depth general market trends and thereby identifying a product distance or needs space. This will involve trends, how to make things easier, comfortable, better and user friendly. In the first 80's there were few or no cell phones. A thorough general market trends has created the necessity for mobile phones, then emerged the massive first generation mobile phones. This were later accompanied by smaller ones which days we can easily see the smart cell phones with in built cams, time online videos and news capacity to real work from your mobile Samsung take note of to the new tablets. Each day specialist general market trends companies, innovators, technicians and scientist all work hands on hand to make a new market or brand which makes our lives much more comfortable. Even the payg concept became apparent as people could not continue to pay the outstanding high cost then been incurred by manufacturers who have been taking a look at ways to protect the price tag on their research and development. So the critics might not be far from the truth however the ideal is marketers arriving with ways and products that makes our lives easy.
Design a customer driven online marketing strategy. Online marketing strategy is a long term means of achieving a corporate purpose. If we take the exemplory case of the mobile phone industry where in fact the desires of Samsung, IPhone, Nokia are in serious competition each as to design a online marketing strategy to capture a share of the marketplace. Like a military services personnel will specify the art of going to warfare. Subhash C. Jain in his book marketing, planning and strategy said " within confirmed environment, marketing strategy bargains essential with the interplay of three makes known as the proper three C's: the customer, the competition and the corporation. He says marketing strategies give attention to ways that the companies can identify itself from its competition, capitalizing on its distinctive talents to deliver better value to its customers. He further concluded that a good online marketing strategy should be characterized by (a) clear market meaning; a good match between corporate advantages and the needs of the marketplace and (c) superior performance, in accordance with the competition, in the main element success factors of the business enterprise.
Construct marketing program that offers superior value : This refers to the marketing mix that is the 4ps the
Usually referring to E. Jerome McCarthy's 4 P classifications for developing an effective online marketing strategy, which encompasses: product, price, placement (circulation) and promotion? When it's a consumer-centric marketing combination, it has been lengthened to include three more Ps: people, process and physical information, and three Cs: cost, consumer and competitor. With regards to the industry and the target of the marketing plan, marketing managers will need various methods to each one of the four Ps.
The benefits and cost of marketing orientation
Market orientation is the understanding of customers' requirement and creation of marketing combine that may meet these needs. Market influenced means the firms capacity to understand, catch the attention of and keep valuable customers
G. Armstrong and P. Kotler define marketing as social and controlling process
by which the individuals and organizations procure what they want by creating and exchanging ideals with others.
A market-oriented company is able to achieve competitive advantage
thanks to its unique impressive method of customers. In addition to this,
according to the judgment of P. R. Dickson, a competitive edge should be
understood in the sense of dynamics of competition. He expresses disagreement
with the standpoint of neoclassic theory of market equilibrium and claims
that the key characteristic of the marketplace is its disequilibrium. He considers marketing
as a knowledge and skill of creating changes (disequilibrium) in the market in
the manner that could give the changes that are advantageous for the company.
Various replies of salespersons and customers to changes in source and
demand, considers Dickson, create prospects that may be utilized by the company
that understands market. He underlines the importance of modifying company
to the market occurrences.
Benefits and cost of market orientation
Figure 2: Customer relationship groups
Source: G. Armstrong, P. Kotler, Marketing: An Benefits, 7. ed. , Pearson/Prentice-Hall,
Upper Saddle River, NJ, 2005, p. 25.
The above summaries the huge benefits and cost of market Orientation other advantages are advantages
Responding to Demand
Building Customer Value
Extensive and Expensive Research and Increasing Value Increases Cost
Micro and Macro environmental factors that influence marketing Decision
The micro environmental factors are factors that can be handled by the organisation and relates immediately with the business these are considered using the factors in fig 3
Micro Environmental factors
Fig 4 shows how different open public affects organisation. The public that impact the marketing decision of the yet they could be manipulated and are regarded as micro are the relation with the following members of this general population eg Financial consumer this is based on say for example the organisation's annual earnings.
Macro Environmental Factors
The Marketplace for cell phones companies and IT companies will be the high income making spectrum of the population or the new graduates and the town bankers and teenagers in the top echelon of culture who will be able to afford the built-in deals that are about to be launched into the market soon The package includes entertainment, office package deal, security package, phone and video phone calls and financial/bank program all launched as one integrated handheld device.
Market segmentation, and Aim for is accompanied by positioning, this will be developed and executed by creating a graphic for the product, profiling the target market,
High Tech gizmos like this designed handheld device will be bought based on the technical specs what comfort or simple doing a job it provide.
Buying Patterns is just how and act of men and women involved in buying and using products. To comprehend we have to consider
why a buyer will make a purchase.
what factors effect will affect a buyer to buy a certain product.
Buying Behavior refers to how people will respond when buying a certain product.
A firm must consider and review buying behaviour and individuals reactions to the organisation marketing strategy has this will have great impact on the organizations success.
The marketing theory show how a marketing mixture (MM) that satisfies (offers energy to) customers, hence it important to comprehend the what, where, when and how consumers buy.
Stages of the Consumer Buying Process
There are Six Periods to the buyer Buying Decision Process (For complex decisions).
The evoked collection.
Evaluation of Alternatives
Post Purchase decision
Buying behavior is often determined by the amount of consumer involvement in the purchase decisions, the importance and degree of interest the buyer decisions depends upon the motivation to seek information about the product or service. High engagement purchase such as buy an extravagance car or other expensive items. Also the element of risk involved in the use of the merchandise this is the sociable risk and the financial risk.
The four kind of consumer buying habit are
Routine Response/Programmed Behaviour
Limited Decision Making
Extensive Decision Making/Complex
Routine Response/Programmed Behavior-- this are low engagement very little or no decision effort is required E. g. A can drink
Limited Decision Making-- This are product bought once in a while example are like clothing however, not brands
Extensive Decision Making/Complex: This calls for new, expensive and infrequently bought goods. It involves a high level of economic performance, and mental risk. e. g. vehicles, homes, pcs, it also consists of a lot of time seeking information and deciding. and consumers will go through all six levels of the buying process.
Impulse buying, this are purchase which can be unplanned it like buying chewing gum in the conner shop without actually great deal of thought. Also prices at time business lead to impulse buying. They are usually low appreciated items.
Ethan Lyon, (http://sparxoo. com/2009/06/18/how-to-define-your-market-position/) said "The purpose of market setting is to get the ideal opportunity in the market based on customer needs, market makes and financial and proper considerations". After the market opportunity is identified then the company can further develop its product and raise its brand to provide exceptional value. To clarify the market position, the firm will need to find an overarching theme, then determine the facts.
Brand Idea-The idea can be an aspirational notion it defines the thought of what the company. For eample the Samsung take note goes with the concept of designed for human
Value Proposition- A person or a consumer potential buyers the Samsung take note of they see quality value and high quality
Differentiating Attributes-Samsung has distinguished itself from Apple by focusing on the key stream yet providing quality and comparable or better devices than those provided by Apple