Marketing Essay

3903 words - 16 pages

1.1
Marketing Principles Unit 4
1.1 Explain the various elements of the marketing process 1
I. Situation Analysis 1
a. Identify the customer needs 1
b. Understand the firm’s capabilities 2
c. Marketing Environment................................................................................................................2
II. Marketing Strategy 3
Segmentation 3
Targeting 4
Positioning.................................................................................................................................................4
III. Marketing Mix Decisions 4
IV. Implementation and Control 5
1.2 Evaluate the benefits and costs of a marketing ...view middle of the document...

a. Identify the customer needs
Looking at human and social needs, the firm can provide a market offering to satisfy the customers. Market offering can be divided into two: concrete and intangible products. Concrete products include basic human needs, while intangible sales include those that do not result in ownership.
It is a must for a company to pay more attention to what the customers need instead of focusing on the product and the benefits and services that it grants. Eventually, the company must learn that it should create customer value and satisfaction by meeting the expectations of the possible buyers of what it offers.
Hence from its definition, marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (Kotler, 2012)
b. Understand the firm’s capabilities
Know where the company is positioned in the marketplace within the competitive environment where it operates. An evaluation must be then done to understand the company’s own capabilities to match its limited resources to produce the market offering.
There are different ways for a company to analyse its market and marketing environment:
* 5C Analysis, an extension of the 3C Analysis, with 5 key areas applicable to marketing decision (company, customers, competitors, collaborators, climate);
* the PEST Analysis, are the four external “climate” factors under 5C Analysis (political, economic, societal, technological);
* and the SWOT Analysis an instrumental strategic scanning and evaluation of the company’s overall (strengths, weaknesses, opportunities and threats).
c. Marketing environment
A company’s marketing environment consists of actors and forces outside marketing that affect the marketing management’s ability to build and maintain successful relationships with target customers. (Kotler, 2012) A company must identify its internal and external environment that can affect their service and render a careful study on these so that they know what to do in different situations.

II. Marketing Strategy

The type of buyer of a product powerfully affects every aspect of the marketing strategy because it is built around the marketer's understanding of the needs, wants and personal characteristics of the target market, a group of consumers who are most likely to choose the firm's brand. Before it can effectively market its product, a firm needs to pinpoint exactly which potential buyers will be the focus of its efforts. (Handlin, 2012)
It is a common goal for companies and marketers to provide the best value for its customers. A customer-driven marketing strategy answers the questions:
1. Who will we serve (Target market)
2. How can we serve them best? (Value proposition)
Segmentation
According to Kotler, market segmentation is the subdividing of a market into distinct and increasingly homogeneous subgroups of...

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